The Importance of Event Insurance: What the Pandemic Has Taught Us

event insurance and why its so important

The pandemic has completely disrupted the lives of people across the planet.

It has destroyed lives and businesses and forced the rest of us to adapt to a new way of life. The situation we are in has been a wake-up call for many of us on a wide variety of issues and have changed the way most people view event insurance. Many have been fundamentally changed by their experiences during this period.

Among the many lessons have been things like appreciating the small freedoms that have temporarily been lost and increased awareness of issues like domestic abuse and suicide. Another important thing that many people have come to grasp is the importance of insurance. Lacking health insurance during the pandemic is a frightening thing, and those who have it have learned to appreciate it more.

Health insurance isn’t the only insurance that people have realized the importance of, however. Anyone who had an event like a wedding or corporate affair when the pandemic hit realized the importance of event insurance. In particular, they were incredibly regretful if they failed to purchase event cancellation insurance.

Purchasing Event Insurance

After the pandemic subsides and the world opens back up again, events are going to return in full force. There will likely be an enormous surge of events as people celebrate finally being able to go out and get together with friends, family, and colleagues again. If you are planning to throw your first big event once life starts to return to normal, you are going to want to make sure to purchase event insurance.

What is event insurance? There are two main types of event insurance: Event liability insurance and event cancellation insurance.

Event Liability Insurance

While venues typically carry an insurance policy to cover their space, most will also require anyone renting out the facilities to purchase event liability insurance. That way, if something goes wrong, it will be covered on the event insurance policy and won’t raise the premiums for the venue.

Event liability insurance covers a wide variety of issues, protecting you in case something goes wrong. This insurance can protect you from:

  • Bodily injury claims
  • Property damage claims
  • Claims of libel, slander, privacy invasion, or copyright infringement
  • Defense costs for lawsuits resulting from claims

If you have vendors for your event, they will need to purchase vendor insurance. Damages caused by vendors are not covered under your event liability insurance.

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Event Cancellation Insurance

Event cancellation insurance protects you in case an event has to be canceled or postponed. While event cancellation insurance has always been an important coverage to secure, the pandemic has really hammered that lesson home.

There are plenty of things beyond a global pandemic that can easily lead to an event needing to be canceled or postponed, including extreme weather conditions, illness, or death.

Event cancellation insurance protects you in cases where:

  • An event had to be canceled or postponed
  • The event occupancy had to be reduced (especially important with current social distancing regulations)
  • An unforeseen circumstance prevented you from vacating the premises at the agreed-upon time

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Learn From Our Mistakes

Like with every other problem that the pandemic has helped to highlight, it is essential that we learn from the mistakes of the past. Too many people lost too much when the world changed last year. We have learned a lot about what to do and what not to do should another global health crisis hit in our lifetimes. There were many mistakes made during and before the pandemic hit that made things much more difficult than necessary.

We all know the saying about those who don’t learn from history being doomed to repeat it. If you are planning to throw an event post-pandemic, don’t repeat the mistake made by so many, who lost all of the money that they invested into events that had to be canceled.

Purchasing both event liability insurance and event cancellation insurance can give you peace of mind that even if everything does go horribly wrong with your next event, things will be okay. We are all excited to get back out into the world. Don’t let your first experience of attempting to do so end up being a disaster from which you have difficulty recovering.

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