How Effective is Your Risk Management Plan?
No matter how carefully you plan an event, you simply can’t anticipate things that might go awry. From bad weather to mishaps, there are untold numbers of variables surrounding any event. The best way to protect yourself when organizing an event is to have a risk management plan in place.
Ready to insure your event? Apply online today to get a free instant quote.
3 Ways to Manage Special Event Risks
So, how can you help mitigate risk? Not only should you assess potential threats to the event, but you also need to have a contingency strategy in place if something does go wrong. Another critical part of managing the risk is having the correct insurance coverage on hand.
Learn more about the key elements that go into safeguarding an event.
1) Develop an Event Risk Assessment Checklist
A risk management plan is simply that—evaluating the potential risks associated with an event and creating a plan to mitigate them. In event planning, people often organize their risk assessment by using checklists.
Creating a risk assessment checklist is a great starting point. The checklist will provide guideposts that you can think through while still in the planning phase. For example, if you are serving alcohol at your event, will you be requiring guests of 21 years and older to wear wristbands?
The idea of a risk assessment checklist is to anticipate things that might go wrong at your event ahead of time. In turn, you can take the information uncovered with your risk assessment checklist and put it into action with solid contingency strategies.
Key elements that must be covered in a risk assessment checklist include, but aren’t limited to:
- Event access
- Traffic flow
- Event signage
- Emergency procedures
- First aid
- Electrical and utility services
- Weather conditions
- Accessibility
- Vendor licenses
- Vendor insurance policies
The nature of your event—such as indoor versus outdoor—will impact the final details of your risk assessment.
2) Create a Contingency Plan
When you have considered possible risks, you can then develop a contingency plan for your event.
While risk assessments take stock of potential threats to your event, contingency plans lay out specific actions to take if something actually goes wrong. For example, if you are planning an outdoor wedding, it’s a good idea to include bad weather in your contingency strategy.
Once you’ve developed a plan, be sure to share it with the relevant employees and vendors so everyone is on the same page. In many situations, it’s a good idea to formally instruct staff members on emergency protocols.
3) Have the Right Insurance Plans In Place
With both a checklist and contingency plan worked out, it’s a must to protect yourself with event insurance.
Commercial General Liability Insurance (CGL)
Commercial general liability insurance protects you from incidents and losses that take place during the actual event. For example, general liability coverage can shield you against incidents such as physical injuries to guests, or alcohol-related accidents such as an intoxicated driver leaving the venue. Importantly, general liability coverage is required by many event venues.
Cancellation Coverage
No matter how well you plan an event, there is always the chance that it might be canceled due to situations that are out of your control. From weather emergencies to travel disruptions, there are a number of reasons why your event might be canceled.
Keep in mind, this type of coverage is not included with a general liability insurance policy and it must be purchased separately. If you have questions, we invite you to contact us to speak with one of our experienced staff members.
Contact Our Event Insurance Company Today
Event Insurance Now offers insurance coverage in all 50 U.S. states. We regularly partner with brokers and agents to help them expand their network and insurance offerings.
Event Insurance Now provides an easy-to-use online event insurance application that allows both brokers and end-users to easily acquire coverage. Contact us today to get started!
