6 Things you must know about Events Liability Insurance
1. Who needs Event Liability Insurance?
Anyone hosting an event should consider Events Liability Insurance. As an event organiser, you are bound by a duty of care to your guests & their belongings. In today’s litigious society, event organisers are being held responsible more & more often for injuries or damages they fail to prevent from happening to their guests.
2. Why should you take out Event Liability Insurance?
One only needs to read the newspapers to see the recent spate in liability awards made against companies who failed to protect the people in their care. With the courts cracking down on negligent companies, even one claim could potentially bankrupt your business. Unfortunately, accidents do happen & even in a perfect world, event organisers would be unable to perfectly protect every guest in their care. Events Liability Insurance costs a fraction of the price of paying for large damages. Even if you have not been negligent, the legal costs incurred in defending yourself could cripple your business if these are not insured against. Taking Events Liability Insurance is a prudent way to ensure that your business will survive through all the trials & tribulations it will face.
3. How much does Event Liability Insurance cost?
There is a minimum premium of R5,000 per Event Liability Insurance policy. If you plan on organising numerous events over the next year, consider an annual policy, as often many of your events can be squeezed into the minimum premium. We have a large book of clients with many different insurance companies, so we will be able to find the most beneficial policy with the best premiums for your business.
4. Typical claims incurred on Event Liability Insurance policies
We generally receive two different types of Event Liability claims, either smaller valued but more frequent claims, or the more rare but extremely large claims. Small frequent claims include guest vehicles being damaged by shoddy parking areas, guests being served food they were allergic to, guests handbags or coats going missing, gates closing on guests vehicles & so forth. The more rare but crippling claims occur when guests are seriously injured because the event organiser failed to protect them. Even if the event organiser was not negligent, costs in defending the organiser can quickly escalate out of control especially in cases where many guests are harmed at the same time.
5. What other insurance should be considered along with Event Liability Insurance?
Along with Event Liability Insurance, we can also cover the assets you will be using for the event and the prizes you might offer during the event.