Planning a private event? Whether it’s a party, dinner, gala, banquet, or reception; add private event insurance to your event planning checklist because there is a very good chance that you will need it.
Also known as special event insurance, many venues require this kind of coverage before you can host your event there. However, even without this requirement, there are more than 40 million lawsuits in the U.S. every year. With the risk of litigation from guests who were injured by slips and falls, or of damage to the property, it’s a good idea to insure your event.
The relatively low premium is a small price to pay for the peace of mind and protection you get. And with Philadelphia Insurance Companies (PHLY), you can rest easy knowing you’re getting an exceptional policy from a team with an Overall Customer Satisfaction rating of 96%. Learn more about choosing the right policy for your event and how you can get a quote in just minutes.
Top Questions to Ask When Choosing a Private Event Insurance Policy
As you plan your event and look at coverage options, the amount of information on insurance policies can be confusing. So we’ve broken it down into a few straightforward questions you should ask when looking for event coverage:
What will the deductible be?
The deductible is what you will have to pay out of pocket if an incident occurs that you need insurance to cover. Some event liability insurance policies will have attractively low premiums but high deductibles meaning you could lose out financially if you need to file a claim. At PHLY, our policies come with a $0 deductible, which means if your claim is approved, you won’t pay anything out of your own pocket.
What will the premium be?
Like other forms of insurance, the premium for your private event insurance represents what you’ll pay for your policy. While it can be tempting to choose the lowest premium, be sure to look carefully at the coverage you’re getting if the premium seems too low, you might not be getting adequate special event insurance coverage. At the same time, you’ll want to make sure you find a premium you can fit into your budget. Our premiums are competitively priced and an excellent value for the policies we offer. In most states, premiums start at just $175.
How high are the limits?
When choosing private party event insurance, the limits are one of the most important things to look at. The policy limits are the maximum amount the insurance company will pay if you file a claim that’s covered. Generally speaking, you’ll want to ask about the limits per occurrence and the aggregate limit. The limit per occurrence is how much the insurance company will pay for a single claim, while the aggregate limit is what your policy will cover for all approved claims. Because of the high costs associated with issues like property damage or a slip and fall incident, you’ll want to make sure you have adequately high limits. With our policies, you’ll have access to limits of up to $1M per occurrence and $3M aggregate.
Will alcohol be served at the event?
Planning to serve alcohol at your private event? You’ll need to look into adding host liquor liability coverage. Nearly every state and the District of Columbia have social host liability laws in place. This means if an intoxicated person who was served alcohol at your event causes bodily injury or property damage, you could be held liable. Liquor liability covers claims related to these incidents and protects you financially. At PHLY, liquor liability coverage is available upon request.
How long will the event last?
Make a note of the start and end times of your event. One-day event coverage starts at 12:01 a.m. (just after midnight) on the day your event begins. Coverage will end at 12:01 a.m. the next day. If there’s a chance your event will continue past midnight, you’ll also need to purchase insurance coverage for the following day.
Getting a Quick Quote for Private Event Insurance
Getting a quote is quick and easy. Follow these steps to get a quote in just minutes:
- Visit our Special Events page to start the application.
- Provide answers to basic questions about yourself, your event, and the venue (including potential exposures and whether or not alcohol will be present).
- Pay using our convenient and secure online payment.
- Open your email for your instant proof of coverage.
Once you’ve completed these steps, you’ll have an electronic copy of your policy and an official Certificate of Insurance that you can show your venue to prove you have the necessary coverage to host your private event.
Blog Credit to our Partners at: Philadelphia Insurance Companies