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Testimonial:Kristey and I would like to thank you for all the work and help you gave us to get our policy. Without you it would not have been a wonderful wedding. We will definitely recommend your compnay and specifically make sure people contact you for their event insurance needs. Once again thank you and have a wonderful holiday season. Ernest and Kristey Hardison
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Are you planning to host a large, one-time event? If you are, then click here for a free and fast quote. Give yourself peace of mind and make sure that all your bases are covered by purchasing 1 day event insurance.
This type of insurance, which can be purchased as an addition to a regular insurance policy, provides you with protection against a variety of undesirable outcomes which might arise in the wake of a large-scale event.
What is One Day Event Insurance?
Single day event insurance is a specific kind of insurance, which covers an individual or company hosting a heavy-exposure event. A good example would be a company who helps put on and host a concert, but doesn’t need the same amount of high coverage day-to-day. On the day of the concert, though, the company has a very high degree of exposure and liability.
By purchasing one day event liability insurance, the company can make sure that they’re covered without spending too much on premiums when they don’t otherwise need it.
What Does One Day Insurance Cover?
One day insurance covers three main things:
This portion of one day event insurance covers losses and/or damage caused to physical property such as vehicles, clothing, equipment, and other items which are in use during the time of the event. It covers and reimburses the promoter if the event is postponed or canceled due to unforeseen circumstances.
This portion of one day event insurance covers losses due to negligence which results in personal injury or death. These losses include medical expenses, income loss, and funeral losses if applicable.
This portion protects the promoters from lawsuits, and is one of the key components when choosing insurance coverage. To use our previous example, imagine the number of incidents which would be filed for an incident that affected 20,000 spectators at a concert. Ensuring that one day event insurance is purchased and includes liability insurance is extremely important.
How Much Does The Insurance Cost?
It is always a good idea to get cheap one day event insurance in case there is an injury or a piece of property is damaged. These issues can lead to unforeseen legal risks which can quickly add up to much more than what it would have cost to get the necessary insurance coverage.
The premiums vary depending on a number of factors, including:
- The number of attendees
- The level of risk of an incident occurring
- The total amount of coverage
- The previous history of the promoter
If you’re planning to serve alcohol at your event you will need to add a provision for Liquor Liability at an extra charge. If you would like to avoid paying this fee, you must clearly notify attendees that it will be an alcohol-free event, and implement security measures to prevent the consumption and use of alcohol for the duration and on the premises of the event.
Past History May be Considered
One of the main factors taken into consideration during an application for one-day event insurance coverage is the past history of the applicant. If there are an inordinate number of claims and payouts by an applicant, then generally a higher premium is charged.
Reasons Your Event May be Canceled
There are a number of reasons why one day events might need to be canceled, including:
- Meteorological events, including severe weather, local storms, tropical storms, winter storms, hail, and tornadoes.
- Geophysical events, such as earthquakes and tsunamis.
- Hydrological events, such as river floods, flash floods, storm surges, and mass movements (landslides).
- Climatological events, such as heat waves, cold waves, wildfires, and droughts.