If your business is involved in running events or you are planning a one-off event over the summer months, one of the areas you won’t want to overlook is that of insurance.
Running events can be an exciting time for your business. But events of every size bring with them risks. And if anything happens to a member of the public whilst at your event you could be held liable. Having the right insurance in place can give you peace of mind and allow you to get on with enjoying the success of your event.
What is Public Liability insurance?
Public Liability insurance covers you or your business if a member of the public or a client suffers injury or damage to their property in connection with your business.
Equally, if you accidentally damage someone else’s property, your Public Liability insurance will protect you.
If you are held responsible for injury or property damage caused to a member of the public or a client, Public Liability insurance will typically provide cover for costs such as legal fees and compensation payments which are due as a result of the claim.
Do I need Public Liability insurance if I am running an event?
If your business is organising or running any type of event, then it is certainly advisable to take out Public Liability insurance. Particularly if you have members of the public or clients attending.
Public Liability insurance should be a consideration for all events not just those being organised by businesses – think fetes, summer garden parties, open house events etc.
This is because, no matter the size of the event, accidents can and do happen. If a member of the public suffers an injury to either themselves or to their property whilst at your event, then having Public Liability insurance in place for your event will give you the peace of mind that you are covered.
In some cases, event venues will not let you go ahead with your event unless you can provide evidence that you have Public Liability insurance in place.
Is Public Liability insurance a legal requirement?
No, there is no legal requirement to take out Public Liability insurance.
However, do keep in mind that legal costs and compensation awards can be significant if a claim is made against you. And if you do not have the right insurance in place to protect your business you could find yourself in a difficult financial situation.
Some businesses may also require you to have Public Liability insurance in place before they will work with you.
What other insurance should you consider if you are running an event?
Depending on the type of event that you are running, you may also want to consider other types of insurance. Whilst not an exhaustive list, some of the other areas you may want to consider include:
Employers’ Liability insurance
This will provide cover if one of your employees is injured or becomes ill as a result of working for you. So, if you have employees working at your event or are running a business event then this will be important cover.
And don’t forget that Employers’ Liability insurance is a legal requirement if you employ staff.
Cancellation insurance
You’ll also want to consider insurance which will provide cover in case your event has to be cancelled, cannot go ahead, or is postponed. This type of insurance can help to limit your financial losses from expenses incurred and lost profit.
Do keep in mind that some policies will have exclusions in their cover – for example some policies will not extend cover if your event has to be cancelled due to national mourning. So do read your policy wording carefully.
Cyber insurance
If as a result of your event you collect customer data or data of any other type, then you may want to ensure that you have cyber insurance in place to protect you in case of a data breach or cyber-attack.
Check your suppliers have insurance in place
If you are running an event, for example a summer fair or fete, then you will also want to ensure that anyone you are subcontracting to has sufficient insurance in place before you work with them. For example, check that the supplier of a bouncy castle has sufficient liability insurance in place or that food suppliers are adequately insured.
Having the right insurance in place for your business which covers the full range of risks that you face is so important. So don’t go it alone. Check out our quick guide to Business Insurance or speak to one of our business insurance experts today who can help you understand the cover that you need to fully protect the interests of your business. Give us a call on 020 8290 9080 or email us at business@anthonyjones.com.
