Wedding planning can seem exciting but daunting for many engaged couples. That is where wedding planners come in as the person to take care of all the details for the big day. As a wedding planner, you make weddings picture-perfect for the happy couples, taking over the planning as well as the stress.
This industry is a busy one at certain times of year and seems to always be growing and evolving. In fact, the wedding industry has grown to be a $5 billion industry, with over 160,000 taking place each year. As you concentrate on coordinating the biggest event of many people’s lives, who is watching out for you?
From brides and grooms with cold feet, to vendors who don’t show up, there is a certain amount of risk involved in planning weddings, and therefore in your business. Wedding days are also high expectation events, so you and your team have to deliver. Having the right Wedding Planner Insurance coverage can help guard against potential pitfalls.
What types of insurance should wedding planners consider?
There are a few types of insurance coverage you need to consider for your wedding planning business:
- Professional Liability Insurance – Given the pressure put–and the money spent–on many weddings, the wedding planner may have to deal with the extremely high expectation of the engaged couple and their families. If any small detail goes wrong, there is a chance that you can be blamed and held accountable. This may or may be your fault, but this coverage assists in the event a suit is brought against your business citing financial losses or damages as a result of your services.
- Small Business General Liability Insurance – This coverage is for your own business premises, to guard against third-party injury or property damage that might occur there.
- Commercial Property Liability – This type of coverage is to protect your business’ property from many different perils, including theft and damage. This policy would apply to your business’ physical assets, including a storage space or office if you own one, as well your business equipment.
- Small Business Vehicle Insurance – If your company owns and operates vehicles as part of your wedding planner business, you should consider adding this coverage to your package.
- Small Business Cyber Insurance – Even though you take steps to protect your company records and customers’ information, you could be vulnerable to information breaches and hacking.
What types of scenarios require wedding planner insurance?
- Your food vendor, who you subcontracted to serve the reception dinner, accidentally gives a groom something he has indicated he is allergic to. He becomes ill and misses the majority of the evening and sues your company.
- Your company’s equipment truck is struck on the way to the venue by another vehicle and some of your equipment is damaged. You have to scramble to rent other equipment to supply a wedding, necessitating an extra cost.
- A wedding guest accidentally sets fire to a venue’s patio umbrella while smoking a cigar. The venue files suit against you to recoup the cost.
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