As an event organiser, there are a lot of things that you need to take care of. You need to choose the best suppliers, select the appropriate venue, pick the best date, etc. However, one of the most important things that you should not forget is taking out events organisers insurance.
Why do event organisers need insurance?
It is a fact that unexpected incidents can cause serious damage to any type of business. That is why, having an events organisers insurance is very important whether you are organizing an exhibit, conference, or any type of events. These days, most people understand their legal rights. Hence, they will not hesitate to take legal action in case they get injured or their property was damaged.
A comprehensive events organisers insurance can be tailor-made to suit your needs. It can cover you against any kind of risks that you will face as an event organiser.
What type of insurance do event organisers require?
Public Liability Insurance
This is one of the most essential insurance policies for events organisers. Public liability insurance for events organisers can cover your business in the event that a third-party might suffer injury or property damage.
Obviously, when you are setting up a particular event, you need to ensure the safety of the guests. But no matter how careful you are, accidents can still happen. Somebody might trip over on a wire and injure themselves or a stage design which was not properly installed might fall on the visitor and caused some injuries.
If something like this can happen at your event, then you might be facing legal action in case the third party will decide to sue you. With public liability insurance for event organisers, you can ensure that your legal fees are covered by your insurance policy. If your event was liable for the injury or damage, then it can also cover for the settlement that will be awarded to the third party.
Employers’ Liability Insurance
Aside from the event attendees, it is also important to cover the safety of your staff. In case your employee will get injured or ill while working on a certain event, then it could lead to legal proceedings. Having employers’ liability insurance does not only cover the legal cost for defending your business, but it can also pay for the compensation cost when needed.
It is also important to note that any staff who is working on the event, regardless if he is a volunteer, temporary, part-time or a paid employee can take legal action. Additionally, employers’ liability insurance is a legal requirement if you have employees working in your company. If you don’t have this cover in place, then you will be fined for each day that you are not covered.
The type of equipment that you use for each event will vary. For instance, you might require more equipment protection in a music festival than in a local craft fair. However, no matter what type of event you organize, it is always important to take out equipment insurance for event organisers. Most insurance policies will include protection against theft, loss, or damage to the equipment. This is essential for your event so you can avoid any disruption. If you are hiring equipment for your event, then be sure that hired equipment is included in the event equipment cover.
Also, when taking out insurance for your equipment, it is vital that you should not undervalue your equipment. This is because in case your equipment is lost, stolen, or damaged then you might not be able to retrieve its full value.
Event Cancellation Insurance
The most devastating thing that could happen to your business is if a particular event will be canceled. As an event organizer, most likely you have already made partial payments or full payments to the speakers, performers, or suppliers. Most often, these payments are non-refundable.
Having an event cancellation insurance can help you in preventing financial loss in case a certain event is canceled, postponed, or disregarded due to different circumstances.
When taking this insurance policy, be sure to check its wording. Some insurers can cover the absence of a speaker, bad weather, or if the venue refused to host the event.
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