So you’re probably asking yourself, “Why do I need liability insurance, shouldn’t the venue carry this policy?”
Anytime you hold an event, whether in your house or at any other location you’ve rented, there is a small risk that you, the event holder, can be exposed to lawsuits because someone who is attending your event is a victim of accidental bodily injury or property damage.
A simple slip and fall over something the caterer spilled on the floor can result in a broken hip and a bodily injury claim worth thousands.
Liability insurance exists to provide you financial protection in these types of scenarios.
If you’re looking for a fast and super-easy way to get the affordable insurance coverage you need for your event at Spruce St Studios, visit EventHelper.com
The down-low on why you need event insurance.
While the venue owner carries a liability insurance policy on their property, it’s generally recommended that you, as the event holder, also carry one to ensure you are protected in the event the affected party should decide to file a lawsuit against you.
In fact, most independently owned venues make this a mandatory requirement as part of their rental agreement.
What types of event insurance do I really need?
In most cases, you’ll need to purchase an “event general liability insurance” policy to cover you during the time you are having your event. This includes the time you are setting up and tearing down your event.
For example, if you’re hosting a wedding reception and plan to setup the night before your event and clean-up the day after, you’ll need coverage for three days and generally, there’s no additional charge for the extra days.
In cases where the venue doesn’t sell liquor at retail (commonly referred to as BYOB), the event general liability insurance policy must also include “Host Liquor Liability” which is the coverage for event holders and bartenders who may be responsible for the service of alcohol.
Because when a guest shows signs of intoxication and then is served, or allowed to serve themselves, more alcohol, the liability transfers from the drinker to the event host. If someone has one drink and causes damage to themselves or others on the way home, it may become the host’s personal responsibility.
Host liquor liability insurance is also required for alcohol-free events because if someone sneaks in alcohol, you could be liable.
Who is protected under a Special Event General Liability Insurance policy?
The policy protects the person(s) or business/organization(s) under whose name it was purchased (the “Named Insured”) which is typically the person who purchases the policy. Your facility should also be added as “Additional Insured”.
My venue has asked me to add them as additional insured. What does that mean?
An additional insured is a 3rd party entity which has an insurable interest on claims arising out of your negligence as the named insured. Common additional insureds are the owner(s) of the venue. In other words, everyone will be covered and can get on to having fun at your event!
What types of insurance limits do I need?
At minimum, you should purchase for the following types of limits:
- $1,000,000 Each Occurrence (Includes Bodily Injury and Property Damage)
- $1,000,000 Personal & Advertising Injury
- $1,000,000 Products/Completed Operations Aggregate
- $2,000,000 General Aggregate
- $5,000 Medical Payments
- Liquor Liability – Host Included
How much does this amount of event insurance cost?
A general liability with host liquor liability usually costs around $125-$150, depending on the type and amount of coverage you want and the number of days you want it for.
Using the minimum limits we have outlined above, which covers up to $2,000,000 total for accidents, the cost is typically around $135.
OK, when should I purchase my insurance?
Most venues require that you provide the certificate of insurance no less than 30 days prior to your event.
Note: Most insurance companies have limitations on how far in advance you can purchase insurance and most venues require it to be purchased no later than 30 days in advance of the event.
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