When it comes to planning your event, it’s natural to hope that nothing will go wrong. But if it does, how will you cope? Having insurance in place alongside a risk management plan can help. Insurance can be a dry subject for many but to assist here are some simple tips.
1. Put insurance on your ‘to do’ list
Some event planners try to avoid buying insurance. In my experience this is a mistake. Circumstances change constantly and things that cannot be predicted happen all the time that impact on event success. Considering all the other items that have to be paid for, an insurance policy is a relatively small amount of expenditure but one that has a huge benefit of peace of mind in case the unforeseen happens.
2. Compare Quotations
Make a coffee (or drink of your choice), sit down with your lap top and type into one of the search engines ‘event insurance’ or ‘exhibition insurance’ (or a similar term) and you will discover a number of insurance companies and brokers that offer insurance products. Insurance is a hugely competitive market place and you will have choice.
As long as you provide the same ‘event’ information to each of the companies you will be able to obtain and compare quotations. Do not hold back, provide all the information that relates to your event. It is important to disclose everything rather than try and filter it. Too little information and you could be buying insurance that doesn’t do what is needed.
Contact an insurance broker or company if you are in any doubt. They can help.
3. Understand what you are buying
The insurance world is full of jargon despite attempts to make it easier for buyers by using Plain English. If you do not understand the insurance terms have them explained to you. It is best that you understand what is and what isn’t covered. Keep using “What if” scenario questions until you are happy that you understand what would be covered by the insurance.
4. Pay before your event starts
It is good practice and safer if you pay for your insurance before your event starts. This saves a lot of aggravation if you hadn’t paid but then discovered you needed to make a claim. Paying in advance means there can be no doubt as to whether you actually intended to buy the cover. Some bills are best to pay and get out of the way and insurance is one of them.
5. Remember the specialists
Insurance brokers, companies and advisors are in plentiful supply. Use them if you need rather than trying to work through the complex world of insurance. It’s your choice but as a busy event planner you probably have a lot of other issues to consider other than insurance.