Event planner insurance vs event insurance
Event insurance is designed to protect the event itself, the people who attend it, the equipment present, and any money channelled into the event or expected to be earned. Insurance seeks to protect you as a separate business entity. For this reason, event planners may like to hold both types of insurance, relying on event planner insurance to specifically safeguard their business activities and reputation.
Types of cover
Event planner insurance is a collection of covers designed to address the most common risks faced by event organisers.
Professional indemnity
This vital cover (not offered by event insurance) is used when a client claims a mistake you made, the advice you gave, or the standard of your service caused them to lose money. For the planner, this means that all those worst-case scenarios are covered financially, from mismanaging the client's budget to booking the wrong entertainer, hiring a substandard caterer, or simply failing to meet the client's overall expectations.
Public liability
If you knock over and break an antique while you’re visiting a venue or someone trips over a cable when you’re setting up the day before an event, you are liable for any compensation, medical fees, and legal costs. Public liability is the easiest way to deal with third-party claims for injury and property damage and when this cover is part of an event planner insurance policy, you’re protected every day, not just during the event itself.
Employers’ liability
If you hire staff, by law you must hold at least £5 million of employers’ liability cover. This deals with claims for injury or illness attributable to a staff member's employment with you.
In addition to these core covers, you may also like to protect the equipment you own and use for events with equipment cover. To give you peace of mind, personal accident cover offers a financial cushion if a serious injury or illness prevents you from working for a prolonged period. To keep client data stored on your IT safe, consider cyber cover, which is used to handle sensitive data leaks.