When you imagine how much can go wrong at the conference, exhibition, or charity ball you are planning it will become crystal clear how much of it isn’t really within your control. It becomes apparent that you need insurance cover for all that could go wrong.

In this article, we will define what event insurance is, the different types that you are required to or could buy, and why buying it is good event planning.

What Is Event Insurance?

Event insurance is any type of insurance that covers an event organizer against any risks associated with hosting the event.

As you will see, there are many things that can go wrong with any event whose success hinges on the collaborative efforts of many people. Event insurance becomes the only way to protect your company against any liability associated with the event.

Again, if you’re planning to host an exclusive event, most of the venues you will consider will insist on a certificate of insurance that specifically covers the event. They want the reassurance that someone will pick up the tab when an unforeseen occurrence injures people or damages property.

If you’re still on the fence about buying event insurance, below we hypothesize scenarios where an uninsured event can expose your company to serious risks:

Why It Is Critical That You Insure Your Upcoming Event?

You can take as many precautions as the fire department itself would advise to ensure everyone’s safety. But because there are so many people and so much going on at the same time, there is always a chance that a mishap, or even a circumstance that can cause the cancellation of an event, will happen:

• A drunk guest may cause an accident, injuring people and damaging property while driving home after the event,
• A freak rainstorm may knock down power lines and cause flash flooding that blocks off roads leading to the event’s cancellation,
• A guest may walk into a glass door or slip on a spilled drink and injure themselves. 

In the event of a cancellation due to natural occurrences, what happens to all the pre-booked flights and accommodation for invited guests?

Even less palatable, in an age where mass shootings and terrorist attacks that target any places where masses of people are gathering, the necessity fo event insurance is a no-brainer. All these scenarios can result in a legal claim that cost your company a lot of money if you aren’t adequately covered.

Given all that can go wrong, you should wonder if there aren’t different types of insurance to cover the various event risks:

Types of Event Insurance

The most basic type of event insurance and one that every business organizing an event must have is general liability insurance. This type of event insurance covers basic things like the people helping you host the event. These include the event planner, the caterer, and the security personnel.

We will now look at the other types of insurance you may need to buy (besides the general liability insurance) to ensure adequate coverage for your event:

1. Cancellation insurance. You will realize how important this insurance if mother nature decides to throw a curveball and stop your event from even happening,
2. Liquor liability insurance – You need this if you will be serving alcohol at your event. Always expect some calamity where people are drinking alcohol.
3. Hired automobile insurance. If you will be hiring vehicles for your event, this insurance will cover you against any accidents involving the vehicles,
4. Waiver of subrogation. The vendors you will hire to provide catering and other services will likely ask for this insurance. It covers them against liability from their own conduct while they render their services.

Still think you can leave things to chance and proceed to host your event without insurance? Of course not.

Able Elite is a broker of event insurance products from the top insurers in Ontario. If you need guidance on the specific event insurance you need for an event you’re planning, our event insurance experts are a call away.