Event insurance has now become quite common in the UK. More and more people are worried about taking a risk with their special day and the financial implications that may cause.
But it is a misnomer to think that event insurance is only used for large events or for the wealthy. It is often used for much small and more personal events such as fetes, weddings or private parties.
Event insurance is something that can be used by individuals, small and large businesses alike. It can cover a range of events from weddings to large corporate functions. The principal reason for the insurance is protection against risk and financial loss.
With this in mind I thought it might be interesting to outline the various type of events that can be covered by event insurance.
Businesses of all shapes and sizes conduct events on a daily event thought the UK. These might range from conferences, exhibitions musical shows, fashion shows or product launches.
If you are experienced at running these events then you are probably taking the appropriate cover. But if your business is planning this for the first time then you might consider an event insurance policy as a precaution.
There are three main reasons why you might consider covering yourself. Firstly, ‘cancelation’. Usually this covers you for a cancellation beyond your control and will result in reimbursement of any expenses incurred. Secondly, you might insure against property damage or loss and finally public and employers liability as a result of personal injury to employees or a member of the public.
Public gatherings or charity events such as fetes, firework displays and school fund raising activities are also insured.
It is not a stretch of he imagination to insure against the cancellation of a Church Fete due to bad weather and it is possible to insure against it. The loss of property, money and public liability are all considerations if you are looking to insure against this type event.
In Dorset we have lots of county shows, such as the Melplash, the Great Dorset Steam show. Without doubt, these type of shows will have a one-off event insurance of some kind. They might not insure against cancellation due to the weather, but Public Liability Insurance would be a must.
Events insurance doesn’t only cover business related events, it can also cover private functions also individuals too. Functions such as Parties, weddings and Bar Mitzvahs are typically covered against cancellation, property damage and public liability.
Now obviously you cannot insure for a sunny lovely day, but you can insure against loss. So when it comes to deciding on any particular policy it is always worth reviewing the details with your broker. Ensuring you have sufficient enough cover is paramount. Areas you should consider are;
- What are your irrecoverable expenses?
- Your budget for insurance. The greater the level of cover the more expensive the policy.
- Is there a greater level of risk to the public (fireworks displays)?
- What precautions have you taken? This may include a health and safety audit.
By John Hester