Wondering whether or not you need event insurance? You are not alone!
The main reason why you should take out event insurance is that many things can go wrong.
No doubt you are a competent event organizer, but not everything is under your control. From faulty equipment and stolen property to drunks and force majeure (are they the same thing?).
What types of event insurance are available?
While this article is focused on the UK market, its advice is extremely useful for everyone. Event insurance comes in many forms. Let's take a look at the main types of event insurance.
Public liability insurance.
Public liability insurance protects you in the event that a member of the public (i.e., attendees of your event or bystanders) is injured as a result of your event.
If you are hosting your event at a venue, they probably already have liability insurance. However, that only covers them, not you as the event planner.
Employer's liability insurance.
If you are paying your event team (rather than working with volunteers), you are required by law to carry employer's liability insurance in case anyone is injured during the event.
Equipment insurance.
You may be using equipment for your event, such as a microphone, camera, sound system or projector. Equipment insurance will cover you in the event that this equipment is damaged or stolen.
4. Cancellation and abandonment insurance.
Many things can go wrong with an event. Take out cancellation insurance if there is any risk that you may have to cancel the event.
5. Alcohol liability insurance.
You'll want liquor liability insurance if alcohol is served during your event. It will cover you if a drunk person damages something or hurts someone, as well as accidental delivery of alcohol to a minor.
6. Third-party damage insurance.
Third-party liability insurance covers you in case the venue you hired for the event is damaged while under your control. It may be part of a liability insurance policy.
7. Multiple event insurance.
If you are organizing regular events, it is a good idea to take out multiple event insurance. You will save some money, as well as the hassle of taking out a new policy for each event.
And how have the risks changed during the pandemic?
There is no doubt that each type of event, act or concert has its risks associated with the nature of the same, but this era of transition during the time of pandemic complicates the evaluation of risks, both derived from the virus itself, and to comply with the legal regulations of each community, the state, let alone if the organizer of the event or the promoter works internationally.
Good advice is necessary when planning the contracting of a good insurance plan, without forgetting contingency insurance, perhaps the most affected, together with civil liability insurance.
How much does event insurance cost?
The short answer? Depends.
The long answer is that the cost of your insurance policy will depend on the risk involved with your event.
A motorcycle racing event will have a much higher risk of injury than a wedding. A wedding, on the other hand, will have a much higher risk of drunken people damaging things.
Outdoor events are also more susceptible to cancellation in case of bad weather. Events in large cities are at risk of terrorism, which also raises the price.
A good advisor to prepare a good insurance plan for you.
If you want to know more about our insurance solutions and legal advice specialized in events and concerts, we will be happy to assist you without any obligation; just click on this link link to learn more about our services.