The details of your event insurance quote may seem a bit trivial if you’re an event planner with a thousand things to think about.
But making sure those details are right could be the most important thing you do. Getting it wrong could cost you money and leave you with disappointed customers.
To help you make sure your event insurance quote provides you the best cover possible, we’ve put together a list of four key points to look out for on your event insurance policy. If you don’t see these, it may be worth calling your broker to find out why they’re not there.
1. Public Liability Cover
Public Liability cover protects you in the event of accident or injury to members of the public at your event. This is a vital part of event insurance and should be worked out depending on the size of risk (i.e the more people at your event, or the more dangerous the activities, the higher level of cover). This should definitely be in your policy and if it’s not, you’re not properly covered.
The key to Public Liability Cover is risk management. You can negate many claims simply by keeping your grounds safe and making sure you have safety procedures in place.
2. Employers Liability Cover
If you’re event is a village fete or school fayre, you’re probably reading this now thinking, ‘I don’t need this type of cover because the stalls are manned by volunteers’. But actually, Employers Liability covers anyone working at your event, paid or unpaid. Like Public Liability, this type of cover protects in the event of accident or injury.
The one caveat on this point comes when you hire a sub-contractor to supply staff. In this scenario, that sub-contractor would have to have their own Employer’s Liability cover. However, we would always advise that you check this thoroughly as part of your background research on the sub-contractor.
There are plenty of councils and governing bodies who won’t sanction an event without these two types of insurance cover; in many cases, they are a legal requirement.
3. Event Equipment Cover
Event Equipment Cover protects the equipment that you use at your event, either owned by you or hired. This covers damage and theft and if you don’t have it, you could be left with some pretty hefty bills to replace equipment.
They key with Event Equipment cover is to make sure you fully understand the incidents where an insurer won’t pay on a claim. Some brokers and insurers may have their own caveats such as not paying for equipment that’s damaged by adverse weather conditions or where the structure the equipment is placed on was not properly erected.
4. Cancellation Cover
Cancellation cover protects you in the event that your event has to be cancelled by factors outside of your control. You may still have disappointed customers, but you should be able to recoup the money that you had to spend prior to the event (e.g deposits on catering and venue hire).
Again, examine what type of cancellation your policy covers, because some insurers are stricter than others, and sometimes there can be grey areas.
For instance, on most outdoor events, adverse weather cancellations are covered in the policy. However, some indoor events won’t be. If you fear that there is a risk that adverse weather could prevent people attending your event and causing you to cancel, it may be worth discussing with your insurer or broker to see if you can add it to your policy.