Not sure where to start when it comes to organising your insurance cover whilst planning your event? Well then you have arrived at the right space as we have 10 simple tips to help. And if you know where to start these tips could help anyway.
Here we go then:
1. Make Insurance a Key Priority
In my experience it is wise for event organisers to push insurance (along with risk planning) to the top of your To Do (non – negotiable) list. Leave insurance too late and you may not be able to find the cover you need. When should you buy insurance? Well that is a question for your insurance broker, company or advisor. They will be able to advise you based on your situation. In general once money or Contracts start being exchanged they could be a trigger. But as mentioned do take advice.
2. Shop around for Quotations
The website is a great place to start. If you do not have time yourself you can always use the services of a specialist insurance broker or advisor. Around 10 years ago there was a small number of providers but that number has now grown substantially. To start, you could just type ‘event insurance’ into a search engine such as Google and then you can work down the list of suppliers.
3. Eliminate Jargon (confusing language)
If you do not understand the insurance cover, have it explained to you. It is best that you understand what is and what isn’t covered. Have your insurance explained in plain English. You can use “What if” questions until you are happy that you understand what would be covered by the policy.
4. Be Clear on the Insurance Cover you are Looking For
It is costly to duplicate insurance but more costly not to have the correct insurance in place. This is where an insurance company, broker or advisor will be able to help. After all you don’t want to burn money because you are not clear.
5. Ensure that All Quotes are in Writing
Quotations in writing will help you should there be any misunderstanding by either you or the company that put forward the quote. You could accept a verbal quotation but you would be wise to have the quote also on paper. How long is the quotation valid? If the time runs out you may need to start again and get a whole new quote.
6. Make Sure You Understand the Policy Exclusions
We are not going to get into what Exclusions could mean for you as that is very definitely for your insurance company, broker or advisor to help you with. But you would be well advised to make sure you understand what the Exclusions are and how they could impact you..
7. Understand the Price
How much is the price? Sounds obvious and of course it is. But be sure to know the total amount. When you add on Tax and administration (handling) charges to the insurance company price you may be looking at a bigger amount than you anticipated. Wherever you buy insurance in the world you would be advised to know if the price being quoted includes tax and other charges.
8. Pay your Insurance Before Your Cover Starts
My experience and my own view is that you would be well advised to make arrangements to pay for your policy before your cover begins. It is safer as then there can be no doubt as to your intent. Again your insurance advisor, broker or company will be able to help you with this and explain what the position would be if you didn’t pay within any agreed timescale. Some invoices are best to pay and get out of the way and insurance is one of those.
9. Make Sure You Have Fully Described All the Activities That Will Take Place at Your Event
Do not hold back, provide all information that relates to your event (business). Would you want a claim turned down because you had filtered out information that you thought the insurers didn’t need to know? Of course not. Refer to your advisor, broker or insurance company if you are in any doubt on this point. Let them advise you.
10. Remember There Are Many Specialists and Advisors on Hand to Assist you with Understanding the Implications of Your Insurance Coverage
Just don’t struggle. There are specialists and advisors on hand to help you work through the minefield of insurance. In the UK the Regulatory body keeping an eye on the activities of insurance firms is the Financial Conduct Authority. They have wide ranging powers and are there to help consumers be treated fairly.
In other countries there may be an Insurance Regulator responsible for maintaining standards and operating practices of insurance brokers, companies and advisors.
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Paul Cook writes dynamic content for organisations in events and event technology. He specialises in helping you communicate your ideas to your buyers, staff and stakeholders.