Ever heard of the 6 Ps? Proper preparation prevents p*ss poor performance?
When you’re putting an event on it’s especially true because there are so many things you need to think about. The thing is, no matter how many things you plan for, something is bound to go wrong and you can’t always put contingencies in place for everything.
There could be a moment in your career when something will go wrong with an event you’ve organised and someone will attempt to sue you. If this happens you’d better be sure you’ve got your back covered with insurance.
What type of insurance should I consider for my event?
There are a number of different types of insurance you need to think about and they all have different benefits, the obvious immediate benefit it knowing you are mitigating against risk. Here are are some basic examples of event insurance you need to be thinking about.
Public and Employers Liability
This type of insurances covers you for any claims that results in the injury of a guest or the damage of property at the venue. Venues will almost certainly have their own public liability insurance but if you’re putting an event on it’s best to have your own rather than relying on someone else.
This type of insurance covers you for claims made by people that work for you, if you employee people it’s likely you’ll have the right level of cover however the events industry see people employing more people at different times depending on events so you need to check you policy to make sure you’ve got the right insurance in place.
Event Insurance for Acts of God
Think about what happened at Creamfields in 2012. The organisers put a festival on and there was such a massive, unprecedented amount of rainfall they had to stop the festival and send everyone home on safety grounds.
This insurance covers you for the reimbursing people if the event is cancelled because of something that’s out of your control.
If you are renting a property it’s likely that you’ll need to get some property insurance of some kind or another – especially if it’s a lot of property – as there’s a lot there that can go wrong.
There is also event cover for specific types of events, such as charitable events, conferences, street parties, gigs and club events etc. You need to be sure that you’ve got the breadth of cover you need, not get caught out by a policy that’s got the right name.
Cancellation and Abandonment Event Insurance
If you’ve had to cancel or cut an event short you’ve probably already lived through your worst nightmare, you can take all the maesures you want to to ensure your event goes ahead but from time to time you are going to be faced with circumstances that you can’t control and you may have to take the decision to cancel your event.
Cancellation and Abandonment Insurance can be quite expensive however if you really want to make sure you are covered for any eventuality you need to make sure you’ve got this type of insurance.
What are the typical event insurance cover exemptions?
Public liability cover might cover you for a number of things but it might not cover you from other things such as damage arising from alcohol or drugs, or damage from fireworks or bonfires, or even damage or loss to property belonging to you or your staff.
Just be careful and make sure you read the small print. There are some big players in the sector that offer event insurance and you’ve got to be sure that you’ve got the risks associated with your event covered, and don’t scrimp on the costs! With events cover, you get what you pay for!
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