Five Insurance Considerations for Those Running Festivals and Events

Organising a festival is a massive undertaking, filled with logistical challenges, creative planning, and a hefty dose of risk management. One crucial aspect of this is ensuring you have the right insurance coverage to protect your event, attendees, staff, and vendors. Here are five key insurance considerations for festival organisers:

Public Liability Insurance

Public Liability Insurance is essential for any festival or public event. It covers claims made by third parties for injuries or damages that occur during your event. This type of insurance protects you from potential lawsuits and financial losses arising from incidents such as slips, trips, or other accidents.

When it comes to Public Liability insurance, one of the main things to assess is the policy’s coverage limits. It is vital that you ensure your policy provides sufficient coverage for potential claims. Insurance polices are made up of inclusions and exclusions, so understand what is and isn’t covered, including any special activities or installations that may be part of your festival. At Phelan Caswell, our team can provide you with expert advice and guidance to ensure you have the cover and protection you need.?

Event Cancellation Insurance

Planning an event, whether it is a festival, concert, corporate gathering, or even a wedding, involves significant time, effort, and financial investment. Despite meticulous preparation, unforeseen circumstances can disrupt your plans. This is where event cancellation insurance comes in.?Unexpected events, such as extreme weather (remember, we live in Ireland, this is more likely than you think), natural disasters, or even a sudden pandemic can lead to the cancellation or postponement of your festival. Event Cancellation Insurance helps recover the financial losses associated with such disruptions. It provides financial protection against losses resulting from the cancellation, postponement, or interruption of an event due to circumstances beyond the organiser's control. Covered reasons often include severe weather, natural disasters, but can also include illness or injury of key individuals, venue damage, and other unforeseen events.

So what should you look for? Many comprehensive coverage packages will offer event cancellation insurance. Look for policies that cover a wide range of potential cancellation causes. Some policies may also cover additional expenses incurred due to rescheduling the event.?When selecting event cancellation insurance, consider the specific risks associated with your event.

Equipment and Property Insurance

Festivals and Events often require significant investment in equipment and property, including stages, sound systems, lighting, tents, and more. Equipment and Property Insurance protects these assets from theft, damage, or loss.?When it comes to insuring your property, understanding the terms "Replacement Cost" (RC) and "Actual Cash Value" (ACV) is essential. These concepts determine how much you will be reimbursed in the event of a loss, and choosing the right coverage can significantly impact your financial recovery.?Policies that cover the replacement cost of equipment are often more beneficial than those that only cover the depreciated value. It's important for organisers to ensure that their policy covers all types of equipment and property used in your festival.

Employee and Volunteer Insurance

Your staff and volunteers are crucial to the success of your festival. One crucial aspect that festival organisers must not overlook is insurance coverage for employees and volunteers. Ensuring proper insurance not only protects your staff and helpers, but also safeguards your event against potential liabilities.?Irish law requires employers to have certain types of insurance, including Employers’ Liability Insurance, which covers employees for accidents or illnesses related to their work. Volunteers, while not legally mandated, should be covered to mitigate risks and liabilities.?Festivals can be high-risk environments with various hazards, from setting up stages to managing large crowds. Insurance helps manage these risks by providing financial protection against accidents, injuries, or illnesses. Providing insurance can make your festival more attractive to potential volunteers, as it shows you value their safety and well-being.

Vendor and Contractor Insurance

?Organising a festival involves coordinating various elements, including hiring vendors and contractors to provide essential services such as food, entertainment, stage set up, equipment and logistics. Ensuring that these third parties have appropriate insurance is crucial for the smooth and safe running of your event.?

It is vital that all vendors and contractors provide proof of insurance before participating in your event. Consider requiring vendors to add your festival as an additional insured on their policies. Vendor and contractor insurance can be extremely complex, so consulting with an insurance advisor, like Phelan Caswell Insurances, can ensure you are properly protected.

Securing the right insurance coverage for your festival is not just about compliance but about safeguarding your investment and ensuring a smooth and successful event. By understanding and addressing these five key insurance considerations, you can focus more on creating an unforgettable experience for your attendees and less on worrying about potential mishaps. Year on year, it is important to review and update your insurance policies to ensure they remain adequate as your festival grows or changes.

Whether you are arranging a small exhibition or a large music festival, you must have the appropriate insurance in place to ensure you are adequately protected. At Phelan Caswell, we aim to provide insurance for every type of event, awards, concerts, ceremonies, conferences, and exhibitions. We understand that no two events are the same, so we work hard to create a bespoke policy to suit your needs. Phelan Caswell Insurances have over 30 years of expertise in the Festival and Event insurance sector, so speak to us about the type of event you are organising. Our expert team will assist you in arranging the appropriate cover.

Happy planning!

To speak with a member of our Event Insurance team?

?Visit:?www.pcinsurance.ie

Call:?+353 1 620 2030

Email: [email protected]