Ensuring Safety at Events with Event Insurance

Events can be a great way to build relationships with customers and employees. But there's always a risk that something will go wrong.

What does event insurance cover?

Event insurance coverage varies by insurer. Basic coverage is often included, which you can expand with additional riders as needed. Postponing or canceling an event due to unforeseen circumstances is generally covered as standard. Other types of coverage include:

• Injuries to participants or visitors resulting from an accident
• Damage to the organizer's property (or rented items)
• A financial loss if the event cannot take place due to a storm or other extreme weather

Certain conditions and exceptions apply when making a claim under the insurance policy. If a scaffold collapses and it can be proven that it was improperly erected, the insurer may not cover the damage at all or may not cover it in full. In any case, the damage must have occurred through no fault of your own.

What is not covered by event insurance?

Event insurance does not cover every conceivable type of damage. Suppose you’re organizing an event and the band that was supposed to perform cancels the contract without a valid reason. There’s a good chance that the resulting damages won’t be covered. Damage caused by attendees may also be excluded. Another example is failing to obtain a required permit for the event, or obtaining it too late. Be sure to read carefully what you are and aren’t insured for.

One-Day Event Insurance

Unlike many other types of insurance, you can purchase event insurance for a short period. If you’re organizing a large anniversary celebration, you’ll only need the insurance for a short time. The duration and coverage are tailored to the type of event. The insurance premium is then determined. Naturally, the premium will be higher for an event with a budget of 35,000 than for one with an expected cost of 15,000.

Is it mandatory to purchase event insurance?

Event insurance is not required to organize a company barbecue. If it’s a larger event, check with the municipality to see if you need official permission. For many organizers, the potential for financial loss is the reason to purchase event insurance, regardless of whether it’s required.