Do you need cover for your business event?
Chris Hogan, 1st May 2017, Business
Many people organise events without understanding the liabilities they face should something go wrong. What are the risks of running a conference, Christmas party, networking event or just an out-of-office meeting?
Many things can go wrong that these days, unfortunately, and result in people asking for refunds or even suing for damages.
The risks depend on the type of event and who you're inviting to it.
Internal events
For an internal event, something like a works Christmas party or office summer barbecue, your employers' liability and other business insurance policies will cover you to an extent.
You're unlikely to face legal action if you have to cancel an internal event for some reason, maybe the weather. But you'll need to check that your employers' liability cover extends off-site and see if there are any exclusions, for example regarding alcohol.
External events
If you're holding a conference, exhibition, seminar, training course or other event where you'll be inviting people from outside your organisation, you probably need to think a bit more about third party liability and cancellation cover.
Third party cover will protect you if someone is injured or their property is damaged or stolen at your event. Cancellation doesn't just cover the whole event, it can also cover things like caterers failing to show up and other disruptions.
Whether you are holding an internal or external event, it's vital to check your policies for exclusions, preferably before you buy. If you're unsure, just call us and we'll be happy to help.
Visit the website: Insure My Event, or give the team a call on 01608 647631
Premises event insurance
In nearly all cases an external business event will be held outside your usual workplace - a conference centre, restaurant, hotel or other hospitality venue.
They will have insurance but it's your responsibility to check what their policies cover and decide whether you need to get your own policy to cover the gaps. In fact many venues insist on seeing your event insurance documents before confirming your booking.
For example venues catering for corporate events will have third party liability insurance to protect their buildings, equipment, employees and possibly guests. But it's unlikely that their policy will provide compensation for cancellation due to bad weather or because your star guest and speaker fails to show.
In any case, that's all worthless if the venue goes bust. Only your own event insurance will compensate for that, compensating you for the costs of rearranging everything.
Get it right
If you're running more than one business event, an annual policy could save you hundreds - give us a call now, it's quick and pain free.
Make no mistake - if something goes wrong and you don't have the right cover - YOU are the one likely to be sued.
Visit the website: Insure My Event
Give the team a call on 01608 647631
