Choosing the right Event Insurance Policy… Should I buy an Annual, One-Off, or Multi-Event Policy?

Annual Event Policy

 

Definition:

 

An annual event policy can provide insurance cover for your business itself, as well as all of your business’s events throughout the year. It is usually best for businesses running a consistent schedule of events that are on the smaller end of the spectrum, as it is often the case that larger events are best dealt with on an event by event basis.

 

Pros:

 

1. Comprehensive Coverage: Covers your business itself and all events, reducing the need to purchase separate policies for each event.
2. Cost-Effective: Often cheaper in the long run if you host multiple events annually.
3. Convenience: One policy renewal date and consistent coverage simplifies management and admin.

 

Cons:

 

1. Higher Upfront Cost: The initial payment can be significant, which may be challenging for smaller organisations.
2. Over-Insuring: If the number of events reduces, you might end up paying for coverage you don’t fully utilise.

 

 

 

 

One-Off Event Policy

 

Definition:

 

A one-off event policy provides insurance for a specific event, covering you for the duration of that particular occasion.

 

Pros:

 

1. Tailored Coverage: Specific to the needs of a single event, ensuring all unique risks are covered.
2. Cost-Effective for Single Events: Ideal if you only plan to host one or two events per year.
3. Flexibility: Perfect for experimental or first-time events without long-term commitments.

 

 

Cons:

 

1. Repetitive Process: Need to purchase a new policy for each event, which can be time-consuming.
2. Higher Per-Event Cost: Can be more expensive on a per-event basis compared to annual policies if hosting multiple events.

 

 

 

Multi-Event Policy

 

Definition:

 

A multi-event policy offers a middle ground between annual and one-off event policies. This type of insurance policy is for multiple events within a specified period of time, typically shorter than a year.

 

Pros:

 

• Cost Savings: Often more economical than purchasing separate one-off policies for each event.
• Flexible Coverage: Covers multiple events within a chosen timeframe, accommodating sporadic scheduling.
• Simplified Management: One policy covering multiple events reduces administrative burden.

 

 

Cons:

 

• Limited Time Frame: Not as comprehensive as an annual policy; coverage is restricted to the specified period.
• Potential Gaps: If events fall outside the covered period, additional policies may be required.

 

 

 

 

Conclusion

 

Choosing the right event insurance policy depends on the nature and frequency of your events. An annual policy is best for businesses with a steady schedule of many events throughout the year, providing comprehensive and cost-effective coverage. A one-off event policy is ideal for singular events or those dipping their toes into event organising. For those with a handful of events within a limited timeframe, a multi-event policy offers flexibility and savings. By understanding the differences between these policy types and partnering with a trusted insurance provider, you can confidently navigate the world of event insurance and protect your business from potential risks.

 

Vento is a fast-growing event insurance startup offering a wide range of cover, including Public Liability, Employers’ Liability, Property, and Event Cancellation. At Vento Insurance, we understand the unique challenges event organisers face. Whether you need a comprehensive annual policy, a tailored one-off event policy, or a flexible multi-event policy, we are here to provide you with the right policy to ensure your events are a success. Get in touch with us today to learn more about our offerings and secure your events with confidence.