6th January 2010
As a business it is important to make sure that you have event insurance coverage when planning any type of exhibition. When policies are put into place it is important that the limitations and maximising features are all understand. In any event a business should be covered and the wider the range the better.
Obviously the first deterrent when talking about the range of your policy is the premium. If you have a wider variety of things covered then your premium will be extremely pricey. So for your business it is best to determine how much is just enough so that it is affordable and efficient.
Many businesses are fearful of being under-covered however it is also just as common to be over-covered. Businesses that have event insurance coverage policies in place cover things that are not relevant are paying way too high for their premiums and slowly this is choking the life out of their business. It is scary to think about.
There are many different ways to avoid overage costs. It may not seem like it would make sense at first but hiring a professional to handle the policies and exhibition itself might be the best idea. A professional consultant can point your business in the right direction and allow for you to make the best possible choices. Even though they cost money themselves the experts will help save your business money in the long run. Event insurance coverage can have many factors and to understand what you need you need to know these factors:
● What amount of people are planning to attend your event along with the maximum amount allowed
● Will your business have any specials needs such as coverage on certain items (Artwork, models, furniture, etc.) or functions at the event (Sports, raffles, buffet, etc.)
● Will the event be indoors or outdoors
● Will employees be present, if so what will they be doing during the show
● Will security be present (Personnel, Electronic, etc.)
● What claims are covered
● Will my business’ court costs be paid for
● Does the type of show I am having affect my premium
Each of these things will factor in on the premium that you will pay along with some other things that the underwriter will determine during their assessment period. Paying attention to these details of your event insurance coverage could mean the difference between receiving the right policy at the right price and paying too much for things your business does not need.
Conventions and exhibitions are big time money makers for even small businesses as long as each aspect is covered and planned for. No one can predict the future but planning for the unexpected can allow your business to stay ahead of the competition. Event insurance coverage should be one of the things that your business takes seriously and a careful review of your policy can allow you to sleep easier knowing your business is taken care of. Remember the wider your policy expands to cover any claims that may happen helps protect your business and your clients, so keep to an affordable policy that covers everything you need.