Event insurance could be right solution for your business to cover the costs or out of pocket expenses you suffer if your event is cancelled or abandoned. It will also cover the potential liabilities that could arise from bodily injury or property damage. Whereas, contingency liability could offer further protection against future revenue.
If you are holding events, then the chances are that you could have a financial loss if one of these events did not go to plan, you could even face some hefty costs not to mention the PR nightmare that might be created. Good news is that event insurance is available to effectively outsource the risk to someone else i.e., the insurer.
Event insurance is a package policy that will typically include a number of different covers (i.e. public liability, event cancellation, contingent liability) to safeguard an event or series of related events.
No matter the type or size of your event, insurance should be considered at the very minimum to protect your legal liabilities from injury/damage and potential contractual requirements of the premises owner.
Event insurance can offer protection to a wide range of activities including: conferences, exhibitions, shows, trade fairs, charity events, comedy shows, competitions, theatre productions, sporting events, and performances.
We discuss the different types of event insurance below. Depending upon the types and size of the event, insurance can be tailored to meet your individual needs. Talk to one of our insurance brokers about your circumstances and we present appropriate solutions to meet your needs.
Public Liability insurance covers compensation payable to a third-party, following actual or alleged accidental bodily injury or damage to their property.
Employers’ liability insurance covers defence costs and/or damages following an injury to someone working for you at the insured event. In the UK it is a statutory requirement for employers to hold employers’ liability cover for full-time, temporary staff and volunteers.
Your own property can be included, and cover is usually available for loss or damage at the event or in transit to and from it. Insurers may give you the option to repair, rebuild or replace the lost or damaged property you may also have the option to include specified all risk cover for expensive items.
Event cancellation insurance provides cover for the expenses you cannot recover if the event is cancelled, postponed, abandoned, curtailed, or relocated because of a cause which is entirely beyond your control. This could include adverse weather, non-appearance, strikes or disease.
Event contingency insurance protects you against the lost event costs and/or lost profits so the contingent liability reimburses the costs you cannot recover elsewhere, expenses incurred and or lost profit if the event is abandoned, postponed, interrupted or cancelled due to unforeseen circumstances.
Crisis containment cover to assist mitigate the risk of reputational damage with the hire of a public relations firm.