Organising an event can be a big financial commitment. Our Buying guide could help you to find the right conference insurance or exhibition insurance for your event.
WHAT IS EVENT INSURANCE?
When it comes to events there’s a variety of things that could go wrong. Event Insurance covers problems such as cancellation, damage to equipment and injury to guests or attendees. The cost will depend on the size and scope of the event, as well as the insurance company your broker chooses. Each policy is different and you should look for one that suits the event you’re holding.
WHAT EVENTS CAN BE COVERED?
Essentially all types of events can be covered. Depending on the cover required, being public liability and/or cancellation, here are some aspects that determine the cost of a policy:- Number of attendees, event budget, time of year, event location (indoor, outdoor, temporary structures, power backup, drainage quality, proximity to water, bush-fire exposure, council leniency, exposure to elements) and sensitivity to weather (temperature, rainfall, wind). Availability of protection (stage covers, electrical protection, natural wind barriers) or the ability to move indoors, also have a bearing on the cost of the policy. Higher premiums usually signify higher odds of things that could go wrong.
Looking at personal or business goals is quite often a good way to determine an appropriate level of cover. There are the basic covers that, as a one-off event organiser or an industry professional, you ought to have without question. On the other hand, cleverly leveraging the various protection mechanisms available enables you to pretty much guarantee your annual income, despite issues that occur beyond your control. The latter is the exciting / powerful / sexy part of insurance that is often much less understood as it tends to be a very specialist / niche area, the origins of which were born out of London and where a lot of the intellectual property still sits today.
CANCELLATION, ABANDONMENT, DISRUPTION, POSTPONEMENT, RELOCATION
Illness, blocked drains, soggy ground, gas leak… sometimes your event just can’t go ahead and you need to recover your expenses. Most Event Insurance includes cancellation and postponement cover. This should protect you if something unexpected happens, but look carefully at the things the policy doesn’t cover before you decide. You should also check the upper limits of the cancellation policy to make sure you’ll get back all your costs. If your event generates income, you can also protect your profit too. Standard coverage area definitions:- Cancellation – event cannot start at all Abandonment – event starts but cannot finish Disruption – event runs but not without partial / intermittent interruption Postponement – moving the event date. A typical cancellation policy should include an additional expense allowance if you are forced to postpone for reasons outside of your control. This allowance is there to cover costs associated with postponement such as notification to guests, additional venue fees, additional staffing hours, re-marketing etc. Relocation – moving the event location. As with postponement, your policy should include an additional expense allowance.
If you’re hiring or borrowing equipment, you’ll want insurance in case it’s damaged, vandalised or stolen. An amount of cover can usually be included in your Public Liability policy at no additional cost.
INJURY TO YOUR GUESTS OR EVENT ATTENDEES
Will I be covered if a guest or event attendee gets injured? If someone hurts themselves at your event, you could be held responsible and face large financial and legal costs. Take out a policy that includes public liability insurance and you’ll generally be covered for at least $10 million if someone gets hurt. Spoke can offer you $10 million or $20 million Public Liability Cover. How many people are attending your event? Small events are cheaper to insure, so make sure you have an accurate idea of the number of guests.
THINGS YOU'VE ALREADY BOOKED
If you’ve started thinking about your insurance late in the day, make sure the policy will cover things you bought or booked before your policy start date. With the solutions Spoke are able to provide, hired equipment and event property you’ve already booked or paid for will be covered. Just let them know.
LENGTH OF COVER
If you’re organising a one-off event you’ll generally only need cover for a day, but some events might last longer. If you’re a professional organiser, you will likely need cover for a range or events. Spoke can arrange individual cover for single events, or annual policies for a range of events.
ROLE OF A BROKER
A broker can be worth their weight in gold, just like a good accountant or wealth manager. There are a host of products to choose from and an even broader number of insurance companies from which to choose them. Navigating your way through can take a significant amount of time, distract you from your core business and can also be incredibly frustrating. A broker’s job is to represent his/her client’s best interests to find the right cover for your business at competitive prices. They are there to take the confusion, frustration and leg work out of the whole process of getting your business appropriately protected. A good broker should be across the market in their chosen area of specialty. Coverage types available, restrictions, pricing, value, claims response, technical knowledge, cost-saving structures, packaging options, dedicated service and turnaround times are just some of the things they should be on top of.
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