The Benefits of No Deductible Policies
If you have ever purchased insurance, you may have heard the term ‘deductible’ before. Deductibles have been an essential part of the insurance contract for many years, and it works in the same manner for event insurance policies. Understanding the role deductibles play when insuring your event is an important part of getting the most out of your policy.
What is a Deductible?
By purchasing insurance you are asking the insurance company to “have your back” if you suffer damages that could hurt you financially, so think of deductibles as sharing the risk between yourself and the insurer. A deductible is the amount of money that you are responsible for paying toward an insured loss. When a disaster strikes at your event, the amount of the deductible is subtracted or “deducted” from your claim payment. After you meet your deductible, your insurer starts paying the remaining portion of the claim. For example, if your policy states a $250 deductible and your insurer has determined that you have an insured loss worth $5,000, you would receive a claims check for $4,750.
Do All Policies Have a Deductible?
The answer is that it depends on the insurance company. You may have heard of a zero dollar deductible policy, however, a “No Deductible” policy has become a unicorn in the insurance world as they are hard to find. If you do find a “No Deductible” policy (you found us so that means you found one!) then the insurance company will cover the full amount of the claim and you do not have to pay for any costs out of pocket.
Two Major Benefits
- The insured (you) do not have to worry about the financial burden of a possible claim.
- The venue prefers $0 deductible policies because it makes it easier to file a claim for small property damages that would traditionally have to be paid for out of the deductible.
Is A $0 Deductible Policy Right For You?
If the above benefits and having the ability to protect your event without additional costs is important to you, then a zero deductible policy might be right for you. Luckily, as you probably guessed by now, this unicorn policy is closer than you think. With Eventsured, all of our policies have $0 deductible! Get a fast and FREE online quote in minutes by visiting our website www.eventsured.com
Comments (16)
I’m looking for insurance that covers meeting deadlines, fines or cancellation due to contract disputes. Is there such a type of insurance. With a wedding there are many vendors. Each provides a COI but some venues have their own requirements as to due dates of that paperwork. I am looking for insurance for that type of situation if one of the vendors is late but all others are on time.
Hi Claire –
Unfortunately, that is not something we can cover. We cover Liability for the day of your event and Event Cancellation if something out of your control were to cause you to cancel the event.
Hope that helps!
Eventsured
I need one day event for &1500
I need a quote for an event for 50 people. August 27 2022 6pm to 12 am. Sweet 16 Dinner party.
I need one day policy to perform at a Xmas party
We apologize for the delay! It looks like you have received a quote through our quoting widget on our homepage and that is the best way to get a quote. If you have any questions, please do not hesitate to call us at 888-882-5902.
Im looking for event insurance for a wedding for 80 people on the 11th of November
Hi Darrell, one of our representatives will reach out shortly to help you out.
I am looking for a generalized liability plan for my son’s wedding venue. There will be about 130 guess and alcohol will be served. The venue is asking for a 1 day event insurance up to 1 million.
Thank you
Thanks for reaching out, and congratulations! One of our representatives will contact you shortly to help if they haven’t already reached out.
How much does insurance cost for a 3 day event? It will be a Crusin The coast event. I will be a vendor for 3 days , I sell wreaths and other decor. Do I need to have insurance for this?
Your pricing will depend on a few different factors, but for a 3-day vendor insurance policy, you’d be looking at around $102. Whether or not insurance is mandatory will depend on your venue. That said it is never a bad idea to have coverage!
I see where the cost would be $119.92. How many months of coverage does that include? I only need a couple of months of coverage.
Hi Colleen,
Our policies can cover a max of 30-days, so if your event is a couple months long you’d need to renew it for the second month. If you give us a call, one of our representatives would be happy to assist!
I am looking for one day coverage for a birthday party bbq. we have a tent and chairs rental, caterer delivery, and 70+ guests. The party is in our yard.
Hi Mari,
Unfortunately, we can not cover events at private residences. Your homeowner/renters insurance may cover some aspects of your party like damage to the property.