Business Insurance for Weddings
Wedding season isn’t just an exciting time for brides and grooms; it can also be an exciting and profitable time for businesses. There are popular venues such as hotels, function halls, and restaurants that are pretty well versed in hosting weddings, but it’s more and more common for brides to aim for unique locations these days.
If you are the owner of a business that doesn’t typically host weddings, you may be a little confused about what kind of insurance and liability coverage that you will need. Call your insurance agent and speak to them about your situation and what you will need to safely host a wedding. They may suggest special event coverage for that day or, if you will be hosting a bunch of weddings, added coverage for the whole wedding season.
In the meantime, before you give your agent a call, here are some areas of commercial insurance you will want to take a closer look at:
- Liability Coverage
- Excess liability
- Commercial Building Coverage
- Other Vendors’ Insurance
Similar to if you are hosting a wedding at your own home, the first thing to do is check how far your current coverage extends. How much business liability insurance do you have and will it be enough? Once you know the answer to this question you will be able to decide whether or not you need to obtain one day event coverage. You’ll also want to be sure to have liquor liability coverage if this is something your business doesn’t already have in place. This is something your business insurance agent can help you obtain.
Excess Liability Coverage
As a business, it may also be in your best interest to obtain excess liability coverage. Having Excess liability is a good idea for your business year round, but especially when hosting events. A wedding can be a relatively large event and there could be several different vendors present. The more people involved, the higher the risk for issues. If an issue did arise became an extreme case, like a lawsuit, you don’t want to be in a position where you could lose your business, or even your personal possessions over something you could have had more protection against.
Getting excess liability coverage is a great way for you to ensure that wouldn’t happen to you and your business. Think about how easy it would be for a simple trip and fall from a guest to occur on your property. In today’s world, things can escalate into a greater issue pretty easily and you’ll want to make sure you’re prepared.
Commercial Building Coverage
Making sure that your business has the coverage it needs for the building itself is essential. While liability can help in the case of lawsuits, having the right commercial building insurance is truly necessary for a wedding host. This coverage can help cover not just an incident that would damage your building during the wedding, but also equipment, outdoor signs, landscaping, and furniture. This can be especially helpful if it turns out to be a particularly rowdy crowd.
Depending on your current coverage, you may choose to get more coverage in certain areas of your commercial building insurance. The beauty of a commercial building insurance policy is that you can work with your agent to customize yours to fit your needs. In the event of a wedding on your property or as you become a venue for weddings more often, it’s worth taking a look at your coverage options to make sure you have enough in all of the right areas of your commercial policies.
Other Vendors Coverage
As a business owner, if other vendors will be sharing your space, it’s a good idea to check up on their insurance. The same goes for the bride and groom as they plan their wedding. Be sure to ask what kind of coverage everyone is bringing to the venue. For example, if there is a caterer, you’ll want to make sure they bring their own coverage in case someone gets sick from their food. Don’t assume they do – double check! Any vendor should have the right insurance and should be willing to give you proof of that.
Also think about those that will be coming with equipment such as DJs or photographers. Once again, they should have their own insurance, but it may be in your best interest to double check with them. As your business insurance agent, we are here to help you make sure every aspect is covered. If you have concerns about a vendor not being covered, ask for their certificate of insurance. You may end up happy you did ask later on.
Every business owner knows just how important having not just enough insurance coverage, but also the right insurance coverage for every aspect of your business. If your business and its needs change, a commercial lines insurance agent can work with you to make sure your insurance is also changing with it. As you head off into wedding season, give your agent a call and make sure you are covered whether you are a venue or a vendor!