Your wedding is one of the biggest financial investments you’ll make in your lifetime. You want to protect that investment, and insurance is a great way to do so.
There are two main types of coverage available for weddings — liability, and cancellation. Liability covers you for property damage and injuries that occur at the venue, while cancellation coverage reimburses you for any deposits or costs incurred to postpone or cancel the event.
1. Liability Coverage
If a guest of yours is hurt or property is damaged during your wedding, liability insurance can help you cover the cost. This coverage can also protect you from claims made by other vendors who provide their services to your event.
The insurance company Wedsure offers policies that are designed to meet the needs of the modern bride and groom. The main coverage includes cancellation and postponement, wedding video/photo, protection of your bridal gown or tuxedo, loss of deposits, special attire and jewelry, and additional expenses.
Cancellation coverage pays up to the policy limit if you must postpone or cancel your wedding because of an unexpected event that is beyond your control, such as a hurricane or natural disaster. Some insurance providers will reimburse you for nonrefundable lost deposits, as well.
In addition to the usual wedding-related expenses, some policies also offer reimbursement for professional counseling. This can be a lifesaver if the bride or groom gets cold feet and needs to rethink their plans.
2. Venue Coverage
If you’re hosting a wedding in an unusual venue like a park, museum, or private estate, it’s essential to have liability insurance to protect yourself and your guests. Most venues require this coverage, which covers your legal defense if an accident happens that causes you to be sued for damages or injuries.
Liability insurance also includes host liquor liability if you’re serving alcohol at your event and the bartender is injured or injures a guest. It also protects your venue if there is damage to their property during the wedding.
Many couples today are opting for unconventional venues, such as parks, museums, or historic mansions. These venues often require liability insurance for their hosts and WedSafe provides the protection you need with limits up to $1 million.
We also offer wedding cancellation or postponement insurance if there are weather conditions that prevent you and your guests from reaching the venue or if a vendor doesn’t show up. In addition, some policies cover professional counseling to help you get through an emotionally traumatic event.
3. Cancellation Coverage
Cancellation insurance is a type of coverage that protects you from losing deposits. It’s particularly useful when you’re planning a wedding that requires you to put down large non-refundable deposits with vendors like caterers, florists, musicians, photographers, and DJs many months in advance of the event.
In addition to helping you recover those deposits, cancellation insurance will help cover the costs of a venue that’s damaged or unavailable on the date of your wedding and will also reimburse you for lost gifts.
However, it’s important to note that this kind of coverage isn’t designed to cover cold feet or a change in heart. And it isn’t always clear whether a storm that’s caused your wedding to be canceled will be honored by your policy, according to Ed Charlebois, vice president of personal insurance at Travelers.
Insurers will typically have to decide if you should be compensated, based on whether you had control over the situation that led to the cancellation. So you’ll need to shop around for a policy that has the right level of protection and is priced in line with your budget.
4. Theft Coverage
Weddings are a special occasion for all involved, and it’s only natural to want them to be perfect. However, there are risks that can arise, and you’ll need to prepare for them.
One of the most common risks is theft. Guests often give generous gifts to the couple, and it’s tempting for a criminal to steal these gifts.
Unfortunately, this is a reality for many couples. Luckily, there are some things you can do to deter gift thieves.
For example, create or purchase a secure card box (with a lock) for guests to deposit cards into. This way, they won’t be able to take them from the table without your permission.
Also, consider a security alarm. This can help prevent a thief from breaking into your home or car to steal your wedding gifts, and you’ll be able to report the incident to the police.
Theft coverage is a vital part of a wedding policy, but it’s important to understand what it covers and what it doesn’t. For example, some policies don’t cover cash, checks, or gift cards, so it’s important to check your policy carefully.
5. Damage Coverage
Weddings are expensive events, so it’s important to think about insurance to protect your investment. This coverage can pay you if the wedding is cancelled or postponed due to extreme weather, a vendor goes out of business or an unexpected injury occurs during the ceremony and reception.
Most hotels and venues have liability policies to cover injuries and property damage. These policies will protect you if the venue’s insurance company pays out for injuries or damages at your event, but only up to a certain limit.
Often, venues will also ask you to purchase additional liability coverage for specific events like the rehearsal dinner or bridal shower. This will ensure that your guests don’t sue you if they suffer an accident at the event, even if it was caused by you.
You might be tempted to skip this coverage, but it’s a smart move for many reasons. For starters, it can help you recover losses for things like your deposit, lost gifts, honeymoon costs, professional counseling, and more. You may even be able to claim damage to your wedding gown or tux if it was stolen or damaged by someone else during the event.
6. Extra Expense Coverage
Adding extra expense coverage to your wedding insurance policy is an excellent way to protect you against unexpected losses. This add-on can reimburse you if you need to find alternative vendors, purchase replacement items or make alternate plans if your wedding can’t go ahead as planned due to a covered loss event.
For example, let’s say you pay your caterer a year in advance and then they go bankrupt two days before your wedding. Without extra expense insurance, you’d have to pay out of pocket to get your event back on track.
In addition to cancellation and liability policies, there are several other types of coverage for your wedding that can be added to a traditional insurance policy.
This type of coverage covers expenses incurred to replace equipment or other assets lost because of physical damage. The amount of extra expense coverage you can buy depends on your business risks, so consult with an experienced broker and forensic accountant before buying a policy.
7. Guest Injuries Coverage
If your guests are injured while on your property, it can cost you more than you think. You may be held liable for the injuries and could also face legal fees and other expenses.
This is why it’s so important to have adequate liability insurance. Your homeowner’s policy will help cover the costs of defending and settling any lawsuits that arise from an accident, up to your policy limits.
However, there’s another kind of coverage you can add to your homeowner’s policy that will pay for the medical bills of a guest who gets injured on your property – it’s called guest medical coverage.
This is a type of personal liability coverage that pays up to a certain amount for the medical expenses of a guest who gets hurt on your property, regardless of whether or not they try to hold you liable. It’s a relatively limited coverage that you can purchase from your insurer, with options ranging from $1,000 to $5,000. It’s a great way to prevent your guests from having to go through the hassle of taking you to court over minor incidents that can quickly escalate into a lawsuit.
8. Vendor Injuries Coverage
Vendor insurance can help protect vendors from a variety of claims and lawsuits, as well as legal fees. It’s important for any vendor who sells a product to have this coverage.
A typical policy will include protection for bodily injury and property damage claims, as well as advertising liability. Depending on the plan, it may also cover employees who work for the vendor during the event.
If you’re an event coordinator, vendor insurance can be a great way to ensure your business is protected. It will give you peace of mind knowing that you’re covered in case of an emergency or mistake.
It’s also a good idea to look for a policy that includes equipment coverage, which can be particularly helpful if you use the high-priced gear.
While this is an extra expense, it can be worth it to protect your business in the event of an accident or mistake. It’s a small price to pay for the peace of mind and reputation it will bring you. Plus, it can be a good way to set yourself apart from other event professionals.