Party Lights, Cocktail Napkins and Event Insurance?

Summer in Minnesota means weddings, festivals, charity golf tournaments and a whole lot more!  These events are fun, memorable and allow us to spend time with family, friends and our communities.  Today we’re going to explore special event insurance and learn how the features of these policies can make ensure your event is successful.

Liquor liability is a must if you’re going to host a wedding or event at your home that involves alcoholic beverages.  While most homeowners insurance policies offer social host coverage – this does not mean you can have 500 people on your property and act like it’s just another day because it’s NOT to your homeowners insurance company.  Liquor liability is available as it’s own policy if you want to purchase the wine, beer and liquor and make it available to your guests.  Another option is to hire a caterer who has a liquor license.  And a final option in our area is to hire a local municipal liquor store to serve only the drinks.  By hiring a caterer or the municipal liquor store, the majority of the responsibility for the liquor liability is passed onto them.  However, you still need to consider event coverage to cover things like property damage and injury while at your property.

Large community festivals don’t just happen; they take the coordination of committee member and volunteers.  While a festival may seem low risk, accidents and injuries happen.  Event coverage can protect those hard working volunteers and committee members.  An organization or small town may not be financially able to pay for significant medical costs if a volunteer is injured during the event, which is why event coverage is an important consideration.

And here in Minnesota, weather can be a factor year-round.  Whether it’s winter blizzards or severe thunderstorms in the summer, weather can dampen spirits and be the reason an event flops.  If a local festival hired a band to perform an outdoor concert but a severe thunderstorm prevents the performance, an event policy can help offset the loss of paying the band and cancelling the event. 

Maybe the event doesn’t have to be cancelled, but any sort of weather event affects the finances.  If a local group is hosting a three day long sports tournament and weather forces the tournament to be cut down to two days, ticket sales to watch the tournament won’t be as good.  Rain date coverage is available to offset the loss of income the local group experienced.

A different charity golf tournament is going on nearly every day this summer.  You can add some drama to the tournament by having a Hole in One Contest.  Your group, or a sponsor, buys a policy for around if someone hits the hole in one, a prize of up to $50,000 can be out. Costs for a $10,000 prize usually costs around $300.  A Hole in One Contest is a great opportunity for your organization to find a sponsor to pay the costs of the insurance and build their business while making your charitable event more fun!

While events themselves are not typically simple, quick to plan or low cost, event insurance is all of those.  And, for the security and peace of mind if affords, it’s definitely worth exploring. 

If you have a special event coming up that you think may require coverage, please let us know!