This may not be one of the most exciting factors when planning an event, but it is an important consideration that shouldn’t be overlooked. Many can forget to include this in their budget or find their budget is being squeezed, so choose to overlook insurance altogether or to under insure the event.
This may not be one of the most exciting factors when planning an event,
but it is an important consideration that shouldn’t be overlooked. Many can forget to include this in their budget or find their budget is being squeezed, so choose to overlook insurance altogether or to under insure the event.
Some insurers believe that an organiser who is pro-active and keen to get contracts and procedures tied up well in advance is favourable, as it is probably symptomatic of their overall approach to other matters relating to their event such as health and safety, risk management and contingency planning. Therefore some insurers offer competitive pricing, so there should be no excuse not to use them.
Some issues you may face if you don’t insure…
Cancellation
Some organisers may think their cancellation risk may only be in terms of what could happen during the event, but there is value in taking cover out well before your occasion. Imagine if your venue was damaged prior to the event, if you had no insurance you would incur a great deal of additional costs to find and relocate to a new venue or you would risk cancelling your event altogether.
Damages
When hiring a venue or equipment for an event, the event organiser should read the terms and conditions very carefully. Many of those who hire an event organiser will pass the responsibility onto them and take no responsibility.
The corporate event management team should take out public liability insurance which will cover them in the even that third party property is damaged.
Additionally, all companies contracted to work with the event should also have this to the same level as the organiser to ensure they’re all covered.
Where the venue can sometimes pose issues for organisers, insurers agree that hiring equipment is one of the biggest problems for them. Some hire companies offer insurance as part of the package, but organisers should read the cover as it could contain restrictions.
Cover for equipment, hired in plant and machinery will include a clause of reasonable care and this should be read thoroughly.
Employers Liability
Event employees are not just those who are paid directly by the organiser. Put simply, if someone has carried out a task at the request of the organiser they could be classed as an employee.
Should you insure your event?
The important thing you should consider is how much the cover costs, what the cover provides and whether the risk is worth carrying yourself.
Irrespective of the size of the event, the consequences of cancellation, curtailment, postponement or other disruptions can indeed be devastating to the organisation and the event itself.
