What event professionals need to know about event insurance

You put careful thought into planning unforgettable events for your clients to help make sure everything goes smoothly. Even with the best planning, unexpected situations can arise. That’s why special event insurance is essential. It can help protect your clients from financial loss if things don’t go as planned.

In fact, many venues now require clients to carry liability insurance to cover potential property damage. Encouraging your clients to secure event insurance can help protect their investment and can lead to a smoother experience for everyone involved, including you. When your clients are covered, it can also reduce risk and complications for your business.

Let’s look at what type of events Markel event insurance can cover:

• Weddings
• Anniversary parties
• Baby showers
• Baptisms
• Bar or bat mitzvahs
• Birthday parties
• Housewarming parties
• Memorial services
• Quinceañeras
• Retirement parties
• Special achievement receptions
• Business dinners
• Business meetings
• Corporate private parties
• Fundraiser dinners
• Non-profit functions
• And much more

There are two types of special event insurance to consider: event liability and event cancellation insurance.*

Event liability insurance can cover:

• Injury and damage during the event liability insurance can help protect your clients from financial loss if they are held legally responsible for property damage to the venue or bodily injury to someone injured at the event.

Liability policies are available for events scheduled to take place in (or cruise ships departing from) the United States and territories/possessions and Canada.

The cost of event liability insurance can range from $75 to $235**, depending on coverage limits and coverage options chosen. Liability limits start at $500,000 and your client can choose to exclude liquor liability coverage if there is no alcohol being served at your event. Event liability policies have a $1,000 deductible for property damage.

Event cancellation insurance can cover:

• Non-refundable deposits - many vendors such as photographers, caterers, entertainment, and florists, may not offer refunds regardless of the reason for cancellation or postponement.
• Cancellation costs - cancellation can occur for many unforeseen circumstances, including extreme weather conditions (hurricane, tornado, blizzard, tropical storm) and accident or illness of host, honoree, or immediate family member.
• Unreliable vendors - event insurance can cover the cost of vendors who are no-shows, cancel at the last minute, or have gone bankrupt.

Cancellation coverage is available for events that are scheduled to take place in (or cruise ships departing from) the United States and territories/possessions, Canada, the United Kingdom, Mexico, the Bahamas, Bermuda, and the Caribbean (excluding Cuba).†

Event cancellation insurance starts as low as $130.* The cost is based on the overall budget, so your clients can make sure they have the most coverage for all their deposits and expenses. Event cancellation policies have a $25 deductible for each area of coverage.

Now that you have a better understanding of event insurance, it’s a good idea to encourage your clients to purchase a policy as soon as they begin to pay deposits to help ensure they are protected from the unexpected.

Markel offers event liability insurance to hosts and honorees, protecting from incidents such as property damage to the venue or injury to a guest. Up to $2 million in event liability insurance can be purchased by your client from Markel any time at least 1 day before the event. Policies start as low as $75.

By offering event insurance, it can help protect your clients, but it can also protect you by potentially decreasing your own business liability risk for accidents due to negligence of the event host or honoree. Markel's event insurance is an easy and affordable solution for your clients – a free event insurance quote takes only a few minutes online or on the phone – that will help protect your clients (and you).‡

Free client materials! We can provide you with free brochures to help raise your clients' awareness of the benefits of event liability insurance.

*Up to 10% for residents of FL.
**As of December 2023, the minimum premium is $75 and rates could exceed $75 depending on the coverage options selected.
†State exceptions may apply.
‡Event cancellation policies have a $25 deductible for each area of coverage.