Just for a Day: One Day Event Insurance

One day event insurance can cover the exposures of an individual or company engaging in a heavy-exposure event. For example, a company that helps put on rock concerts may not need a high amount of coverage on a day-to-day basis. On the day of the concert, though, that company has a very high degree of exposure to liability. Through one day event insurance, the company can be covered, without spending too much on premiums throughout the remainder of the year.

Examples of One Day Event Insurance

One day event insurance is not just for companies that put on events. In fact, it is a general term that applies to any limited period of coverage. For example, you may purchase one day insurance when you are renting an automobile. Alternately, you may purchase "rental car insurance" through your primary auto policy on a yearly basis. One day event insurance is usually designed to cover large events with multiple exposures rather than a single type of insurance need. Concerts, sports tournaments, fairs, exhibitions and markets may all benefit from one day event insurance.

What it Covers

Within a single one day event insurance policy, there are multiple lines of coverage. These include property, casualty and liability. Property lines can assist in covering losses due to damages to your physical property. Property coverage may also help reimburse your patrons and expenses if you must cancel your event for any reason. Casualty is a broad line used to cover losses due to negligence. Liability is a general term used to describe any policy that protects you from lawsuits on a large scale. This is particularly important for one day events when there are a lot of people in one space.

How Much It Costs

The cost to cover insurance expenses for a single day event can be very high. However, when compared to the cost to insure the promoter over the entire year, they represent large savings. Most companies that promote or put on events incorporate each event. Then, they purchase a single day event policy for that specific corporation. The corporation is responsible for payment, not the parent company, reducing the likelihood the policies of the main company could be canceled or placed in jeopardy by the actions of the subsidiary corporation. The cost will be relative to the size of coverage needed, the deductibles elected by the insured, and other factors such as past claims or expenses of the corporation.

Where to Buy it

Most companies purchase one day event insurance through a specific event insurance provider. These providers have the most comprehensive packages, making them able to meet all of your insurance needs for a single event within their single structure. You can obtain separate policies for each line of coverage. For example, you may work with one insurer for cancellation coverage and other for liability coverage. However, if you use bundled insurance, you will save money and certainly save a large degree of hassle.