What is Event Insurance?
Event Insurance is a type of public and products liability cover designed to protect Event Organisers from financial losses that could arise due to unforeseen circumstances affecting their event. It can cover a large variety of events from weddings and art exhibitions, through to music festivals and sporting events.
Some insurers may have exclusions for certain event types or components, such as fireworks or amusement rides, so it is important to make sure your cover is suited to your unique event.
Event insurance not only provides financial protection and peace of mind, but can also, in some cases, be a requirement for some venues and/or vendors.
Event insurance is a vital consideration for anyone involved in planning or hosting an event, providing essential protection against a wider range of potential risks.
What Does Event Insurance Cover?
Event Insurance typically covers:
- Cancellation or Postponement: Coverage for financial losses if the event has to be cancelled or postponed due to reasons beyond the organiser’s control, such as severe weather, natural disasters, or the sudden unavailability of the venue.
- Public Liability: Protection against claims made by third parties for bodily injury or property damage that occurs during the event. This is crucial for covering legal fees and any compensation that might be awarded.
- Property Damage: Coverage for damage to rented equipment or the event venue itself. This includes accidental damage to staging, lighting, tents, and other event-related properties.
- Equipment Insurance: Protection for event equipment owned by the organiser, including audiovisual equipment, decorations, and other essential items. This can cover theft, damage, or loss.
- Personal Accident: Coverage for accidents that result in injury to event staff, volunteers, or attendees. This can include medical expenses and compensation for lost wages due to injury.
- Weather Insurance: Specific coverage for events that are particularly susceptible to weather conditions, such as outdoor festivals or weddings. This can provide financial protection if adverse weather leads to reduced attendance or event cancellation.
- Non-Appearance: Coverage for financial losses if key individuals (such as performers, speakers, or special guests) are unable to attend the event due to illness, travel issues, or other covered reasons.
Client Examples
Cancellation Due to Weather: An outdoor music festival has to be cancelled due to a severe storm. The insurance covers the cost of non-refundable deposits, advertising, and other expenses.
Public Liability: A guest at a wedding slips on a wet floor and sustains an injury. The insurance covers the legal fees and any compensation awarded to the guest.
Equipment Damage: A fire at the event venue damages rented sound equipment. The insurance covers the cost of repairing or replacing the equipment.