What Is Event Insurance And Why Is It So Important?

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Events bring a bag full of surprises and happy memories in our lives but sometimes they might also bring some shocks and unhappy moments as well. Therefore, you must be ready to face anything that can affect you financially and make your life miserable. An event insurance plan protects your financial interests by providing financial cover for unprecedented happenings such as postponing an event, damage to liabilities, loss due to fire, etc. These are the reasons due to which you must buy an event insurance policy:

Unprecedented situations

An unprecedented situation might arise in an event due to negligence or any other reason. For instance, liquor may be served to minors accidentally or someone might create a scene and damage the property under the influence of alcohol.

You must be prepared to tackle such situations by purchasing an event insurance plan that covers any unpredictable situation that you might be held responsible for.

Cancellation of event

Organizing or hosting an event requires a lot of planning and effort. The investment you make for giving the treat, booking the hall, and such other things cost you a significant amount. Therefore, you will have to suffer a heavy loss if you are forced to cancel an event.

For example, if you happen to postpone your marriage due to any reason then a wedding event insurance will provide coverage for your financial loss.

Other circumstances

An event involves numerous other circumstances that might affect your financial health. For example, a relative of yours might damage a hired car intentionally or unintentionally. In case you organize the event in your society then you might have to sign an undertaking to bear the expenses of any unforeseen event that might cause damage to the property or a person.

An event insurance policy that provides extensive coverage to all the above-mentioned situations is offered by Bajaj Finserv. Some important aspects of this insurance plan are specified below:

A high coverage

This insurance policy will provide a high coverage amount of up to Rs. 3 lakhs for the losses that you might have to bear during an event. To subscribe to this plan you just need to pay a premium of Rs. 599 every year.

Covers a vast range of events

The event insurance plan from Bajaj Finserv includes a vast range of events such as musical concerts, liability cover, cover for the loss due to postponing the event, etc. It also includes the cover for the damage caused to the property, wardrobe, sets, and equipment during a marriage. The extensive wedding cover makes it the best wedding insurance policy in India.

If you are unable to attend or host an event due to fire, explosion, or any other man-made or natural calamity then that is also covered under this policy.

Financial investment cover

Some events like weddings do cost a lot and sometimes it might also involve your lifetime savings. You don’t have to worry about it as this event insurance policy also covers the financial investment that you make for an event.

Also, sometimes you buy a ticket for a live show or music concert but it gets canceled at the last moment. This policy from Bajaj Finserv provides cover for the cancellation of such events as well.

Moreover, you get the option of investing in this policy online via an online application form. You can complete the payment via online mediums like net banking, debit card, credit card, UPI, mobile wallet, or any other payment mode that is convenient for you. The flexible options and huge cover for events make it one of the best insurance policies that you can purchase for events.