Business insurance is thankfully becoming more common place among larger companies, but there are still many that do not recognise the importance of very comprehensive cover. Most companies have had to learn the hard way that unless you are well covered, you could be paying out for things you havent even previously considered. One area that is still not given the attention that it deserves is insurance for clients hospitality or entertainment events. Below we document two very important reasons why insurance for such events is needed.
Injury or Damage. The company that organised the event, be it a day of sky diving or just corporate hospitality in the park, are potentially liable for any loss or damage. Most companies that run the actual entertainment should have their own cover, but this doesnt take into account the travelling or time spent off the grounds of the activity. Everything from loss of personal possessions, to serious injury or damage can be claimed for against the business, and the expenses can often be a great deal more than the company can afford.Avoid this happening to your business by planning for and insuring against as many eventualities as possible.
Unforeseen Events. There might not be any issue with the guests or property, but problems can still occur with the activity itself. Lets say for example you are taking some of your best clients on a Cheltenham hospitality day, but it gets rained off. If you are lucky the event organisers will reimburse everyone who has a booking, but this is not always the case, which is why it’s important to always read the small print. Further more it is likely that money has been spent on accessories for the event and things like food and transport, and it is important to be able to claim for these. Events such as Henley Regatta are very good as they offer money back to anyone who cannot make the event due unforeseen circumstances, but this is a rarity and you will not be so lucky with most events.
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