Event insurance helps protect you from liability in case someone injures themselves or damages the venue's property. Most insurers also offer cancellation coverage, especially for weddings, which reimburses you for any non-refundable lost deposits if you must cancel or postpone the event.
Other options are coverage for activies such as bounce house etc... Some insurances do not offer coverage; and if offered there is an additional cost for this type of coverage. So when planning your event make sure that the planner or company of hire offers some type of insurance for your protection regarding these activities.
Coverage is normally for 2 days if unspecified. You are able to ask for a number of days for coverage if there are such activities as ceiling draping and other actitives to allow your event to be setup as specified in contracts.
Often times there will be some type of waiver signed at the beginning of an event, whether it is for individual signatures or a colaborate of signatures that releases the venue, event planner, event management company; and or vendor from any liability in case there is an accident at no fault of their own. Please check to see if there is such a form that needs to be signed before allowing entrance to an activity that has the potential to cause harm if misused by your guest.