The best “insurance” for any event is of course to have a solid plan (and back-up plan) in place for all scenarios, which is something that is created over time. You can pull together a plan much more quickly when working with a wedding consultant by taking advantage of their experience, relationships and in-depth knowledge of your local events industry. But whether you are working with a wedding planner or not, formal insurance is another option you may want to consider, and is something I have mentioned this in the past. Lately I’ve had more and more clients inquire about wedding and/or event insurance, so I thought it may be time to revisit the concept. With a shaky economy and a higher risk of companies going out of business, many people are concerned about whether or not the vendors they’ve contracted will still be around by the time of their event, and what would happen to their deposits, etc., should their venue/caterer/florist/etc. close shop. This is a very valid concern, and I always advise considering insurance as you plan your wedding or event. It will become a small portion of your budget, and should anything go awry, it will be well worth the money spent.

Every policy is different of course, and it is important to read the fine print, but event insurance can cover things such as lost deposits if a vendor goes out of business or is a “no show” on your wedding day, or the cost of having to reschedule due to weather or due to the illness or injury of someone involved in the event. There is even a company that offers “Change of Heart” insurance, which is exactly what it sounds like. (Let’s hope you never have to use that one!)

If you are hosting a wedding or event at your own home, you might want to consider purchasing or increasing your liability insurance, in case a guest gets hurt or hurts someone else while on your property. You may be able to purchase this type of insurance as a rider on your current home insurance policy. Any venue that you rent should carry their own liability insurance.

All that said, purchasing a simple event insurance policy may be a wise way to avoid future headaches. Talk to your current insurance agent to get policy quotes and decide what type of insurance (if any) is right for you.