A couple’s wedding day is a once in a lifetime event. Every detail of the special day is planned from the design of the chair covers to the music being played as the bride walks down the aisle, but unfortunately, situations out of anyone’s control can happen at any time – even on a wedding day. This is why more and more couples are choosing to protect their “once in a lifetime event” with wedding insurance.
Here are 6 reasons why couples are choosing to purchase wedding insurance:
1) Wedding insurance provides peace of mind
Weddings are expensive. According to theweddingreport.com, the average amount spent on a wedding in the US has increased by 10% since 2008 to $27,000 being spent in 2016. When you are investing that kind of money, you want to make sure the day goes smoothly.
Wedding insurance protects your client in two ways:
Wedding cancellation insurance covers their financial obligations should the wedding have to be canceled or postponed due to unforeseen circumstances such as extreme weather (think hurricane), military deployment, or vendor bankruptcy. It also provides coverage for damage to wedding attire and jewelry, lost/stolen gifts, photographs, lost deposits from no-show vendors and more.
Wedding liability insurance, on the other hand, covers your client if they are legally responsible for injury or property damages that occur at their wedding.
Knowing your client has this type of protection can take a huge weight off their (and your) shoulders, so you both can enjoy their big day.
2) Many wedding venues require liability insurance
More and more venues are unwilling to take on sole responsibility for situations that cause damage to their property and are finding alternative means to protect themselves from liability. This means requiring their clients purchase a one-day event liability policy, which helps spread the risk among all parties involved.
3) Wedding vendors are not offering refunds
Many wedding professionals do not offer refunds regardless of the circumstance that leads to the decision to cancel or postpone. Unfortunately, things do happen that force people to cancel or postpone their wedding. Sometimes, vendors include cancellation clauses and may not offer a full refund if the wedding is
Sometimes, vendors include cancellation clauses and may not offer a full refund if the wedding is canceled due to an unforeseen circumstance. In these cases, if an event cancellation insurance policy was purchased, your client would be able to recoup any paid deposits.
4) Online vendor bookings are on the rise
Online wedding sales for 2016 reached an estimated $8.4 million dollars according to theweddingreport.com. Many people are booking vendors online without having the opportunity to meet them in person (this is especially true for couples who plan a destination wedding). By doing all of the communication online, sometimes, personal connections aren’t formed with vendors and even as an event planner, you become “just a number.” If this happens, sometimes there is a greater risk of no-shows or last minute cancellations. Wedding insurance can financially protect your couples against unreliable vendors who take your client’s deposit and run, or even worse, never show up on their big day.
By doing all of the communication online, sometimes, personal connections aren’t formed with vendors and even as an event planner, you become “just a number.” If this happens, sometimes there is a greater risk of no-shows or last minute cancellations. Wedding insurance can financially protect your couples against unreliable vendors who take your client’s deposit and run, or even worse, never show up on their big day.
5) Extreme weather is unpredictable
The one item you surely do not have any control whatsoever over is the weather. Extreme weather such as a hurricanes, floods, snowstorms, or tornados can cause the venue to be unusable a few days before your client’s event and could even prevent the wedding guests from reaching the wedding! Wedding insurance can help recoup any lost deposits if the wedding is canceled or needs to be moved a new location. (Sorry, outdoor wedding aficionados, the average summer thunderstorm would not be covered).
6) A family member suddenly passes away
Another event that is out of anyone’s control is the death or illness of an immediate family member. If the bride or groom has an otherwise healthy family member who suddenly passes away, and wedding cancellation insurance coverage has been purchased, the wedding could be canceled or postponed as the family deals with their grief of losing a loved one.
Markel offers wedding cancellation insurance, which reimburses your client for lost deposits and non-refundable amounts if they have to cancel or postpone their wedding due to unforeseen circumstances such as the instances listed above. Coverage can be purchased anytime up to 15 days before the event, and policies start as low as $130.
In addition, Markel offers wedding liability insurance, protecting your clients from incidents such as property damage to the venue or if someone gets injured at their event. Up to $2 million in wedding liability insurance can be purchased from Markel any time up to 1 day before the event. Policies start as low as $75.
By offering Markel Event Insurance, it will not only protect your clients, but it can also protect you by potentially decreasing your own business liability risk for accidents due to negligence of the event host or honoree. Markel Event Insurance is an easy and affordable solution for your clients – a free quote takes only a few minutes online or on the phone – turning you into a one-stop-shop for your clients.
More information, including how to request FREE brochures to have on hand for your clients, can be found online or by calling (855) 422-5944.
*this is a sponsored post from Markel Insurance