When should you buy event insurance?

When organising an event, you run many financial risks. What happens when the big tent caves in? And what if there’s a storm the entire day?

Of course, proper preparation is the most important of all. Some organisers also choose to put the budget for an event into a separate entity.

If you cannot run the financial risk that despite everything something happens, then it’s good to purchase event insurance. Even if the conditions differ per insurance company, here’s an overview with everything that is generally included:

The equipment before, during and after the event

You have hired a fantastic event venues in London, but the day before the event, the big tent caves in. At the last minute, you have to order a new one with all the costs this ensues.

This is only one of the examples where event insurance is good to have. Damages to the equipment are covered before, during and after the event.

This is especially important since the equipment rented can be very expensive, for example, the costs of a sound system, lighting or an HD projector.

Tip: check to which extent the transport is also covered by the insurance.

Storm during an outdoor event

Many outdoor events take place in and around London at the end of spring, in summer and in early fall. Often, this all goes well, but sometimes, buckets come pouring down from the sky.

Generally, it’s good to add an alternative to your action plan, for example, party venues in north London.

But what to do if this isn’t possible, like for an outdoor festival?

In this case, weather insurance (a part of event insurance) can be useful. Note that you have to purchase it at least one month in advance. It’s no use checking the weather right before and purchase weather insurance.

Injury of employees or within the organisation

Many events have volunteers that work for them. Even if you do not pay them, they do indeed have a right to decent insurance. Note that regular insurance does not always apply when you organise a big event.

Event insurance covers injuries that your employees or volunteers incur during preparation, the event itself, and teardown. Generally, injuries also incurred by others as a consequence of involuntary actions of volunteers and employees are also covered.

Cancellation due to unforeseen circumstances

There are always circumstances beyond your control.

Here are a few examples:

  • Flood
  • Terrorist attack
  • National day of mourning due to the death of a member of the royal family.
  • A major power cut, locally or regionally.
  • An out-of-control event in the region that causes a lack of police capacity.

Check in which cases an event insurance covers the damages for the causes mentioned here above.

Cancellation of an artist or speaker

There are artists, bands and speakers who are more important than others. You can often find a replacement through a booking agency or manager, but sometimes, it’s not possible or even a good idea.

For example, have you rented large event venues in London for a performance by so-and-so, and they don’t show up? Then, your visitors do not want to see a replacement. Depending on the exact reason, you can have damages covered by an event insurance. Accident, illness or death are always valid reasons. Not feeling like it or a disagreement with the organisation is not. In this case, you can recuperate the costs from the artists themselves.

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