Event Insurance: 5 Reasons Why Insuring Your Event Is Important

Insuring events may sound strange but anyone that is into events management will agree that a thousand and one things could go wrong, amongst which are some that can cost you a whole lot in terms of financial loss. Insurance cover is tied to exposure to risks that can make you to experience losses that can be compensated for by the insurance company. It goes to say that if your event has any risk involved, then seeking an insurance cover would be a wise move to make.

Traditional Vs Exotic Types of Insurance Policies

Event insurance is a term that explains itself. The issue people normally have with grasping it is in terms of the scope. They may have a hard time trying to wrap their head around insuring a party, a fair or an exhibition, believing that this are events that people come to have a kind of experience and insurance should have nothing to do with.

This is because when people think insurance, what comes to their mind is the traditional forms of insurance as car, property and life insurance. They usually find it hard to understand what some might look at as being exotic types of insurance cover and feel that they are only there for cosmetic purposes. This cannot be further from the truth. Someone might decide to take a team on an expeditions and seek to have an expedition insurance, the name might sound exotic but when you reduce it to the nuts and bolts to still fall back to the traditional themes of protection of life, property and investments.



The same rule applies to event insurance. When you break it down, it is still all about protecting property, life and investment.

What Event Insurance Covers

Event insurance may cover all or some of the following:

Life

No one plans for the loss of life but it can occur in any place and at any given time. Moreover, its occurrence may be partially or entirely the fault of someone else and as it may apply in this case, the event organizers. So an event insurance may cover life insurance exclusively or make it part of what it covers.

Accident

People are likely to accept the fact that accidents can happen during events. Taking an events insurance plan that covers accidents in the event would ensure that you protect your business. Areas where accident insurance cover would make sense include Exhibitions and fairs. However, accidents can happen in any event and those organizing both formal and informal events would do well to put this under consideration.

Disability

Some accidents can lead to disability and as you may well know, disability insurance is a type of policy that covers accidents that leads to disability. This is one of those things that can happen in events and we do not need to spend much time trying to defend it.

Property

Properties can get damaged during events for one reason or the other. An event insurance would naturally cover loss of property.

Products and Services

Events insurance also provides cover for loss or damage of products and services.

Single Most Important Advantage of Event Insurance

• The single most important benefit of Event insurance is that it is a Single Policy insurance. That is, it could be an insurance policy that covers all types of risks, rolling them into one. This makes it a very comprehensive policy specifically tailored for events. Events management companies can take advantage of this to make sure their events are always covered to mitigate losses that might occur.


• It secures you business interests. As a brand, you have practical cover in a manner that can prevent lawsuits or any other debilitating issues that might harm your brand.


• It boosts your professional brand. Insuring your events boosts your brand because you are applying the highest standard of best practices in your field. Mishaps occurring in events is something that anyone would believe is possible but there are still companies that do not factor this in to the point where they take out an event insurance policy. This makes you stand out from such companies thereby boosting your brand.


• It assures participants about their safety. This is a good thing. You can get some mileage on advertizing the fact that the event has been insured. This is an added benefit when compared to those who did not apply themselves in such a manner.

Other Advantages

Event management is a highly competitive industry. There is so much you can do to keep abreast with competing firms.

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