How Much Insurance Do I Need For My Venue? 

If you are planning a large party, you should take out liability insurance, and this article will explain why you need to do so. This type of policy covers you if someone gets injured or damages property during the event. Some venues also have liquor liability insurance, and this type of policy also covers cancellations and damage waivers. Whether you have an indoor or outdoor party, it is best to have liability insurance for your venue. 

 

(For questions about Liquor Liability Insurance Weddings, visit our website.)

General liability insurance 

One of the main questions you may have when planning a special event is how much general liability insurance I need for my location. Many venues and event planners do not do business with someone who isn’t insured, and it’s important to have this type of coverage if you plan to work with them. Purchasing this insurance will not only protect your company but also all the participants in the event. The insurance covers any losses that may occur as a result of your actions or the acts of other participants. You may also want to consider purchasing additional coverage for your venue to protect the attendees if you plan on serving alcohol. 

Liquor liability insurance 

Liquor liability insurance is vital for many reasons. For example, if your venue is licensed to sell alcohol, but you don’t provide it, you might be liable if a customer is injured while consuming alcoholic beverages. It is also vital if you host a bar or party that serves alcohol to your customers. You can reduce the likelihood of a liability claim or lawsuit by taking proactive steps to ensure your venue meets all legal requirements. 

Cancellation insurance 

If you haven’t yet purchased wedding cancellation insurance, now is the time to do so. Many venues offer cancellation insurance, but if you’re unsure, there are several types of policies available. The amount you need will depend on the size of your wedding party and how many people are expected to attend. The cheapest policy covers up to five people. For more coverage, opt for the higher-end plan. 

Damage waivers 

There are a couple of different types of liability insurance. First, there’s “special event” coverage, or A/D/E. This type of insurance covers various types of claims and is generally not appropriate for public events. A/D/E also covers damage to buildings and contents due to an accident, such as an earthquake. In addition to A/D/E coverage, it is also possible to find liability insurance that covers both types of events. 

Business crime insurance 

How much business crime insurance do I need for your venue? Choosing a policy for your venue should be based on your location and business operations. Some policies include crime insurance as part of a commercial package, bundled with liability coverage. Others may be purchased separately. Your agent can discuss the different carriers and types of coverage available. If your venue is located in a high-crime area, you should expect higher premiums.