Event Insurance: Everything You Need to Know

Are you wondering whether or not you need event insurance? You’re not alone!

The main reason you should take out event insurance is that many things can go wrong.

You’re no doubt a competent event organiser, but not everything is within your control. From malfunctioning equipment and stolen property to drunk people and force majeures (are they the same thing?).

Read on to learn about…

• The types of available insurance for event organisers
• How much event insurance costs
• Where to find good event insurance providers
• The best practices for event insurance

Remember: Safety first!

What types of event insurance is available?

Event insurance comes in many forms. Let’s look at the key types of event insurance.

1. Public liability insurance

Public liability insurance protects you in case a member of the public (i.e. your event attendees or passersby) gets injured as a result of your event.

If you’re hosting your event at a venue, chances are they already have public liability insurance. However, that only covers them, not you as an event organiser.

2. Employer’s liability insurance

If you’re paying your event team (as opposed to working with volunteers), you’re required by law to take out an employer’s liability insurance in case they get hurt during the event.

3. Equipment insurance

You might be using some equipment for your event, whether that’s a microphone, camera, sound system, or projector. Equipment insurance will cover you in case this equipment is damaged or stolen.

4. Cancellation and abandonment insurance

Many things can go wrong with an event. Or everything, in the case of the Fyre Festival. Take out cancellation insurance if there’s any risk that you may have to call the event off.

5. Liquor liability insurance

You’ll want liquor liability insurance if there will be alcohol served during your event. It will cover you if a drunk person damages anything or hurts anyone, as well as the accidental serving of alcohol to a minor.

6. Third-party damage insurance

Third-party damage insurance covers you in case the venue you’ve hired for the event becomes damaged while it’s under your control. It can be part of a public liability insurance policy.

7. Multiple event insurance

If you’re putting on regular events, then it’s a good idea to take out multiple events insurance. It’ll save some money, as well as the hassle of taking out a new policy for every event.

Note: Acts of God

God may not be on your side during the event, which means a thunderstorm or heavy rain can throw a spanner in the wheels of your outdoor community picnic.

The vast majority of UK insurance policies do not exclude “Acts of God,” which means you’re most likely fine. But do check the small print to make sure, just in case.

How much does event insurance cost?

The short answer? It depends.

The long answer is that the cost of your insurance policy will depend on the risk involved with your event.

A motorcycle racing event will have a much higher risk of injury than a wedding. A wedding, conversely, will have a much higher risk of drunk people damaging things.

Outdoor events are also more susceptible to cancellation in the case of bad weather. Events in big cities are at risk of terrorism, which also drives up the price.

Public liability insurance policies start at £60, and employer’s liability insurance policies start at £50. Most other insurance policies require a bespoke assessment of your event.

That said, it doesn’t hurt to shop around a bit, which is what we’re about to do below.

Where do you find the right event insurance provider?

If you already have an insurance agent for your business, the first step should be to call them and get a quote. They might give you a good deal since you’re already a customer.

We’ve already linked to a few insurance providers in the sections above, but there are plenty of websites that allow you to compare quotes for different insurance companies in the UK.

Here are a few of them:

• Quotezone
• GoCompare
• Simply Business
• Insure My Event
• Insure My Liability
• Money Super Market
• Compare The Market

It’is worth taking some time to compare different insurance companies. Some may give you a good deal on certain policies but not others.

General tips and best practices for event insurance

Now that you have an overview of the types of insurance you might need and where you can get them, it’s time to look at some of the best practices for event insurance.

1. Be early

The sooner you take out event insurance, the better cover you’ll get at an affordable rate. It’s a good idea to insure your event the moment you’ve secured the venue.

2. Carry out a risk assessment

You can lower your event insurance premium if you carry out a full risk assessment beforehand. Consult with the venue to arrange a day where you walk through potential hazards.

3. Negotiate with the venue

The venue will rarely cover you as part of the venue hire fee. But that doesn’t mean you shouldn’t try to negotiate with them when discussing the contract.

4. Check insurance requirements

Not all events and venues require the same level of cover. Some places only need you to cover for up to £2 Million in damage, while others may require you to cover for ten times that amount.

5. Watch out for transport issues

If your event attendees are coming from far and wide, then transport issues like train or airport strikes may affect them. If they can’t get to the event, then you’ll need an abandonment policy.

6. Keep tabs on your guests

You should keep an eye out for who’s at your event on the day. You don’t want to risk having uninvited guests who can cause you trouble down the line.

7. Think health and safety

Although you’ve carried out a risk assessment prior to the event, you should still be vigilant on the day. Health and safety hazards, such as wet floors, can occur at any time.

8. Inform everyone involved

Communicate the terms of your event clearly to your event team, vendors, venue management, and everyone else involved. That way you reduce the risks of dangerous misunderstandings.

9. Get legal advice

If there’s something you’re not sure about, such as what you’re legally required to insure, seek legal advice. It can be expensive up front, but it can save you a lot of money later on.

10. Get the best cover possible

You shouldn’t cut corners when it comes to your event insurance. If a policy is too cheap, then it might contain a lot of fine print that excludes many possible scenarios.

Are you covered?

Hopefully, we’ve covered everything you need to know to cover yourself in case of accidents and other unpleasantries during your event.

If you’ve come across a particularly good event insurance provider, then drop a link to them in the comments below. Sharing is caring.