13th July 2010

Event Cancellation Insurance - Make Sure You Have It

Event cancellation insurance, it is one of the most overlooked forms of insurance cover that a professional might shop for

Event cancellation insurance, it is one of the most overlooked forms of

insurance cover that a professional might shop for.  Most new business

owners and event coordinators never look at the strengths and weaknesses

of having this kind of insurance.  Having this type of insurance can

save you thousands if not hundreds of thousands if your event has to be

cancelled for any reason.  Imagine the money you would lose if you put

thousands into an event that brought you absolutely no revenue.  To

prevent thousands of event coordinators from losing their shirts there

is a range of companies that offer varying degrees of event cancellation

insurance for your protection.  

If you were throwing an outdoor

concert for several thousand attendees as a benefit for a certain

charity and you have ten famous artists at your event, what would you do

if it started to rain at the event?  Probably no much right because

that kind of thing happens all the time, people will just hang out in

the rain and watch the concert anyway.  If you had a headliner who cost

you forty thousand dollars to have attended your fund-raising event and

that person called to cancel because he or she has a throat infection,

what would you do?  This might prompt you to cancel your event

entirely.  Event cancellation insurance is created for just this very

reason.  Cancelling a multi million dollar event, or even an event of

several thousand, can be devastating for your business and your

reputation.  To avoid the possibility of financial ruin as a result of

cancelling your event, it is always recommended that you apply and pay

for some cancellation cover.  The price of the cover is minute in

comparison to the amount of money you could be losing if you did not

have the cover.  Save yourself both the money and your reputation by

being smart in the first place.  Pay for the event cancellation

insurance to ensure you are covered from all sides, legal, cancellation,

and property damage.  All responsible business people and event

coordinators have to think about their insurance cover before they even

begin to plan their events.  Coverage like this ensures your business

can make money without the worries that come with managing and

coordinating events of any size, however the larger the event the bigger

the risk.  To avoid any embarrassments you should always have

cancellation cover and legal liability cover.  The liability cover will

protect you in the event that an attendee is injured while attending

your function while the cancellation cover will protect you from the

financial hardships that come along with not being able to complete your

show or event.  If you are a responsible events coordinator you will

undoubtedly already be aware of the importance of the appropriate

insurance coverage when you are preparing for the event of the century

for your company, but for new coordinators it is important to understand

the benefits of insurance for these sorts of things.  Get the

insurance, save yourself the money.