COVID 19 has delivered plenty of lessons, including how important it is to have event insurance. Many consumers and business owners alike forgo event insurance because they are stoic in their belief that the event will go on no matter what. Unfortunately, many things are out of our control, and sometimes events do not go on and thousands of dollars are lost.

According to Insureon.com, about 75% of businesses do not carry enough insurance. Additionally, a whopping 40% of small businesses have zero insurance. Event insurance can help to protect both the business and the consumer from unexpected cancellations.

Deposit Coverage

Most people do not pay for event services upfront, they make a deposit for the services. In some cases, those deposits can total in the thousands of dollars. If the event has to be canceled because of a natural disaster, a pandemic, military deployment, or another event, the deposits are lost.

Insurance can cover reimbursements for deposits. It is an affordable way to cushion against the unexpected.

Flexible Limits

This type of insurance is very flexible. You can control the limits. You can set the amount of coverage you want. The amount of coverage for costs will dictate the amount of the premium you pay. The costs for this type of coverage can range from less than $100 to thousands of dollars. It all depends on the size of the event and how much money is invested in the event.

It Can Cover a Lot

This type of insurance is not limited to the cash value of the deposits and other monies paid for the event. It can cover the cost of special gifts like favors bought for the event. It can cover the cost of photographers, flowers, rentals, even the cost of wedding rings. These flexible plans can cover a wide range of associated event expenses.

Who Should Have Event Insurance?

Anyone that is planning an event that will rack up significant costs should be considering this layer of protection. An event is an investment. This type of insurance coverage can help to protect your investment. Learn more about how you can protect your investment with event coverage designed to suit your specific needs by contacting the experts at Rainprotection Insurance.