You’ve booked the venue and fine-tuned the guest list. You’ve hired a DJ and tasted the cake. One more thing to consider adding to your “I do” checklist? Invest in Wedding insurance for your big day!
With so much on your mind and so many things to accomplish, you might be asking, “What is wedding insurance?”. That’s why we’re here.
Today, we’re diving into exactly what this type of coverage includes. We’ll also discuss the more precise details so you can make an informed decision ahead of your amazing day.
Ready to learn more? Let’s get started!
What is Wedding Insurance Anyways?
You’ve hear of home insurance, car insurance, and even tenant / renter insurance. But, how about wedding insurance?
In short, a wedding insurance policy protects you from different types of losses that could occur during your event. The reality is that while you can plan everything down to the minute, there are unforeseen circumstances that could impact your special day, and it’s smart to be prepared.
You want to be able to relax and enjoy the moments you’ve worked so hard to pull off, not stress about every little what-if that could happen.
Examples of unexpected scenarios covered by wedding insurance include:
- Third-party occurrences that cause personal injury or property damage
- External events that prevent your wedding from happening
- Extreme weather conditions
- Issues with your venue or vendors
- Other potential postponements
If any of these problems occur, it could wreak havoc on your big moment. While investing in wedding insurance doesn’t guarantee that your event will go off without a hitch, it does give you peace of mind that you have a policy to protect your potential for financial loss. Just knowing that you’re covered can make all the difference.
Is It Worth the Cost and Do I Need It?
Ultimately, your wedding is one of the most important events in your life. You’ll spend weeks, months, or even years planning every small detail. That’s why incorporating wedding insurance into your budget is a wise move.
A reputable event insurance company will be well-versed in everything that could go wrong during your nuptials and reception. This means your policy will be on guard and have your back throughout your ceremonies, ready to cover you if and when you need protection.
While different insurance agencies will have their own varying policies, we clearly outline our 2 distinct options for coverage on your wedding day. You can select Event Liability Insurance only, or a complete Wedding Insurance Package policy. The liability only policy will definitely be cheaper than the package coverage; however, we’ll help you decide which coverage is right for you throughout the article.
Wondering if it’s worth the cost? Let’s talk about price.
The specific cost of your policy could be influenced by various factors such as the type of coverage you are looking for, as well as event-specific details, including:
- Limits of coverage (eg. liability of $1 million, or $5 million)
- Number of guests in attendance
- Whether or not alcohol is being served
- and more
We offer event liability insurance as low as $100 and wedding insurance packages for as low as $250 as of January 2020 (pricing subject to change in the future – hopefully we can offer even better rates).
Research shows that the average wedding in Canada costs around $31,000. Compared to the overall cost of a wedding, you can see that wedding coverage seems like quite a bargain! While you might not want to add another line item to your already-tight budget, this is an area where it’s not a good idea to scrimp.
Why is that you ask? If something does go wrong during your wedding and you’re left uninsured, you’ll likely be looking at a bill that’s a lot higher than $250. Paying a small premium upfront now can pay off in a major way in the long run.
What Wedding Insurance Covers
We’ve already taken a high-level look at some of the circumstances that wedding / event insurance is designed to help cover. However, what exactly can you expect when you purchase coverage through Netsurance? We’re here to educate you so you can understand precisely what your policy options are.
If you’re looking for liability coverage only, your policy will include the primary forms of insurance for events: Commercial General Liability, Host Liquor Liability, and Tenants Legal Liability. We’ll go into specifics on what these coverages are shortly. You can learn more and buy Event Insurance / Event Liability only by clicking here.
The alternate option is to purchase a complete wedding insurance package which we’ll outline in more detail now. Our wedding package policy includes the following…
Commercial General Liability (CGL) with Host Liquor Liability
You can select Commercial General Liability (CGL) coverage in the range of $1,000,000 to $5,000,000. Our policies are designed to protect you against third-party property damage and bodily injuries that might occur during your event. If you plan on having a bar at your reception, Host Liquor Liability will be included as well. This is an important aspect to any event liability policy because let’s face it, some people like to drink.
One criterion that should be the same, no matter where you go? Drinks must be served by a “Serving It Right” licensed bartender!
Tenants Legal Liability (TLL)
Tenants Legal Liability (TLL) is an important aspect of your policy as well. This will have you covered if you or an event attendee performs an action that results in a loss or property damage that is at the space you’re renting for your wedding.
It will pay for costs of damages when an accident happens. No one wants to think about making a misstep that results in a major loss, but the reality is that it could happen. You could be held responsible if you mistakenly caused a fire at your rental venue for example.
The venue owners may file a legal claim against you and require that you pay to recover what was lost. Even if the venue has their own insurance policy to cover their premises; their insurance company has the right to subrogate against you even if the venue owner is not agreeable to it.
The best part? This coverage also applies to anyone in attendance. What if one of your guests causes damage to your beautiful rental space on accident? Chances are, you didn’t budget for a new roof at the venue when planning your wedding budget.
The cost of the venue reservation including any deposits or amounts owed under contract can be paid via your wedding insurance policy. Just understand that this is for unexpected cancellations and not if one of the newly weds decides to jet last minute as we discussed previously.
Rings, Cake, Flowers, Wedding Gifts & More
You’ve got your venue covered and you’re ready to face the unexpected. Yet, it’s no secret that some of the most valuable items in a wedding aren’t obscure “what-if” scenarios like these. Rather, they’re resting on your finger and sitting on the gift table!
We’re talking about engagement rings, wedding bands, presents you may receive from loves ones, the expensive flower arrangements, and even that elaborate cake.
You can obtain coverage for all of these items and more for up to 7 days prior to the wedding. Learn more about the details on what’s covered through a wedding insurance package via the button below.
What Isn't Covered?
Wedding insurance covers circumstances that could happen which are outside of your control that may put your event at risk. This means that it does not cover you if you wake up on your big day and suddenly get cold feet. Nor does it kick in if your Maid of Honor suddenly pulls out of the lineup at the last minute. Consider us your insurance broker and friend, but we can’t work magic, and neither can our Underwriters.
Find the Wedding Insurance Policy You Need
When you’re planning for your big day, you’ve got plenty on your plate. You shouldn’t have to stress about whether or not the groom’s boisterous fraternity brother will break an expensive sculpture at dinner. Nor should you have to worry about any extra costs incurred due to extreme weather conditions or other issues.
If you’re still frantically Googling, “What is wedding insurance?”, let us ease your mind.
We’re online insurance brokers dedicated to helping Canadians receive the coverage they need in a convenient manner. You can even receive a quote instantly in the web browser most of the time and bind it instantly with a digital policy.
When you’re ready to chat, we’d love to connect. Reach out today and let’s take this step together.