There’s nothing like a great event for people to enjoy, whether it’s a local fete, a swish wedding or an impressive conference! Everyone in attendance has little to no idea how much hard work and organisation that event took to bring to fruition. Or how many things could have prevented it from even occurring! But then again why should they? If, however you are the event organiser it’s a different matter. Pulling off the perfect event can mean moving mountains and worries right up to the very last second when everyone has gone home and the clean-up operation is complete.
So what’s the answer?
That’s where event insurance comes in very handy, but what does it actually cover? Well, depending on the type of event you are looking to insure, this can vary. But there are a few areas which are typically covered for a whole range of events, such as:
Cancellation and abandonment – As the name indicates, if your event has to be cancelled, or postponed due to circumstances beyond your control, this will cover your financial loss. You can often include loss of profits cover additionally.
Public liability – This will ensure that if anyone suffers an accident or property is damaged during the course of an event you are covered for the legal liability.
Employer’s liability – Should anything happen to your employees or volunteers this will cover you, usually to the limit of £10M.
Property – Any loss or damage to property at said event is covered. Whether you own the property or it is a hired venue property.
Money – If you are taking money on the door or hold any money on site or even in transit, this covers it to and from the event.
Other additional covers are usually available for things such as enforced reduced attendance, where large numbers of delegates are unable to make the event for the same insured reason. Also for:
- adverse weather for outdoor events
- non-appearance of key people, such as speakers or entertainers
Event insurance is definitely a must to ensure you don’t end up hugely out of pocket should cancellation or abandoning the event occur. And, there are things you can do to try and avoid a disaster yourself.
Here are a few top tips for event organisers:
- No matter the size of your event, big or small, create a comprehensive risk management review. Consider anything that could go wrong, put it in writing. That way, you can be prepared to prevent a problem or be prepared to solve it.
- If you do have evidence of good risk management this could lower premiums and bodes well with insurers.
- In areas prone to natural disasters such as floods, it’s good to have a disaster recovery plan. Try to incorporate a rehearsal into your event plan.
- Review any venue contract; be aware of any restrictions or conditions including insurance limit requirements.
- Volunteers have as much right to employer’s liability cover as hired employees, so make sure your policy covers them. A standard office policy most likely won’t be sufficient.
- If you insure against cancellation or abandonment, do so as soon as the venue is booked. Incidents are not covered when they occur before insurance is placed.
- Consider any transportation issues that may affect attendees; motorway closures or cancelled flights and industrial actions for example. Insurance would mean with the right cover that you can return delegate fees etc.
- Bad publicity from an event disaster is always a worry. So ensure good communication with the media. Your insurance could even cover costs incurred generating a more positive media message.
Remember every event is unique and risks may vary, but with event insurance in place you can rest assured that should things go wrong you are covered.