Planning an event is thrilling, isn’t it? Unfortunately, even the best-laid plans can go sideways. Imagine you have spent months planning a festival. But on the big day, rain washes away all your efforts.
So what will happen now? This is a point where event insurance saves you. So, let’s get into it briefly and cover the following:
- What is it?
- Why is it so important?
- What is its type?
- How to get one?
WHAT IS EVENT INSURANCE
It is a policy designed to protect you from financial losses caused by accidents, damages, or cancellations. Whether it’s a wedding, a corporate event, or a local fair, this saves you from unseen pitfalls.
WHY EVENT INSURANCE IS IMPORTANT?
To be realistic, accidents happen, and no matter how much you try, there is no 100% guarantee. A guest could trip over the cable, or an expensive sound system might fail due to a power shortage. Without coverage and a backup plan, you might get stuck under the hefty bills.
Thus, public liability insurance is required for all events in the UK, especially those held on council land. Sutton Council, for example, mandates coverage of at least £5 million for public events like festivals or fireworks.
TYPES OF EVENT INSURANCE & COVERAGE
Multiple types of insurance are available, depending on the types of events and their nature. It is vital to know about these insurances before selecting the policy that suits your event. Some of the most common types are the following:
SPECIAL EVENT INSURANCE
This protects you financially if some liability claim pops up at your event. It also has subtypes, such as general liability insurance (which is a must one). For example, if someone trips on stage at your event and gets hurt, it covers their medical bills.
Another subtype is liquor liability insurance, which is useful for events serving alcohol. The coverage depends on the kind of drinks served and your event setup. Whether it’s a one-day party or a multi-day festival, this will cover you.
PUBLIC LIABILITY INSURANCE
Ever worried about what happens if a guest gets injured at your event? Public liability insurance covers claims from injuries or damages caused to third parties. It’s just a good idea and often a legal requirement for public events.
EVENT CANCELLATION INSURANCE
What if your event is cancelled due to bad weather or a last-minute change in plans? This insurance will help you recover nonrefundable payments made to vendors and venues.
It protects your business from losing money due to cancellations, delays, or other unseen issues. While not everyone buys this insurance, it is a smart backup for bigger events or those depending on weather conditions.
BUSINESS EQUIPMENT INSURANCE
This insurance covers damages to equipment you own or rent for your event. For instance, if an LED screen you rented gets damaged or someone accidentally knocks over a karaoke machine.
Business equipment insurance will pay for repairs or replacement. It is a good idea for anyone renting or working with expensive AV equipment.
EMPLOYERS LIABILITY INSURANCE
If you are hiring staff or volunteers, this insurance is essential. It covers claims for injuries or damages caused to your team during the event.
HOW MUCH EVENT INSURANCE COST?
Usually, the costs of event insurance depend on factors like your event’s size, location, and the type of coverage it needs. Thus, here is a rough estimate to give you an idea:
- Small events( like birthday parties) will start from at least £50.
- Medium size events like weddings and conferences will cost between £100–£200.
- Large events like festivals can cost up to £1,000 or more.
Keep in mind that adding extra coverage, like weather protection, might raise the price. But it is still worth your peace of mind.
HOW TO CHOOSE THE RIGHT POLICY
Among all the mentioned types of insurance policies, below are some criteria to help you choose one for your event.
1. KNOW YOUR RISKS
Are you planning an outdoor event or renting expensive gear? Now is the time to make a list of your potential issues.
2. READ THE FINE PRINT
Some policies don’t cover high-risk activities like fireworks or alcohol services. Thus, make sure to know what you are excluding from this.
3. COMPARE MULTIPLE PROVIDERS
Before signing up with one, do your thorough research for trustworthy providers. Some names are Hiscox or Event Insurance Services, which specialises in UK events and related regulations.
4. ASK FOR RECOMMENDATIONS
Last but not least, try your best to ask for references from fellow event organisers. Likely other event organisers can often point you toward reliable insurance companies.
FINAL THOUGHTS
Event insurance is not just an added expense but a vital part of event planning. Whether you are hosting a small garden party or a major music festival, having the right insurance can cover your back. Moreover, you will be able to focus more on creating amazing experiences.
So, what is your next step? Take a moment to assess all your event needs and choose the right insurance policy. So, you may rest easy knowing you are prepared for all.
FAQs
Is event insurance mandatory in the UK?
Yes, events on public land or council property do require liability insurance.
Does event insurance cover weather-related cancellations?
It can, but you need a policy that includes explicit cancellation due to bad weather.
How do I apply for the coverage?
Most of the insurers offer online applications. Thus, be prepared to share details about your event, including expected attendance and activities.
