Best Special Events Insurance of 2022

Bryan Keith

You’ve spent months planning for a big event or a special day. Unfortunately, unexpected events can happen that require you to cancel or postpone plans. Special events insurance can compensate you for financial losses and protect you against bodily injury and property damage claims. We’ve evaluated the best special events insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

Tailored Amazon seller insurance

$1,000,000+

Coverage Up To

$100+

Deductibles

Overview

Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.

What we like

  • Tailored eCommerce insurance
  • Liability insurance for Amazon sellers
  • Store Suspension coverage
  • Compares leading insurance carriers
  • Flexible coverage options and payment plans
  • Knowledgeable about Amazon’s rules and policies

What we don't

  • Limited physical offices

What is special events insurance?  

Special events insurance sometimes referred to as one-day event insurance provides coverage for a wide range of risks and covered losses. For example, extreme weather could cause the cancellation of your wedding, or a photographer may not show up to your event.

Typically, there are two types of special events coverage offered by insurance companies:

  • Cancellation coverage: Compensates you for financial losses due to an unexpected cancellation of an event.
  • Liability coverage: Provides protection for accidents and injuries caused during an event. Venues may require that you hold liability coverage before securing a booking. 

Who needs special events insurance?

While special events insurance is commonly associated with weddings, anyone looking to organize a function could benefit from special events insurance. Event planners and wedding planners should consider coverage in addition to anyone planning their wedding or a special event. 

Many events may warrant special events insurance. If you are hosting such an event, check with the venue at which you are hosting the event about their insurance requirements. Many venues will require party hosts using the facility to insure the event. Here are some common events where special events insurance would be useful for (but are not limited to):

  • Birthday parties
  • Weddings
  • Baby showers
  • Bridal showers
  • Quinceañeras
  • Bar/bat mitzvahs
  • Graduation parties
  • Job fairs
  • Farmers markets
  • Reunions

What insurance do you need for special events?  

When taking out special events insurance, it’s important to consider different types of coverage and policies to cover your event for liability and potential financial losses adequately.  The most common types of coverage are:

Event liability insurance

Often required by venues, event liability insurance covers important risk factors such as someone causing property damage to the venue or a guest slipping and getting injured. If you are held responsible for the accident or damages, legal action may be bought against you. 

Event liability insurance can provide coverage for financial losses due to an accident or property damage and emergency medical expenses. 

Event cancellation insurance

Many insurers may require you to purchase liability coverage to be eligible for event cancellation insurance. Unexpected events can happen that can require you to cancel or postpone an event. This can lead to financial losses where non-refundable deposits are lost. 

Event cancellation insurance can provide protection for unforeseen circumstances such as extreme weather, accidents, and vendor bankruptcy. Some policies can provide additional coverage for circumstances such as vendor no-shows, damaged wedding gifts, and lost wedding rings.

Special coverage

For events such as weddings, you may be able to purchase special coverage which provides additional protection for your special day. Special coverage can insure damages to your wedding dress, gifts, and damage to photography or videography.

Special coverage can help pay for repairs and replacements such as the cost of replacing your wedding dress if your dress is damaged. 

Liquor liability insurance

Accidents can happen, and intoxicated people could get injured or cause damage to the property. Liquor liability insurance can help protect you against liability and damages due to accidents arising from the consumption of alcohol. Some insurers may require you to add liquor liability insurance to your policy.

Coverage for liquor liability insurance can include personal injuries, property damage, and lawsuits that are bought against you. Exclusions can include underage drinking and incidents that occur where a liquor license is not in place. 

Exclusions

Exclusions are incidents and events that are not covered by your insurance policy. Common exclusions for a special events insurance policy include:

  • Special events such as sporting events, gun shows, and animal shows
  • Events in remote locations
  • Corporate fundraising events
  • COVID-19 coverage, diseases, pandemics, epidemics
  • Concerts

Before you take out your insurance policy, it’s important to clarify the coverage levels and exclusions of your policy to avoid any surprises if you go to make a claim. 

What are the limits of special events insurance?

When you take out a special events insurance policy, your limits will determine the maximum amount you can claim in a given policy period. Limits for special events can start from $500,000 and go up to $2 million in coverage. Some insurers allow you to purchase up to one day before the event. 

The limits you require will depend on the size of your event, the location, and various other risk factors, such as how much alcohol is served at the event. 

How much does special events insurance cost?

Several factors go into the calculation of special events insurance, and policy premiums can vary from one event to another.   

Your premium for special events insurance will increase the more risk your event poses and based on coverage limits. For an event that lasts one day, the average premium cost for special events insurance is $182. For events that last two to 10 days, the average premium cost falls at $250. For events lasting longer than 10 days, $257 is the average special events premium cost.

Here are some factors that insurers will consider when providing a quote:

  • The number of guests: Typically, the more guests you have attending the event, the higher the premium. This is to account for a greater risk of an accident with more people. 
  • Liquor liability: If your event does not serve alcohol, this can reduce your premium. 
  • Event budget: The cost of the event will be factored into the insurance premium. You will require more extensive coverage to account for larger deposits and expenses if you have a higher wedding budget. 
  • Bundled policies: Some insurers provide a policy discount for purchasing liability and cancellation coverage together. 
  • Event industry: The industry you organize the special event for can impact the cost of insurance. For instance, premiums for events in the healthcare industry can be much higher than for professional services or nonprofits. 
  • Coverage limits: Higher limits will increase the cost of your special events insurance policy. 
  • Location of event: If your event is held in a remote area where it’s difficult for vendors to travel to, this can increase the premium. 
  • Duration of event: If your event lasts several days, you can expect to pay a higher premium for your insurance plan. 
  • Deductibles: For the most part, lower deductibles increase your insurance policy premium. Some policies may allow you to adjust the level of deductibles to fit your budget better. 

How to choose the best special events insurance

When looking for the best special events insurance policy, here are some key factors to consider before you make a purchase:

  • Discounts: Many insurers provide discounts of 5%, going up to 15% on bundled policies. It’s always worth asking your insurer if a discount is available when you’re looking to purchase more than one policy. 
  • Deductibles: Some insurers can have high deductibles that start from $2,500. If you’re planning a special event, it’s a good idea to consider the cost of the event relative to the deductibles to ensure that the insurance policy is worthwhile. 
  • Event type: Certain events and activities can be excluded by insurers, such as sporting events and fireworks. When comparing insurance policies, double-check that your event and activities are covered under the policy. If in doubt, call up the insurer for clarification. 
  • Homeowner insurance: While many homeowner insurance policies can be sufficient to cover small gatherings and events in a private residence, the limits can be insufficient for larger events. Special events insurance can provide extended coverage when you’re hosting an event in your home. 
  • Purchase limits: Some insurers allow you to buy special events insurance the day before the event while other insurers require you to purchase at least 14 days before the event. It’s a good idea to buy your policy as soon as you start to put down deposits for vendors and contractors, as this will ensure coverage.