Those hiring event venues are being urged to insure their event, even if it’s a small one.
As reported by Event Industry News, some insurers may offer event organisers an early booking discount, but if their insurer isn’t one of those companies, they should not let that put them off.
James Trevis from The Heartland Group said: “An organiser who is pro-active and keen to get contracts and procedures tied up well in advance is favourable to any insurer, as it is probably symptomatic of their overall approach to other matters relating to their event such as health and safety, risk management and contingency planning for example.”
There are a range of reasons why insurance should be high up on the organiser’s list of priorities. Firstly, if any unexpected circumstances arise, there may be no choice but to cancel the event, which is why cancellation insurance is a must.
Steve Howell from Oxygen Insurance advises organisers to speak to an insurance broker as soon as they have determined their event budget. “As soon as you have a budget you have exposure to risks that can endanger that budget. The cost of cancellation coverage is usually unaffected by how far in advance you take the cover out, so it makes sense to insure as early as you can.”
It is also worth considering what will happen if any damage were to be caused at the function venues. Public liability insurance cover will ensure the organiser is covered if a third party property (the venue), is damaged during the event.
“Irrespective of the size of the event, the consequence of cancellation, curtailment, postponement or other disruptions can indeed be devastating,” Mr Trevis added.