All insurance centers around risk management – the greater the potential risks, the more you might consider insurance to protect you from risk. And of course the basic idea of insurance is to make a smaller payment for risk protection, that could prevent you from much larger financial responsibility later. So when you’re working with your wedding planner, take a look at the areas of risk your big day might have.
(By the way, we don’t want you to visualize everything that could go wrong – we want you to visualize the moment of calm that comes when you know you’re protected in every possible outcome! Let your wedding planner guide you through this decision – that way you can focus on your big moments! In fact, Eventfully Designed is highly experienced at selecting wedding insurance policies for our clients – reach out to learn more if you’re ready to discuss.)
When might I need wedding insurance?
Here are some examples of pockets of risk that might exist in your big day – risks that may be offset significantly through wedding insurance:
- Venue contains or is made of very expensive materials – if these materials were damaged by you or your wedding party, the expenses for repair or replacement almost always sit with the one who signed the contract for the venue: you. If the cost of an insurance policy is smaller than the cost of a repair / replacement, congratulations, you will have saved money by taking out the policy.
- Vendors not showing up on the big day – Let’s say a vendor such as the bakery, caterer, DJ, or photographer can’t make it to the big day and you don’t find out until the absolute last minute. Now you have to go out of pocket to find a replacement vendor ASAP. This is an example of a risk that may be covered by wedding insurance.
- Wedding cancellation / postponement due to inclement weather or other extenuating circumstances – if the wedding is postponed or moved from the planned date for any reason, some of your vendors may still require payment. Photographers, DJs, and caterers may have written in their contracts that postponement or cancellation still requires a payment due
- Damage to expensive attire, like a wedding dress or tuxedo – wedding dresses and tuxedos can be expensive, and there may be even higher expenses for damage or cleaning fees from the company they were rented from. Is this an area of risk exposure for your party? If so you may want to consider coverage for this. You want to know in advance – so that when pants split during a wild dance move on the dance floor or that gorgeous white gown gets a glass of wine splashed on it accidentally from a guest who’s had a little too much fun – you’ll already know that the situation is under control and stay calm and collected during the rest of the big day.
Review your contract with the venue
The easiest way to identify risk is to review the contract you signed with the venue to secure the space. Typically that contract will outline all the liabilities that sit with the wedding party – what is the person leasing the space responsible for? Use those sections of the contract to decide where you have greater exposure to possible costs.
What do I need wedding insurance to cover?
Wedding insurance covers two main categories:
Event cancellation / postponement
There are some more obvious risks of postponement than others: say you’re getting married along the Gulf Coast during hurricane season, with a higher risk of storms rendering the event untenable. Or, let’s say you’re getting married up north during the early / late winter months and you know the risk of severe snowstorm could render the roads to your venue totally unusable.
Event liability protection
Many venues require liability insurance from the couple and from each vendor. Liability at the event is typically framed up in one of two ways: damage or injury. Here are a few examples of each –
- Damage to the venue’s property (covering the cost to replace or repair)
- Broken window / glass
- Damage to a wall
- A statue that falls, breaks, or incurs damage
- Injury to someone at the event
- Any injury serious enough to incur hospital bills / doctor visit, such as tripping, falling, or other injury
What is not covered by wedding insurance?
While wedding insurance is incredible to have and required by many venues, there are some limitations of wedding insurance to be aware of such as:
- A change of heart: In the event that the bride or groom does not want to proceed with the wedding or decides to cancel and elope instead, wedding insurance will not cover any lost deposits or cancellation fees.
- Vendor equipment or property damage: Each vendor will need to have their own policy to submit a claim for their own equipment or property damage.
Wedding insurance providers
The last thing you want to do when planning for your wedding is to shop for insurance and visualize all the things that could go wrong on your big day. That’s your wedding planner’s job – let them help protect you from risk and free you up to focus on what matters most.
That’s why the team at Eventfully Designed already secure wedding insurance policies on behalf of our clients when requested- ask us today how we can help you navigate this, and look to delegate this to your wedding planner so that you spend less time thinking about risks and more time enjoying the biggest day of your life!