Event Insurers want your money…period. They will try to put your event risk level as high as possible to get the maximum they can out of your budget. So here are 6 ways to avoid that and keep your budget intact.
- Do Your Homework
By that I mean doing an event specific risk assessment. Yes I know it’s bit of work but it proves to your insurer that you are serious about reducing the amount of risk they have to insure. - Inform Your Insurer
Let your insurer know you are doing everything possible to reduce the risk for them. Send them your safety management plans, site layout and, you guessed it, your risk assessment. Anything that shows them you are a professional and you are keeping risk at a minimum. - Qualifications
Send your insurer your qualifications as a professional as well as the qualifications of your key personnel. This way they know that the event is being built by people that know what they’re doing. - Permits
Show your insurer that your event has been inspected by authorities and that they deem the event to be safe by issuing a permit. Include special permits for fireworks or laser shows. - Reduce Hazards
Look at the activities you’ll be doing and see if you can do them in a safer way so that the risk level of something happening goes down. For example: You’re having fireworks. By using a reputable fireworks company, increasing the distance to the fireworks or using non flammable decorations, you’ve reduced the risk of a fire breaking out. - Shop Around
I know this is a no brainer, but get at least three quotes using the above mentioned and you’ll see which insurer is willing to give you the best value for your money. - Negotiate
Once you’ve done any or all of the above you’re in a great bargaining position to talk to your insurer about reducing your insurance premium. And you’ve saved your budget! - Get an event safety advisor to at least look at your set up. With an expert eye, they’ll see things you haven’t and most likely stop something bad happening.
Bonus tip:
Up till now we’ve only talked about insuring individual events. Here’s the thing…the same goes for your company’s insurance policies. You can use the same tips to reduce your yearly insurance costs. I know many event agencies that did and they reduced their insurance costs by up to 37%. So get out there and start talking to your insurer and let the money saving begin.
Now you have my best tips to reducing your event insurance costs. If you want to find out more about event safety, crowd safety and my online trainings click here.