Event Insurance Tips
With much of the UK experiencing its worst winter in decades with severe disruption in places including school closures, road closures and hundreds of cancelled flights there has never been a more pertinent time to buy event insurance
The fact is however, even though event insurance is more readily available, the vast majority of events are still not insured for bad weather. Madness you might think given the effect Global Warming is supposedly going to have on weather patterns, not just over the winter months but all year round
Weather is just one of a number of factors that can lead to an event being cancelled and the need therefore for good event insurance. Fire, health hazards, including bird flu and swine flu, and terrorism are just some of the others. Event insurance can protect against these eventualities and can also cover theft or damage to equipment and property, either owned or hired, and provide insurance for public liability – a must for larger public events
And the event cancellation cover you buy is not just for recovering costs when events are called off. Cover can also protect event organisers for the financial losses they may face if the event is forced to go ahead in a limited format
If you are going to purchase event insurance, and in our opinion you should even for the smallest of events, then here are a few tips to help get you started:
Make sure you have adequate event public liability insurance. Most venues expect public liability cover of at least £2million for any one occurrence although some council’s now insist on £5 million
If you have sub-contractors at your event e.g. Inflatable Suppliers, Refreshment Stalls etc. make sure that they are made aware of their responsibilities and ensure that they have public liability cover to the same value as your own
You can try and lower your event insurance premium by carrying out a risk management exercise, especially for slipping and tripping hazards or if your event is being held close to water
Ensure the site of the event is secure where possible and that the number of attendees or estimated number of attendees is known
Don't rely on the venue to know who is walking into your event or to have adequate event insurance themselves
Always lock your function rooms if you have them when not in use and limit the number of people with access to the rooms
Make sure you understand the terms and conditions of your event insurance policy and your responsibilities in the event of a claim
Always buy your event insurance from an event insurance specialist who is reputable and is authorised and regulated in the UK by the Financial Services Authority
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