Looking for Event Insurance?
As an event organiser, you’ll need to take out an event insurance policy as you’re responsible for the security and safety of the public and any staff, as well as the equipment and location of the event.
There are many factors to consider when it comes to trying to find the right event insurance policy to suit your needs. Any successful events planner will know that the phrase ‘failure to prepare is preparing to fail’ can be particularly relevant when it comes to events, and taking measures to cover yourself is a smart decision.
When is events insurance required?
If you’re hosting an occasion that will have attendees and activity then you’ll probably need to take out events insurance. This could be things such as:
Even if the event is a one-off, part of a series or even an annual kind of thing, you can often extend your policy to make sure you’re covered for the duration of the event you’re hosting. Multiple events can sometimes be insured under one policy which can help you to save on your monthly premiums too.
When would you need to make a claim for event insurance?
Event insurance can help take the financial sting out of unforeseen circumstances such as:
- Bad weather
- Theft, fire or loss
- Injury or illness
- Abandonment or non-appearance of performers or suppliers
- Total cancellation of event
Types of event insurance
There’s no one event insurance policy that offers you total protection, and often you’ll need to bundle different types together in order to obtain the coverage that you require. There’s only one that’s mandatory by law (if you have employees) and that’s employers’ liability insurance, the rest are up to you:
During the organisation and hosting of an event, it’s likely that you’ll take on employees or volunteers to help. Having members of staff means that by law you need to take out an employers’ liability insurance policy.
Holding an event means that you’re responsible for the welfare and safety of members of the public that will be attending. This type of policy offers financial protection in case someone is injured, dies or has their property damaged or destroyed as a result of the event and wants to claim compensation – and of course you may need help with legal fees too.
Taking out cancellation cover
Although you may not want to think about it, cancellation of the event could be a possibility if something happens that’s out of your control. Damage or flooding to the venue, awful weather or the main ticket seller drops out could all mean that you could be facing ticket refunds whilst still needing to pay suppliers – and the financial consequences could be hefty.
Covering equipment, owned or hired
Whether the equipment is lost, stolen or damaged on the way to the event, during set up or during the actual day or night, you could be able to claim it back. Of course, you will need to have shown that you’ve taken measures to protect the bought or hired kit, as if you’ve. been negligent then your claim may be denied.
Event Insurance – Useful FAQs
Although your event insurance will most likely cover that unexpected British rainfall in July, or high winds that suddenly pick up, you might not be able to take out adverse weather condition insurance if bad weather is forecast seven days before the event starts.
If you’ve put down a deposit on something for a future event, for example live music or the venue, then quite often your policy will help to cover these costs. That means if for some reason these plans fall through due to the supplier, or the event being cancelled, then you may be able to get reimbursed.
It can be a real headache if a supplier lets you down at the last minute and it can have serious ramifications on the rest of the event. Different levels of policy will cover you for different elements such as cancellation from the venue, caterers or even tent providers – double check with your insurer to see if there are any exclusions to your policy.
Although it differs from insurer to insurer, some may not cover you financially for marquees, props and covers, especially if they’ve not been assembled correctly or maliciously damaged so always check exemptions and policy exclusions before making a claim.