Organising an event can be a daunting task that requires careful planning and execution. No matter how well-planned an event is, unforeseen circumstances can arise and lead to its cancellation. Consequently, event cancellation can result in significant financial losses for organisers. These losses can include non-refundable deposits, marketing expenses, and other costs associated with event preparation. This is where insurance for event cancellation comes in.
What is Event Cancellation Insurance?
Cancellation insurance for events is a type of insurance policy designed to protect event organisers from financial losses resulting from the cancellation or postponement of an event due to unforeseen circumstances. This insurance policy can cover a wide range of events. These events can include music festivals, sports events, weddings, conferences, and exhibitions, to name but a few.
Why Would an Event Have to be Cancelled or Postponed?
There are many circumstances that can lead to the cancellation or postponement of an upcoming event. For example, there may be bad weather conditions such as heavy fog at a spectator event or snow and hailstorms at a motorsport event.
Similarly, there might be flooding of local roads affecting access to a venue. Less frequent examples include a terrorism threat at a national televised horse race or a murder at a venue.
When Should You Buy Event Cancellation Insurance?
Here are some factors to consider when deciding on the best time to buy events cancellation cover:
The Nature of the Event
The nature of your event plays a crucial role in determining the best time to invest in cancellation insurance. Events that involve a significant investment of time, money, and effort, such as conferences or large-scale festivals, will benefit from being protected from the beginning of the preparations.
Imagine this: you have spent months planning a major music festival and just announced the headlining act causing ticket sales to go through the roof. A month before the festival, the headlining act unexpectedly drops out due to the main singer being involved in a unimagined accident and the event cannot proceed. You haven’t yet taken out cancellation cover for your event as you were leaving it till last minute. This means that even though your event has not yet taken place, you are already experiencing financial losses due to irrecoverable costs and expenses.
Had cover for the cancellation of the festival been taken out at the beginning of preparations, these losses could have been protected.
The Cost of the Event
The cost of your event is another important factor to consider when deciding when to purchase event insurance. The higher the cost of the event, the more substantial the financial losses in the event of cancellation or postponement. Event cancellation cover can help protect you from potential losses, providing peace of mind.
The Size of the Event
When we refer to the ‘size’ of your event, this does not just apply to the physical scale of the event. This can also apply to the number of attendees, the popularity of the event built up through marketing, the level of brand awareness, the investments of your team, sponsors and self, for example.
Whether your event is a ‘big’ or ‘small’, the cancellation or postponement of it is bound to upset a number of individuals and result in significant financial setbacks for the event organiser. Protect your investment with event cancellation insurance and guarantee peace of mind for all involved.
Where Can I Find Cheap Event Cancellation Insurance?
David J Miller Insurance Brokers is proud to be a leading provider of event insurance solutions. Our experts have an extensive knowledge of the field. This means that we can provide affordable cancellation cover for a wide range of events. These events can include street parties, boxing events, paranormal investigations and more.
Alongside this, we promise excellent customer service with competitive prices available at that time. Our in-house team can quickly provide quotes and arrange cover. We always aim to provide you with a fast turnaround when you use our services.
To get a bespoke cancellation insurance quote for your next event, please contact us or use our enquiry form. We’ll get back to you as quickly as possible.