Why Event Cancellation Insurance is essential
With the events industry expected to be worth a whopping £54 billion by 2020, ensuring your business has an adequate cancellation insurance policy in place to protect your investment is absolutely essential.
Having the correct cover provides peace of mind just in case an event cannot go ahead or has to be abandoned due to unforeseen circumstances. From corporate conferences, team-building days and training courses to stylish seasonal soirees, charity balls and launches, there are numerous business events taking place all of the time which require cover.
The size of the industry reflects the need
Martin Linfield, Head of Events Insurance at Hiscox, believes this area is an untapped opportunity for brokers and last year’s figures demonstrate the sheer scale of this bulging industry. In 2013, 1.3 million corporate meetings took place, 116 million people attended events and around 10,000 venues, including country houses and boutique hotels, hosted events.
Businesses are clearly investing a huge amount of time and money into making these occasions happen. But what if there is a mix-up with the booking, the venue is unexpectedly shut down or freak weather means nobody is able to make it? There are many reasons why an event might have to be cancelled; sometimes right at the last minute.
Preparing for all of the potential risks makes a lot of sense as no matter how much effort has gone into the organisation, there will ways be a chance of hiccups occurring. Even the most competent event planner cannot prevent the unforeseen from happening, but they will most certainly plan ahead to make sure comprehensive cover is in place.
Without an insurance policy that is tailor-made for your business, you could end up in hot water facing shattering financial pressures should something happen. Planning for anything and everything inevitably makes things run more smoothly in the aftermath of an incident.