Whether you are running or hosting a business or charity event, there are a number of key risks which you need to consider. From physical property such as equipment, chairs or marques, to liability risks for slips, trips, falls or other injury, to financial protection against event cancellation. Finding the right Event Insurance policy is critical in terms of managing risk effectively.
Events come in many different shapes and sizes, from concerts to festivals, business conferences and trade shows, to sporting events and celebrations. Event cover can be tailored to your exacting requirements to avoid costly litigation or other losses when something goes wrong.
The key insurance cover for events typically include Property Damage Insurance, Public Liability Insurance, Employer’s Liability Insurance and Cancellation Insurance. By looking at these different areas in more detail, you may be in a better position to judge where the specific exposure for your event exists.
Property Damage Insurance
A Property Insurance policy protects event equipment ranging from sophisticated audio-visual systems to simple folding chairs – whether it is owned by you, borrowed or hired specifically for the event.
The policy generally covers property while in transit to and from the event as well as during the event. Damaged, destroyed or lost property is reinstated on a ‘new-for-old’ basis, meaning that it is generally not fit for purpose in regards to items like antiques, collectables or other irreplaceable property.
Special Event Public Liability Insurance
A Special Event Public Liability Insurance policy provides broad protection for situations in which an event holder, exhibitor or concessionaire must defend itself against legal actions, or pay damages for bodily injury or property damage to members of the public or third parties. For example, a marque collapses and injures a number of attendees.
The limit of indemnity and associated premium can vary greatly depending on the specific type of event and location.
Employers Liability Insurance
Employer’s Liability Insurance protects your charitable organisation or business against claims due to employment-related injuries or illnesses attributed to alleged employer negligence. This typically includes claims for compensation and costs for accidental bodily injury to anyone you employ, including temporary staff and volunteers. For example, volunteer trips over a loose cable and breaks their leg.
Similar to Business Interruption cover found in other business insurance policies, cancellation insurance policies are essential to preventing the potentially serious financial consequences in case of the event’s cancellation.
Cancellation Insurance can also be useful even when the event is not entirely cancelled – costs and expenses due to unforeseen circumstances (such as alternate forms of transport to the event during inclement weather) is normally covered as well. The policy generally covers all perils that are beyond the control of the event organiser, including inclement weather, a speaker dropping out, transport or other strikes, or disease outbreak. It is also possible to cover multiple events on the same policy.
Event policies can also include cover for re-location or re-arrangement of the cancelled event. Typical non-standard exclusions include breach of contract, lack of attendance and failure to make all the necessary arrangements for a successful event.
Cancellation policies are less expensive the further in advance of the event they are arranged, and premiums range depending on the time of year, the type of event and the level of environmental risk in the surrounding geographic area.
FREE Insurance Review
Insync specialises in all areas of cover for business and charity events. We can tailor Event Insurance to your exacting requirements using a range of the UK’s leading Insurers.
You can request a quotation online, alternatively, why not book a free review with one of our expert Gurus who can help you find the right level of cover at the right price.