I once had a very wise philanthropist and entrepreneur tell me "You can never have too much insurance." I feel this has been one of the most sage pieces of advice anyone's ever given to me. When discussing details of a wedding I always recommend wedding insurance to all of my couples. It's a safety net that gives everyone peace of mind knowing that if something goes awry, there is something in place to help protect the Bride, Groom and their families.
So, what exactly is wedding insurance and how does it work? Let me break it down for you simply below:
What is wedding insurance?
Generally wedding insurance can be broken into two categories. The first would be general liability coverage. This is so important because it protects you from being liable for property damage, bodily injury and MOST of these also include alcohol related accidents. Be sure to read your policy carefully as you want to make sure that you are covered for "host" liquor liabilities or any accidents that may occur as a result of someone being served alcohol.
The second facet of this insurance is cancellation or force majeure. Generally this helps cover costs or losses if your wedding is cancelled due to an act of God, inclement weather or unforeseen circumstances. Some of these policies also include loss or damage to items like your wedding dress, wedding rings or any other personal property. Be absolutely sure to read through a policy before making a selection as you want to have a clear list of what is covered and what isn't.
Why should you obtain wedding insurance?
I guess the right question to really ask here is why wouldn't you get wedding insurance? It's impossible to control all of the moving parts that go into planning and executing your wedding, including weather or the good (or bad) decisions that guests may make at your wedding. This gives you more protection against disasters and bad decisions. It is not, by any means, a fail safe product, but it helps ensure coverage to many possibilities of an inconvenient incident happening.
When should you get wedding insurance?
As soon as you start planning your wedding. This insurance can actually cover you if something bad happens prior to the wedding that would cause you to cancel, reschedule or have to buy a new dress, etc. Your policy will have a time frame so be sure that you buy an appropriate product that you feel comfortable with and it covers the items and situations that are most important to you.
How much will it cost me?
As a rule of thumb wedding insurance policies cost anywhere from $150 - $600 depending on the product you select. Compare this to the cost of things like the venue, food, dress and flowers and it's a very small price to pay to cover you and help you recoup costs should something bad happen.
Things you should know:
Usually, but not always, your venue and some of your other vendors have their own insurance policies. If they do, you should still obtain your own wedding insurance as their policies may not be as specific and cover as many items as your own personal policy will. In this case, consider yourself covered even more should something bad happen. And you should ALWAYS have bartenders that are licensed or certified in your state serving any of the alcoholic beverages. Most problems arise from alcohol consumption and making sure you have a responsible, trained staff supervising is of the utmost importance.