« Basic Principle of Finance | Main | At What Time May I Withdraw Funds From My 401K »
Tips on Buying Event Insurance Coverage
By plrprousers | August 1, 2009
When you are arranging an event such as a wedding, convention, fete etc you might want to look at event insurance coverage so that you are protected in case of damage to property, while at the event or in transit, cancellation or postponement of the event or extra, unanticipated expenses.
Some things that could happen to disrupt your event include:
* bad weather or fire damage which could prevent you from using the venue
* industrial action that may prevent anyone reaching the event
* threat of a terrorist strike that may possibly prevent travel in the vicinity of the event or prevent people from getting to the event
* injury to visitors at the venue
* equipment necessary for the event being stolen, either while being transported or at the site
* an outbreak of disease for example such as Foot and Mouth or Bird Flu
All the problems outlined above will possibly result in cancellation or disruption of the event which could cause monetary loss. Good event insurance cover will provide cover for these problems and many more. Insurance policies may even be modified to your requirements and could also provide cover in the case of a performer or key speaker being unable to attend, because of illness etc.
If you are a small business you will probably have already arranged a commercial liability policy but insurance cover will probably not apply to sites that are not your usual place of business. If this is the case you should take out additional event insurance coverage. You will need to have insurance that will cover employees and possibly temporary staff engaged specially for this event.
Another problem that might occur is injury to a employee or participant that results in a legal action against the event organiser.
Insurance Coverage for Your Property
You may possibly need to include property, both at the event and while being transported to and from the site. You may have to cover computers and electrical equipment or other things which may depend on the nature of the event. This could include catering equipment or antiques. Insurance cover ought to be for accidents or fire at both the venue and while being transported.
Coverage of Expenses
Costs may well be incurred due to postponement or cancellation of the event from any of the aforementioned causes.
Conclusion
When planning a large event it would be sensible to take out event insurance coverage to cover the broad collection of problems which may result in the event not happening as intended or in extra, unexpected costs. Do your research on! the best insurance coverage for your event before you buy your policy!
FInd out more about event insurance coverage
Tags:event insurance coverage,event insurance liability,events insurance,insurance coverage,special event insuranceRelated posts
Topics: Finance | 1 Comment »
[...] to Obama e-mail on health care Carnival of Financial Planning – Edition #100 – August 1, 2009 Tips on Buying Event Insurance Coverage Veterans, Seniors, Doctors & Small Businesses ALL Oppose [...]