Event Organiser Insurance
An event organiser plans an occasion (in addition to attending it) to manage and ensure its success. Such a profession requires astute organisational skills utilised when booking a location, hiring a chef, creating the guest list, appointing security and most importantly, settling any conflicts.
Working with so many parties opens up a door for unsatisfied clients, and juggling the long itineraries poses a higher risk of error. Correspondingly, insurance is a form of safety net that provides financial aid on account of claims made against the business.
Types of Event Organiser Insurance
Event organiser insurance is a combination of covers that varies with each insurance company.
Listed below are the main covers:
1. Special Event Insurance
Special event insurance, a form of general liability insurance, is a cover aimed explicitly at event organisers because it covers circumstances that most commonly occur in this profession. Special events include weddings, festivals, concerts and sporting occasions because they are rarer and more specific than regular events, making them more complex to coordinate. As organising such occasions requires communication with many different third parties, there is a higher risk of cancellation.
If the caterer calls in sick or security has double-booked and become unavailable, the event must be cancelled and refunded. Likewise, there could be a storm on this day that threatens the safety of the guests, and hence the event has to be rebooked. Special event insurance is a way of preventing financial loss because the insurer pays the cancellation fees, which can be huge, for either rescheduling the event or recompensating the vendors for cancelling on short notice.
2. Professional Indemnity Insurance
Professional indemnity insurance covers negligence and errors made by the event organiser, resulting in financial loss to the client. Such accidents are highly likely to occur, seeing as an occupation like this is hectic and unintentional mistakes could happen.
For instance, if the event the organiser forgets to hire security at a concert, guests get injured, or sensitive data is lost and compromised, which contains personal information about the client, all of this can harm the third party. Professional indemnity insurance would cover the medical expenses required like evaluation and hospitalisation and recompensate the client.
3. Business Equipment Insurance
Business equipment insurance protects an event organiser’s equipment and appliances to operate the company. Such tools include computers, projectors, microphones, musical instruments, and whichever niche equipment is necessary for an individual business, as not one is the same. Technology can be expensive, and the company may struggle to run without it. In the event of a disaster like a fire or a flood, or if the equipment is stolen, it must be replaced imminently. Unfortunately, if there are insufficient funds to do so or it would be a struggle, this may take time or cause problems.
On the other hand, having business equipment insurance would mean that the insurer can take care of this cost, as long as the specified equipment is covered in the policy and damage that occurred is not general deterioration.
4. Public Liability Insurance
Public liability insurance allows for peace of mind for the organiser and the client because it safeguards both groups. Suppose anyone is injured due to the services provided by the company, whether this be at the site or elsewhere.
In that case, the medical costs are covered, and so are the legal fees associated with appointing a lawyer to fight the claims incurred. Such damage could happen like tripping over a microphone lead, being accidentally hurt by a security guard, or even an employee unintentionally spilling a drink over a client’s phone and rendering it proper. Furthermore, this cover pays for the replacement of any damaged property.
As the law states, employers’ liability insurance is compulsory, requiring at least £5 million coverage. This is so that employees can feel comfortable working, knowing that their safety is taken care of. If they are hurt at work, causing them a broken limb or requiring treatment for an injury, the insurer pays for this in addition to their salary for the time that they need to take off of work and recover.
In conclusion, an event organiser should research which type of insurance they need and the extent of the coverage, depending on the size of their business and the value of their assets. Although each organiser caters for different events, each has risk associated, and insurance allows for any accidents to be partially or fully rectified by a payout.
Find out more about the importance of insurance here.
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