Planning a Big Event This Year? You May Want to Cover That
Posted February 02, 2022 in Contingency Insurance
2 Minute Read:
If you can be sure of one thing, it is that life is unpredictable. Even the best-laid plans can have hiccups. When that happens, you want to make sure you aren’t left holding the bag.
This is more important now than ever. Everyone has gotten used to expecting the unexpected in the face of the global pandemic.
While some large events are back on the schedule, many things still need to be canceled or delayed due to COVID-19 case numbers and outbreaks.
The uncertainty surrounding events also has some people nervous. Families might cancel plans last minute due to fear of large crowds. This happens with individual ticket holders and even with the performers or their crew.
What Is Event Insurance?
Also called contingency insurance, event insurance is a must for anyone doing formal event planning, and it helps keep your budget in shape.
If something you had not predicted happens, contingency insurance helps you recover some of the costs. This can be for both event cancellations and major changes, and it can also cover extra last-minute costs.
What Types of Events Should Be Insured?
Contingency insurance is a must-have for all of your special and formal events, especially if you are spending a lot of money upfront. It is also important when relying on other companies and individuals to make the event run smoothly.
The most commonly insured events include:
- Sporting events
- Entertainment events and concerts
- Theatre shows
- Trade shows
- Conferences and other corporate events
What Types of Issues Does Event Insurance Cover?
Event insurance can cover so many issues. These can include the following:
- Film production losses
- Extreme weather events
- Unexpected damage to the venue and/or necessary equipment
- Costs associated with securing new vendors at the last minute
- Death and disgrace
- Competition prizes or contractual bonuses
What Happens If I Don’t Get Event Insurance?
When planning an event, many people try to keep the budget as low as possible. Howver, this can be a mistake. Event insurance is a fixed cost that limits your losses if the worst happens.
Spending a little more upfront can keep you from draining your bank account at the last minute. Just ask the 87 percent of event planners who had to cancel their events in 2020.
Besides protecting your money, contingency insurance will give you and your team peace of mind. This will free up your time to focus on the event details that are most important. Everyone would rather think about the prizes, fun and refreshments anyway.