What is Event Insurance and Why is it Necessary?

Imagine that your company is hosting an annual fundraiser and you’re holding an event. You’ve tackled everything from booking to signing contracts to lining up entertainment and beverage service. Unfortunately, at the last minute a storm creeps in and affects inbound flights to your area. Now you have to cancel or rain check your event. Not only will your business suffer; you could be out a good deal of money.

Cancelling any major event can cost your organizations thousands if not millions of dollars. It is for this very reason that countless carriers now recommend business owners get event cancellation insurance to protect their company.

Event cancellation insurance is used as a defense against lost profits or expenses. Expenses that develop as a result of weather, power loss, terrorism, delay, or even complete cancellation are covered, as is the cost of relocation for the event.

In some cases, event planning can take years. As organizations incur more fees throughout the planning stages, some even struggle to cover expenses of the event, let alone any disruption of it. In the event of a delay or cancellation, a company’s resources can easily be depleted. With these and other threats, event cancellation insurance is not an option, it is necessary to protect a company’s investments.