Cancellation Insurance: Saving your Bacon
Published: 21 Mar 2017
If you’re organizing events this year, it’s worth considering the impact if they were cancelled – do you need Cancellation Insurance to protect your finances?
- Are you planning an event featuring a named artist or speaker? Could you be affected by their travel delays? What would be the cost to you if they were unable to appear?
- Could you be affected by bad weather (think high winds as well as rain)? Loss of power? Strikes?
- Would you need to refund tickets?
- Are you using a ticket seller? They require proof of Cancellation Insurance as part of their standard terms of business.
Cancellation insurance is an affordable, flexible solution; you can insure any portion of your budget – and opt to insure the key risks that would hit your bottom line the hardest.
4 Top Tips on Cancellation Insurance
- Insure against specific risks: what’s your worst “what if”? Venue closure due to fire, flood, failure of safety curtain, sanitation problems or access being denied (e.g.: if the area is cordoned off by the police)? Non-appearance of artists due to illness, injury or travel delays? Terrorist attack or threat at the venue or in the vicinity? Adverse weather for outdoor events? A water-logged site deemed too dangerous by the Health & Safety officer, or staging declared unsafe due to high winds?
- Insure a specific period of time.
- Insure specific parts of your budget: areas where cancellation would really impact your revenue – for example your highest earning tour, or your biggest performer.
- Get the coverage in place in good time: 3 months in advance for better rates – but 14 days as a minimum.
If you have questions about cancellation insurance for your event, get in touch anytime: 646 665 7737.
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