Putting on successful events requires an incredible amount of work from several different parties – but what happens should something go wrong? Andrew Harrison, Director ESSA and Mark Blair, Executive Director at InEvexco, explore the ever-growing importance of insurance in event planning.
Over 400,000 events take place at venues across the UK every year, and all of them involve an incredible amount of planning between multiple parties. To protect those involved should anything go wrong, insurance needs to be put in place - yet doing so successfully can sometimes be a challenge.
“With multiple parties involved, each organisation requires distinct yet interconnected insurance policies to ensure comprehensive protection,” explains Mark Blair, Executive Director at InEvexco, a specialist insurance broker for the events industry and insurance partner of ESSA.
Some of the risks involved in event planning may be obvious, yet some are overlooked.
“Understanding what these needs are can be a complex matter and is something we are seeing more of in our post-COVID world with contracts between parties becoming more strict, making it essential that everyone has adequate coverage.“
Other areas also do not discriminate between parties. Any party managing sensitive data for the event runs the risk of cyber-attack, which could have severe consequences such as data breaches, loss of access to systems, fraudulent payments and more.
“It’s about focusing on flipping the mindset from ‘What is the absolute minimum cover I need?’ to ‘What cover is going to protect me, the business and the shareholders ?’ “, explains Mark.
“One thing we are seeing more of in the events industry is insurance provided on an all-risk basis, particularly when it comes to cancellation and abandonment cover.”
With better education and support, we can ensure our events continue to be world-class while also ensuring all parties involved are protected.
InEvexco Limited is authorised and regulated by the FCA, registered number 579079.
