Hosting events such as shows, sporting events and celebrations subjects a business to a variety of liabilities and risks that need consideration to avoid costly litigation or loss when something goes amiss. Appropriate covers for events include property damage insurance, public liability insurance, employer’s liability insurance and cancellation insurance.
What is covered on an Event Insurance policy?
Event Property Damage Insurance
A property insurance policy protects event equipment ranging from sophisticated audio-visual systems to folding chairs – whether it is owned, borrowed or hired for the event.
The policy generally covers property while in transit to and from the event as well as during the event. Damaged, destroyed or lost property is reinstated on a ‘new-for-old’ basis, meaning that it is generally not appropriate for things like antiques, collectibles or other irreplaceable property.
Event Public Liability Insurance
A special event public liability Insurance policy provides broad protection for situations in which an event holder or concessionaire must defend itself against legal actions, or pay damages for bodily injury or property damage to third parties. Indemnity limits and premiums will vary depending on the event and location.
Employers’ Liability Insurance
Employer’s liability insurance protects your business against claims due to employment-related injuries or illnesses, attributed to alleged employer negligence. This typically includes compensation and costs for accidental bodily injury to anyone you employ, including temporary staff and volunteers.
Event Cancellation Insurance
Similar to business interruption insurance in other industries, cancellation policies are essential to preventing serious financial consequences in case of the event’s cancellation. These policies can be useful even when the event is not entirely cancelled – expenditures due to unforeseen circumstances (such as alternate forms of transport to the event during inclement weather) are generally covered as well.
The policy generally covers all perils that are beyond the control of the event’s host, including inclement weather, a speaker dropping out, strikes or disease outbreak.
In some cases, the same policy can cover multiple events, we call this an annual multi event policy. Many event insurance policies also include cover for re-location or re-arrangement of the cancelled event. Typical non-standard exclusions include breach of contract, lack of attendance and failure to make all the necessary arrangements for a successful event.
Event Insurance Policies are generally less expensive if they are purchased far in advance, and premiums will range depending on the time of year, the type of event and the level of environmental risk in the surrounding geographic area.
Event Planning Checklist
Planning an event takes organisation, and forethought. Use this checklist to keep track of your responsibilities, and to ensure your event goes off without a hitch.
Event Risk Assessments During Rapidly Changing Checklist
Conducting risk assessments is an imperative practice to ensure that employees and projects are as safe as possible.
During rapidly changing events, it is very important that organisations continue to perform adequate risk assessments to adjust to the changing conditions. This checklist provides steps that organisations can take in order to minimise their risks and hazards during such events.