Best Business Insurance for Event Planners in 2024 (Top 10 Companies)
Travelers, The Hartford, and Progressive offer the best business insurance for event planners, providing up to 18% multi-policy discounts. These top providers offer customizable policies and responsive customer support to help safeguard event planners from unforeseen risks.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
UPDATED: Oct 22, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 22, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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1,731 reviewsCompany Facts
Full Coverage for Event Planners
A.M. Best Rating
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Pros & Cons
1,731 reviews
765 reviewsCompany Facts
Full Coverage for Event Planners
A.M. Best Rating
Complaint Level
Pros & Cons
765 reviews
13,128 reviewsCompany Facts
Full Coverage for Event Planners
A.M. Best Rating
Complaint Level
Pros & Cons
13,128 reviewsTravelers, The Hartford, and Progressive offer the best business insurance for event planners, making them the top picks among providers. Each company provides tailored coverage options to protect event planners from various risks, such as general liability, professional liability, and commercial auto insurance.
This guide will delve into each provider’s unique offerings, coverage options, and potential savings to help you make an informed decision that suits your specific event planning needs. Enter your ZIP code above to get started on comparing business insurance quotes.
Our Top 10 Company Picks: Best Business Insurance for Event Planners
| Company | Rank | Customization Discount | Multi-Policy Discount | Best For | Jump to Pros/Cons |
|---|---|---|---|---|---|
 | #1 | 10% | 15% | Customizable Policies | Travelers |
 | #2 | 12% | 17% | Specialized Insurance | The Hartford |
 | #3 | 8% | 13% | Policy Options | Progressive |
 | #4 | 11% | 16% | Tailored Coverage | CNA Insurance |
 | #5 | 9% | 14% | Add-on Coverages | Liberty Mutual |
 | #6 | 10% | 15% | Bundling Policies | Nationwide |
 | #7 | 7% | 12% | Student Savings | Allstate |
 | #8 | 13% | 18% | High-Risk Savings | Chubb |
 | #9 | 8% | 13% | Online Convenience | Markel |
 | #10 | 6% | 11% | Local Agents | American Family |
Understanding the costs and benefits of these policies can help event planners choose the best insurance to safeguard their business and enjoy peace of mind.
- Travelers, The Hartford, and Progressive top picks for event planners’ needs
- Get up to 18% off for bundling policies and maintaining a good claims history
- Cover key risks with general liability, professional liability, and auto insurance
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#1 – Travelers: Top Overall Pick
Pros
- Customization: Travelers insurance review & ratings highlight the company’s highly customizable policies, allowing clients to tailor coverage to their specific needs.
- Extensive Experience: With a long history in the industry, Travelers brings a wealth of experience to provide comprehensive insurance solutions.
- Global Presence: The company’s global presence can be advantageous for clients with international business or travel requirements.
Cons
- Premium Costs: Customization may lead to higher premiums, potentially making Travelers a more expensive option.
- Complexity: The extensive customization options may be overwhelming for some clients, especially those new to insurance.
#2 – The Hartford: Best for Specialized Insurance
Pros
- Specialization: The Hartford specializes in insurance, particularly for businesses, offering expertise in crafting policies tailored to specific industries.
- Risk Management: The company emphasizes risk management consulting, providing added value to clients in minimizing potential risks.
- Strong Reputation: The Hartford’s longstanding reputation in the industry adds credibility to its services.
Cons
- Limited Consumer Focus: The Hartford’s specialization might make it less appealing to individuals seeking personal insurance coverage. The Hartford insurance review & ratings suggests considering alternatives if personal coverage is a priority for you.
- Potentially Higher Costs: Specialized insurance may come at a higher cost compared to more generalized policies.
#3 – Progressive: Best for Diverse Options
Pros
- Diverse Policy Options: Progressive offers a wide range of policy options, catering to various insurance needs.
- Innovative Approach: The company is known for its innovative approaches, such as usage-based insurance, providing flexibility for clients. Progressive insurance review & ratings demonstrate that their policies cater to a variety of customer needs, reflecting their commitment to customer satisfaction.
- Online Tools: Progressive’s online tools and platforms make it easy for customers to manage policies and obtain quotes.
Cons
- Limited Coverage Depth: While diverse, the coverage options may lack the depth or specialization that some customers seek.
- Discount Availability: Progressive’s discounts may not be as extensive or easily accessible for certain demographics.
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#4 – CNA Insurance: Best for Coverage Solutions
Pros
- Tailored Solutions: CNA Insurance focuses on delivering tailored coverage solutions to meet the unique needs of clients.
- Risk Control Services: The inclusion of risk control services can be beneficial for businesses looking to mitigate potential risks, as highlighted in CNA insurance review & ratings.
- Global Reach: Like Travelers, CNA Insurance has a global presence, advantageous for businesses with international operations.
Cons
- Potentially Higher Premiums: Tailored coverage may result in higher premiums compared to more standardized options.
- Limited Personal Focus: Similar to The Hartford, CNA Insurance’s focus on tailored solutions may make it less appealing to individual consumers.
#5 – Liberty Mutual: Best for Add-on Coverages
Pros
- Comprehensive Add-ons: Liberty Mutual, with its diverse range of add-on coverages, provides customers the opportunity to enhance their policies, as evidenced by its Liberty Mutual review & ratings.
- Educational Resources: The company offers educational resources, helping customers understand their coverage options.
- Digital Services: Liberty Mutual’s online platforms and mobile apps make it convenient for customers to manage their policies.
Cons
- Cost Considerations: The addition of multiple coverages may contribute to higher overall costs.
- Complexity: The range of add-on coverages might be complex for customers seeking a more straightforward insurance solution.
#6 – Nationwide: Best for Holistic Protection
Pros
- Bundling Discounts: Nationwide incentivizes customers to bundle multiple policies, offering potential cost savings.
- Range of Services: The company provides a range of insurance and financial services, allowing customers to consolidate their needs. Nationwide insurance review & ratings demonstrate the company’s commitment to quality coverage and customer satisfaction.
- Strong Financial Stability: Nationwide’s financial stability adds a layer of security for customers.
Cons
- Limited Specialty: Nationwide may not have the same level of specialization in certain niche markets as some competitors.
- Customer Service: Some customers may find that the bundling approach results in less personalized customer service.
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#7 – Allstate: Best for Smart Savings for Students
Pros
- Student Discounts: Allstate provides specific discounts for students, making insurance more affordable for this demographic.
- Wide Network: Allstate’s extensive network of agents ensures accessibility for customers across various locations.
- Variety of Coverages: The company offers a wide variety of insurance coverages beyond the standard options, as noted in the Allstate insurance review & ratings.
Cons
- Potentially Higher Base Costs: While student discounts are beneficial, the base costs might be higher compared to competitors.
- Age Demographic Focus: The emphasis on student savings may not be as appealing for customers outside this demographic.
#8 – Chubb: Best for High-risk Scenarios
Pros
- High-Risk Solutions: Chubb specializes in high-risk insurance, offering options for clients with unique risks. Chubb insurance review & ratings provide valuable insights into their service and coverage quality.
- Global Presence: Chubb’s global reach is advantageous for businesses operating internationally.
- Reputation: The company’s reputation for handling high-risk scenarios adds credibility to its services.
Cons
- Premium Costs: High-risk insurance often comes with higher premiums, potentially making Chubb less cost-effective for some clients.
- Limited General Coverage: Chubb’s specialization might make it less suitable for clients seeking more general insurance coverage.
#9 – Markel: Best for Online Convenience
Pros
- Online Accessibility: Markel emphasizes online convenience, making it easy for customers to manage their policies.
- Specialized Coverage: The company specializes in niche markets, providing coverage options for unique industries.
- Educational Resources: Markel offers resources to help customers understand their specific coverage needs.
Cons
- Limited Global Presence: Markel may not be as globally accessible as some larger competitors, but its Markel American review & ratings provides a unique and reliable perspective on its offerings.
- Potentially Higher Costs: Specialized coverage and online convenience may contribute to higher overall costs.
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#10 – American Family: Best for Local Commitment
Pros
- Local Presence: American Family’s focus on local agents ensures personalized service and accessibility.
- Community Engagement: The company often engages with local communities, fostering a sense of community support.
- Diverse Insurance Products: American Family provides a range of insurance products beyond standard offerings. American Family insurance review & ratings evaluate their performance and reputation in offering these services.
Cons
- Limited Global Reach: American Family may not be the best choice for individuals or businesses with international operations.
- Potential For Limited Specialization: Local agents may have limitations in providing highly specialized coverage compared to larger competitors.
Essential Coverage Options for Event Planners: Protecting Your Business
Event planner insurance typically includes several essential coverage options tailored to the unique risks faced by event planners. Here are the main coverage types you should consider:
- General Liability: General liability coverage protects your business from liability claims resulting from accidents or injuries that occur during events. For example, if a client trips over a rug in your office and gets injured, general liability insurance can help cover their medical expenses.
- Professional Liability: Professional liability coverage, also known as errors and omissions (E&O) insurance, safeguards your business against claims of negligence or substandard services. If a client claims that the event you planned did not meet their expectations and decides to sue, E&O insurance can help protect your business.
- Commercial Auto: If you use a vehicle for business purposes in your event planning activities, it’s crucial to have commercial auto insurance. Personal auto policies typically do not cover losses that occur while using your vehicle for business. Commercial auto insurance provides coverage for accidents, damage, and theft related to your business vehicle.
Event planner insurance is a vital investment for anyone in the industry to protect their business and livelihood.
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By carefully assessing your needs and choosing the right coverage options such as general liability, professional liability, and commercial auto insurance, you can safeguard your business from potential risks and ensure peace of mind as you focus on creating memorable events for your clients.
Enhanced Protection for Event Planners: Additional Coverage Options
Depending on your specific business needs, you might also consider the following coverage options:
- Business Owners Policy (BOP): A Business Owners Policy combines general liability and property coverage into a single policy, providing comprehensive protection for your business assets.
- Worker’s Compensation: Worker’s compensation insurance covers employee injuries or illnesses that occur on the job. If you have employees, this coverage is essential to protect both your workers and your business.
Choosing the right insurance coverage is essential for protecting your business from potential risks. Options like a Business Owners Policy and workers’ compensation help keep your business and employees secure.
Consult with an insurance professional to find the best fit for your needs.
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Maximize Savings: Event Planner Insurance Discounts
Insurance providers like Travelers, Hartford, and Progressive offer attractive discounts of up to 17% for event planners for multi-policy discounts. These discounts are vital because they help lower overall insurance costs, making coverage more budget-friendly while still providing robust protection against various risks.
By combining policies such as general liability, professional liability, and commercial auto insurance into a single package, event planners can not only enjoy substantial savings but also benefit from streamlined management and coordination of their coverage. Discover more about “Commercial General Liability (CGL) Insurance: A Complete Guide” for comprehensive details.
Additionally, maintaining a positive claims history reflects a lower risk profile, which can lead to further premium reductions and enhanced affordability.
This strategic approach to insurance not only protects their business interests but also contributes to long-term success and sustainable growth.
Understanding the Cost: Event Planner Insurance for Your Business
When considering the cost of event planner insurance, it’s important to understand the factors that influence the premiums. Here are key points to consider:
- Business Size: The size of your event planning business plays a role in determining the cost of insurance. Larger businesses with more extensive operations and higher revenue may have higher premiums compared to smaller businesses.
- Claims history: Insurance companies assess the claims history of your business to determine the level of risk. If your business has a history of previous claims, especially significant ones like a $20,000 claim, insurers may consider it a higher risk and charge higher premiums.
- Coverage Limits: The coverage limits you choose for your insurance policy can impact the cost. Higher coverage limits generally lead to higher premiums, as they provide greater financial protection.
- Coverage Types: The specific types of coverage you select, such as general liability, professional liability, or commercial auto insurance, contribute to the overall cost. Each coverage type has its own associated risk factors that insurers consider when determining premiums.
- Industry Factors: The event planning industry itself can influence insurance costs. Factors such as the nature of events planned, the location of operations, and the level of risk associated with the events can impact the premium.
To get an accurate cost estimate for event planner insurance, request a personalized quote from an insurance vendor with details about your business, such as size, claims history, and desired coverage. Collaborating with insurance professionals helps you understand the cost breakdown and find suitable coverage at a reasonable price.
Business Insurance Monthly Rates for Event Planners by Coverage Level
| Insurance Company | Minimum Coverage | Full Coverage |
|---|---|---|
| Allstate | $150 | $300 |
| American Family | $140 | $280 |
| Chubb | $200 | $400 |
| CNA | $180 | $360 |
| Liberty Mutual | $160 | $320 |
| Markel | $170 | $340 |
| Nationwide | $155 | $310 |
| Progressive | $145 | $290 |
| The Hartford | $175 | $350 |
| Travelers | $180 | $360 |
Based on these rates, Progressive offers the most competitive rates for both minimum coverage and full coverage options. However, it’s important for event planners to carefully review the coverage details and policy terms offered by each insurance company to ensure it meets their specific needs and requirements.
Additionally, factors such as customer service, claims handling, and overall reputation should also be considered when selecting an insurance provider.
Case Studies: Real-Life Examples of Business Insurance Protecting Event Planners
Explore how different insurance options safeguard event planners from common risks in the industry.
- Case Study #1– Safeguarding Event Planners: Travelers’ general liability coverage handles medical costs when a guest gets injured at a corporate gala. The company protects the event planner from legal and medical expenses, managing the situation efficiently.
- Case Study #2– Event Planners Protection: An event planner’s miscommunication about audiovisual needs caused disruptions during a tech startup’s product launch, leading to financial losses. The Hartford’s errors and omissions insurance covers legal expenses and settlements from claims of negligence, protecting the event planner from lawsuits and financial setbacks.
- Case Study #3– Auto Protection: Progressive’s commercial auto insurance covers repair costs for your vehicle and event items if you’re in a collision while transporting decorations and equipment. Their flexible insurance options protect your event planning business from unexpected accidents and financial loss. Consider reading “Best Auto Insurance Discounts for Uber Drivers” for more.
These case studies show how insurance solutions protect event planners from legal, medical, and financial challenges.
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Roundup: Safeguarding Your Event Planning Business With Essential Insurance Coverage
Event planner insurance is a vital investment for the success and longevity of your event and party planning business. By selecting the right coverage options, such as general liability, professional liability, and commercial auto insurance, you can protect your business from costly claims and lawsuits.
Considering additional coverage like a Business Owners Policy (BOP) and workers’ compensation can provide comprehensive protection. The cost of event planner insurance varies based on factors such as business size and claims history, making it essential to request a personalized quote from an insurance vendor.
Remember, having the appropriate insurance coverage not only safeguards your financial security but also allows you to focus on planning and executing successful events, knowing that your business is protected. Expand your knowledge by exploring the different articles below.
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Frequently Asked Questions
What is insurance in event management?
Insurance in event management is a form of coverage designed to protect event planners and organizers from various risks associated with hosting events. It can include general liability insurance, professional liability insurance, event cancellation insurance, and other specialized coverage options to safeguard against financial loss due to accidents, injuries, or other unforeseen incidents.
What is an example of event insurance?
An example of event insurance is event cancellation insurance, which provides coverage if an event has to be canceled or postponed due to circumstances beyond the event planner’s control, such as extreme weather, natural disasters, or vendor cancellations.
What is event risk insurance?
Event risk insurance, also known as event liability insurance, protects event planners from financial losses due to risks such as accidents, injuries, or property damage that may occur during an event. It can help cover legal fees, medical expenses, and damages awarded in lawsuits.
Learn more from “What is accident insurance?“
What comes after event insurance?
After securing event insurance, event planners can focus on executing the event with peace of mind, knowing they are protected against various risks. They can then assess the event’s success and plan for future events, utilizing feedback and data to improve and refine their processes.
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What are the risks in event management?
Risks in event management include accidents, injuries, property damage, event cancellations, and financial losses. Event planners also face risks related to equipment failure, vendor issues, legal liability, and weather disruptions.
Why are events risky?
Events are risky due to the potential for unpredictable situations, such as accidents, property damage, cancellations, and weather-related disruptions. These risks can result in financial losses and legal liabilities for event planners.
Find additional information in “Thunderstorm & Severe Weather Homeowners Insurance: A Complete Guide“
How to do event coverage?
Event coverage involves securing insurance policies that address the specific risks associated with the event. This may include general liability insurance, professional liability insurance, and event cancellation insurance, among others. Consulting with an insurance professional can help event planners choose appropriate coverage options.
What are the 6 stages of planning an event?
The six stages of planning an event are conceptualization, planning, coordination, execution, evaluation, and follow-up. Conceptualization defines the event’s purpose. Planning includes budget and logistics. Coordination manages vendors and staff. Execution runs the event as planned. Evaluation assesses success and gathers feedback. Follow-up covers post-event tasks like invoicing.
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What is the difference between life insurance and general insurance?
Life insurance provides financial protection to beneficiaries upon the insured person’s death, while general insurance covers non-life risks such as health, auto, home, or business insurance. General insurance includes event planning business insurance, which provides coverage for event-related risks.
Find out more about “Best Final Expense Insurance Life Insurance Policies” to enhance your understanding.
What are the different types of insurance?
The different types of insurance include life insurance, health insurance, auto insurance, home insurance, and business insurance.
Within business insurance, there are specific policies such as general liability insurance, professional liability insurance, commercial property insurance, and specialized coverage for event planners such as monthly event planner liability insurance and coverage options that impact event planner insurance cost.
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Laura D. Adams
Insurance & Finance Analyst
Laura Adams is one of the nation’s leading finance, insurance, and small business authorities. As an award-winning author, spokesperson, and host of the top-rated Money Girl podcast since 2008, millions of readers and listeners benefit from her practical advice. Her mission is to empower consumers to live healthy and rich lives by planning for the future and making smart money decisions. She rec...
Insurance & Finance Analyst
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.