6th January 2010
When looking for trade show exhibition insurance, your business should familiarise themselves with the types of coverage that they can acquire. The coverage should cover all risks involved in the showing of a product at any event for the duration of the insurance.
A business must know exactly what type of product they plan on showing and how the event will be planned. An underwriter for the insurance company will then assess any risks that may arise during the promotional event. After assessing the risks a coverage plan will be suggested and it will be up to the business whether or not they should accept the coverage or try another provider.
The coverage should be excellent and up to par with what the business expects its needs to be. Trade show exhibitions are often temporary but can last longer if it is needed. It is important that your company knows all of the variables before contacting an insurance company to acquire coverage. Some of the other important aspects to have in mind before contacting a provider are:
● Amount of Vendors
● Type of Liability Coverage
● Amount of Guest Attending the Event
● Premium Costs
● On-Site and/or Off-site
● Indoor or Outdoor
● Employee Coverage
● Cancellation Period
● Coverage Time on Items (Is shipping included?)
Determining what you are willing to spend up front is very important because some providers will provide a business with coverage that is unnecessary and expensive. The value of your business products needs to be deduced and remember that when acquiring coverage the insurance will not cover an amount greater than the overall value of your products.
Depending on the provider trade show exhibition insurance will cover your products for all risks, which may include terrorism, vandalism, and employee handling damage amongst other things. Be sure to read the terms and conditions on any policy thoroughly before signing up for it.
There are some things that the provider will look at to make sure that your business qualifies for the insurance. When planning your event you should be sure that the facility or location of the event is secure and can be locked and possibly covered by an alarm when no one is present. When the event is open to the public your business should show that there is adequate employee supervision, basically meaning there should be enough employees to handle the crowd that you are expecting. A factor that is often overlooked is the environment of the event. Is the event in a temperature controlled environment? Is there a chance of outside weather causing further risks? Also it is very important that proper fire preventive measures are present.
The process of applying for trade show exhibition insurance is fairly easy when done correctly. This process may vary from provider to provider however the basics are usually the same. Your business must apply by submitting an insurance application. After submitting the application your business must submit a risk factor form or facility report form. At this time an agent for the company will come out and view the site to judge whether or not insurance coverage can be provided. Once the form is approved a policy can be put in place in accordance with the value of your insured products.
When securing your insurance policy it is important that your business reports quickly and efficiently with the provider and vice versa. Trade show exhibitions are a great way to secure profits for any business and can be very beneficial for all involved. Because of this it is very important to have an efficient relationship with your provider so that you can be sure your products are safe.