Wedding Planner Insurance
Weddings are special events that are planned with precision and thoughtfulness. The average wedding in the UK costs shy of £30,000. It takes over a year of preparation to book the perfect venue, find a good caterer, hires a videographer, and find suitable entertainment.
Many people often for a wedding planner to rely on an experienced professional to take care of all these matters, but often their standard is exceptional due to this being a once-in-a-lifetime, personal event. If you are a wedding planner, read on to find out why wedding planner insurance is so important.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
What is Wedding Planner Insurance?
Wedding planners need coverage if they make a mistake or an accident happens during the planning process, which is why wedding planner insurance is so handy.
Types of Wedding Planner Insurance
1. Public liability insurance
Public liability insurance is a form of coverage that can protect a wedding planner when somebody is injured or something is damaged due to their services, whether a client or a passer-by. The bride, groom and any other special guests at a wedding need to be in top shape for the event and, as a result, can get frustrated if they are hurt, which may lead to lawsuits or demands for compensation.
For example, if a wedding planner arranged a visit to a catering company and the guests were taste-testing, they developed an upset stomach and fever. They may file a claim against the planner for offering them expired food or failing to disclose allergens used. Insurance would cover the costs of any treatment the sick guests may need, as well as the legal fees should a lawsuit be underway.
In the same way, if the planner knocked a cup of wine over the bride’s phone and destroyed it, insurance would cover the costs of replacing the phone so that neither the planner nor bride is financially affected.
2. Professional indemnity insurance
Professional indemnity insurance is imperative for a wedding planner because several simple mistakes are made, which could cost thousands to repair or, even worse, ruin the wedding. With so many tasks to manage, from catering to a venue, it can be easy for errors to be made and planners to overlook some aspects of the itinerary, which are a crucial aspect of the wedding.
For example, a planner may forget to print the invitations that the bride and groom asked for, and by the time they do this, they have to put a rush job on the printing company, which costs £200 extra. As this is an oversight on the planner’s part, the client may demand compensation for this extra expense. In the same way, even if an accident occurs, that is not the wedding planner’s fault, but the planner would be held responsible for one of the recommended vendors.
For instance, if the bridesmaid dress were ordered from a company that delivered the wrong size, the bride would have to find a suitable replacement in a short space of time, and as a result, the planner would be responsible for reimbursing her. Professional indemnity insurance covers all of these extra costs due to negligence or error.
3. Employers’ liability insurance
Employers’ liability insurance is beneficial for providing coverage to any employees you may hire, like assistants or any other staff that help to coordinate the wedding. If they are hurt during the wedding planning, like a trip over a microphone stand at the venue or slip on the wet floor at an appointment with the client, they could need treatment or time off work, which is covered by this insurance. The legal minimum cover for this is £5 million, and it is legally necessary to obtain if you hire workers.
As a wedding planner, you are responsible for keeping within the client’s budget; hence you must ensure that your clients have wedding cancellation insurance. This provides reimbursement for any costs associated with cancelling one of the vendors, which means that a new vendor must be found and that money is lost in the form of a deposit or non-refundable purchase.
With so many different people involved in a wedding, there is a high risk of things not going to plan. Some examples could be that the catering company may fail and go into liquidation, the venue may close due to a powerful storm destroying the building, or the entertainment may have double-booked and be unable to attend. Having wedding cancellation insurance means that the client would be compensated for the deposits given to these suppliers.
Wedding Planner Insurance – To Conclude
In conclusion, a wedding planner manages many different wedding elements to ensure that the event goes smoothly. Nonetheless, accidents are unavoidable, and whilst you cannot prevent them, you can minimalize the financial effect they have on your business by having insurance.
Find out more about the importance of insurance here.
Other useful links about Business Insurance:
Professionals Insurance
Project Manager Insurance
Property Manager Insurance
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