You’re planning a holiday bash. You have a checklist that covers every detail from decorations to desserts.
You feel ready for the big event, but did you remember to look into insurance for the party? Do you have proper coverage for your festivities?
It’s something many party hosts overlook. When you’re putting on an event, it’s important to consider your own liability and ensure the proper policies are in place. Your homeowners’ policy may have limitations that mean it could be inadequate for what you’re planning. Depending on the size of your event, you may want to consider taking out an umbrella policy or special event insurance.
Your home insurance policy typically includes liability coverage. If someone is injured at your party, this coverage will kick in to pay for the associated expenses. However, if several people are injured, it may not provide sufficient coverage. Your options are to increase the limits on your home insurance policy or add an umbrella policy to expand the coverage. Often, it’s more cost-effective to add the umbrella than to increase your limits. Consult with your insurance agent to determine your best option.
A third possibility is to obtain event insurance. This can help protect you against accidents and provide cancellation coverage. If someone is injured at your party, event insurance liability coverage will help pay for expenses, and if you have to cancel caterers, entertainment, or photographers, it can help with this as well.
As you review your options with your insurance professional, consider the location of the event, the number of attendees, the activities taking place at the party, and your current coverage. These details will help you determine if your current homeowners’ policy is sufficient or if you need to make changes.
And with this item checked off your list, you’ll be better prepared to sit back and enjoy the party yourself.