Event insurance provides hosts with important protections in case something happens during their event. While more and more people are realizing how important this insurance is for corporate events, fundraisers, weddings, and other gatherings, many people are still unsure when in the event-planning process they should look for an event liability insurance policy. The answer is sooner rather than later, for getting an event policy in the beginning stages of event planning has several benefits. Here are four reasons why you’ll probably want to purchase a policy soon after you begin planning an event in Massachusetts.

4 Reasons to Purchase Your Event Insurance Early

1. Check Event Insurance Off Your To-Do List

First, purchasing event insurance is something you can easily check off your to-do list.

Comparing event liability insurance coverages might not be as exciting as looking at decorations or testing caterers, and it’s understandable why you’d rather focus on those things. Even most insurance agents would rather taste cakes and appetizers than dissect insurance policies.

Delaying getting event liability insurance, however, will only increase the pressure you face later. Look for a policy now, when you have time to read through coverages, so you can focus on the more interesting aspects of your event later on. You may even feel accomplished being able to cross off “purchase event liability insurance.”

2. Accurately Budget for Your Event

Second, getting an event policy earlier in the planning process will help you accurately budget for your event.

Knowing precisely how much insurance coverage you need removes one variable from your budget. It’ll help you determine how much you have to spend on those other items, such as decorations and food. If a policy’s premiums are lower than you expect, you’ll be able to spend more on the more fun aspects of your event. Should a policy end up being more than you think, knowing that now will at least eliminate any last-minute financial surprise. 

3. It Often Keeps Your Premiums the Same or Similar

Third, purchasing event liability insurance soon after you begin planning an event in Massachusetts generally doesn’t impact premiums much.

Even policies’ premiums often remain the same or increase only slightly when policies are purchased far ahead of the event they’re for. The liability coverages that policies offer, which account for many of a policy’s protections, are typically in effect only during an event (and perhaps during the setup and takedown of equipment). Liability coverages’ effective dates don’t normally change with when a policy is purchased, so their premiums also don’t normally change if a policy is purchased early.

Some event policies also offer cancellation coverages, which may have premiums that change based on when a policy is purchased. The premiums for cancellation coverages, however, are usually highly affordable. An increase in these premiums often has only a small change on a policy’s total premiums.

4. Have Cancellation Coverage in Case Something Happens

Finally, if you’re purchasing an event policy for its cancellation coverages, you’ll want these coverages in effect as soon as possible. You never know when something could come up that would force you to cancel your event, so it’s usually wise to have cancellation coverage as soon as possible. You don’t want to lose any deposits because you delayed purchasing an event policy.

Contact an Insurance Agent in Massachusetts Soon

If you’re planning an event, don’t delay getting event insurance. Contact an independent insurance agent in Massachusetts soon, so they can help you find a policy that offers the protections you need.