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Do I need Event Insurance?

You wouldn’t drive your car or travel abroad with no insurance so why should it be any different for when you are planning an Event? Wedding Insurance claims make up approximately one third of all claims, and with the average wedding costing £27,000 it is a large amount of money to lose.
Event Insurance is the safety net for anyone organising an event, from weddings and county fairs to parties and christenings. Event insurance can cover the policy holder for public liability, employers liability, damage to event equipment, cancellation of the event including adverse weather conditions and much more depending on the specific event.
Event organisers take out insurance so they are protected against instances that could leave them at a financial loss. With the average budget of an event increasing year on year by 13%, there are ever increasing financial risks to event organisers.
Public Liability insurance protects you from the legal liability to pay costs for third party accidental bodily injury or death, or accidental damage caused to any third-party property due to the negligence of the event organiser. Public Liability claims mainly involve accidents leading to bodily injury, or third party property damage, with these types of incidents making up to 50% of the total of claims made by event organisers.
Often, people feel they have the required protection in place when they hear that the venue they have booked has public liability insurance. However, this isn’t true; the venue will have its own public liability insurance to cover THEM if an incident occurs because of their(the venues) negligence. However as soon as an accident or damage occurs as fault of the organiser of the event, the responsibility no longer lies with the venue.
It is essential when planning an event that YOU have public liability insurance, as you do not want to be put in a situation where damage or an injury, due to your negligence, puts you in a position of financial risk and you are required to pay compensation.
Event insurance is becoming more and more well known, however some event organisers are still unaware of its importance. Accidents at weddings can be quite common, and if one of the guests happens to spill a glass of red wine on the carpet, breaks a window or knocks over a vase, the wedding couple would be held responsible by the venue for the damage caused. However public liability covers damage to the venue and that is something that you may want to be protected for, especially if your event is in a grade 1 listed manor house as that could end up being a costly repair bill.
Have you thought about protecting all that hard-earned money you have paid out for your event? What if there is an instance what leads to the cancelation of your event; it could be the weather, a family crisis, or a change in circumstances. Cancelling suppliers and venues can often mean a loss of deposits or even the full amount- depending on the terms and conditions of the suppliers you have booked. Event Insurance protects you from losing any out of pocket expenses, in the hope that the event can still go ahead.
Thank you to Jamie at Event Insurance Services Ltd for the statistics and information.

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