How do you insure your corporate event (and is this even necessary)?
After a year and a half of working from home and Zooming, it's finally time for company parties, get-togethers and team outings again. Companies can reconnect with their target audience through live events, and strengthen the bonds between their employees with team-building activities.
Organising a good corporate event is a multifaceted and creative process, but there are also some boring (but very important) things to take care of. Like taking out a good event insurance policy. It is best to put arranging insurance on the to-do list right at the beginning of the process, so that you have time to figure out what risks you are running, and exactly what cover you need.
Four things that are good to keep in mind when taking out insurance for a corporate event:
1. Insurance is important for big and small
Corporate events come in all shapes and sizes - from a fish wholesaler doing an escape room with staff after a good year and having drinks afterwards, to an international tech giant flying in Elton John for a big event. For organisers of larger events, taking out event insurance is very common, but companies organising a smaller party or outing do not always think about it - or they think insurance is not necessary. Yet even if you are organising a smaller party or outing, it is usually smart to take out event insurance. Things can always go wrong (accidents, cancellations, a conga-related incident), and you can cover that risk at a relatively low premium. If you are curious to know how much insurance will cost, you can easily calculate it online.
2. Insure as little as possible
It is advisable not to start thinking about insuring your event only later in the organisational process, but to be aware of it from the beginning. Your objective should be to insure as little as possible (who doesn't want that). If you keep that in mind, you can start looking much more specifically at the risks involved from the start, and minimise those risks as much as possible. The risks that then remain are the ones that should be insured. So you transfer that to the insurer.
3. Determine who is responsible for insurance
If a company has an event organised by an event organiser, it is important to make clear arrangements for arranging insurance right away. Agree who is responsible for this. You can distinguish yourself as an organiser by being well-informed, and arranging insurance for the client. And as a client, you always have to keep a close eye on things anyway. Check that the insurance is arranged on time, and that the right cover and amounts are insured.
4. Choose the right cover
Business event insurance consists of several components. You decide which components you want to insure, and which you do not.
- Expenses/cancellation
- Extreme weather - (to be added to the cancellation component.)
- Non-appearance (failure of artists, guests, participants or important persons to show up) - (to be added to the cancellation component).
- Liability
- Equipment
- Accidents
- Cash in circulation at the event
If you want to know how much premium to pay or get a quote for insuring your business event:
Do you have questions about insuring corporate events? Then you can always contact us!