The wedding reception with the guests all around a table

Types of Events that Require Insurance

Sep 8 2020

Event planning is fraught with pressure. Everything needs to be planned to near perfection - the venue, the decorations, the food, the music, the entertainment, the program, and so on. But even with the most careful planning, there are certain things that are simply out of our control - like accidents, injuries, damages to property, weather anomalies, and natural disasters. Such circumstances can turn a special day into an absolute nightmare. This is why having the right event insurance policy is crucial for your peace of mind before, during, and after your event. So whether you are planning a wedding event, a birthday party, an office party, a stage show, a fundraiser, or a school event, you can protect yourself from legal risks and financial loss with an event insurance policy that is customized for your needs. If you are not sure if your event needs this kind of insurance, keep reading! This article talks about the basics of event insurance and the types of events that need it. Let’s get started! Colourful event with tents and lights

What is an Event Insurance Policy?

Event insurance policies are designed to protect an individual or establishment in case they would be held legally or financially responsible for damage or injuries associated with their special event. Furthermore, this type of insurance helps to mitigate financial losses in case you would need to cancel or postpone your event.

Who is in Charge of Getting Event Insurance?

Typically, the owner of the event or the one organizing the event is in charge of obtaining event insurance. If you have an event planner working with you, you can also coordinate with them to make sure that you have proper coverage. Not all event insurance policies are equal. By making sure that you have an event insurance policy that is tailor-fit for your needs, you can be sure that your policy has your back in the face of unforeseen circumstances.

Why is Having a Tailor-Fit Event Insurance Policy Important?

Having a tailor-fit event insurance policy is crucial because each event has its unique duration, size, and activities involved. This means that risks also vary - so your insurance policy should be able to give you the coverage you need. A customized event insurance policy should be able to cover the following - based on what is needed for your event:
  • Legal and/or medical costs for injuries caused by guests or staff
  • Legal and/or repair costs for property damage caused by guests or staff (this can extend to rented equipment)
  • Legal and/or medical costs for injuries or car accidents associated with the served liquor at your event.
  • Deposits lost or fees incurred in case of cancellation or delay
Creating customer-centric, tailor-fit insurance policies is what we at KASE Insurance are known for. If you want to learn more about our special event insurance and what coverages we can offer, click here. Table with food items and drinks

What Kind of Events Need Special Event Insurance?

Private Events

An event is considered a private event if the attendees are issued an invitation or are only admitted on the basis of them belonging to an establishment or group. These can be funded by an individual or by an establishment. A few examples of events under this category are:
  • Weddings
  • Anniversaries
  • Engagement parties
  • Birthday parties
  • Christmas parties
  • Office parties
  • Office banquets
These kinds of events often have a lot of personal or professional interests involved. It can be a momentous once-in-a-lifetime occasion or a meaningful event for an establishment. This is why there is hardly any room for error in planning, budgeting, and managing risks. Even with the predictable guest lists in these events, injuries and property damage can still happen - especially when liquor is involved. For example, most event owners don’t know that even property damage, injuries, or car accidents caused by their intoxicated guest outside the venue can lead to liabilities - if the event was proven to be irresponsible in serving alcohol. For preventing this and other similar incidents, a customized special event insurance policy needs to be put in place. Additionally, no type of event is safe from the possibility of cancellations or delays (and the fees involved) - so for private events that do not charge for admission and operate within a set budget, a special event insurance policy can truly be a lifesaver.

Public Events

Public events are typically funded by a business. Depending on the purpose of these events, admission can be free or paid for by anyone in the general public. A few examples of events that fall under this category are:
  • Festivals
  • Trade shows
  • Stage shows
  • Athletic events
  • Parades
  • Charity events
Unlike private events, public events are typically larger and have a more diverse mix of guests. Some of these public events also serve liquor. Combining all these factors together means that public events are open to various risks for injuries, property damage, and liquor-related mishaps. Public events also tend to operate within a set budget and most of them have the objective of making profits or raising funds - this is why the financial and legal risks associated with injuries, property damage, liquor liabilities, and cancellation need to be mitigated by having a customized event insurance policy.

Where Can I Get Event Insurance?

KASE Insurance is one of the leading providers of special event insurance in Ontario and the rest of Canada. Here at KASE Insurance, we put our customers at the center of everything we do - thereby making sure that they have the customized policy that covers all their needs. Together, we can put together a policy that will protect you or your business from the risks involved in hosting a special event. So whether you are an individual, an event organizer from your company, a professional event planner, or a venue owner, we’ve got you covered. With our years of experience and vast industry recognition, you can be sure that you are in good hands. With just a few clicks, you are one step closer to peace of mind for your special event. Apply for event insurance today!

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