It can be confusing to understand exhibitor insurance
First, do you have business insurance? Is that not enough to protect you?
The Event Organiser will then tell you to either purchase their recommended insurance or show proof of Public Liability Insurance prior to being allowed to exhibit.
Event people are great at organizing events. They do what they do. They don’t have the best understanding of insurance. Event Insurance Brokers are the best choice! !
Let’s first discuss the risks. After all, that is why insurance is necessary. Then, we will address each risk by providing the right insurance considerations.
Third Party Liability Claims
These are called Public Liability claims. They can be for injury or property damage. These types of claims are increasing in a litigious society.
You are an Exhibitor in a densely populated area with lots of people and property around you. You are ultimately responsible for any negligent acts that cause injury or damage. You could be held responsible for any injuries or property damage caused by your actions at an Event.
Let’s suppose you have a new product on your stand and someone trips over a loose wire. They might sue for injury.
Another example is when you’re putting together or taking down your shell scheme, you might knock into another Exhibitor’s stand and cause damage. The Exhibitor will be responsible for any damage.
Public Liability Insurance is the solution.
Most likely, you already have a policy of business insurance that includes Public Liability Insurance. Unfortunately, most policies don’t cover actions outside of the premises.
One of these options is the solution:
1) Expand your business insurance to protect your public liability risk during an exhibition. Larger commercial combined policies may have this flexibility, but smaller packages will not.
2) Buy Exhibitor Insurance policies from an event insurance broker. These policies can be easily found online by searching for “Exhibitors Insurance”.
Check out these things:
Talk to your broker if you believe you are covered under your commercial policy. You may not be covered if you didn’t tell your broker about Exhibiting.
Ensure that the Limit of Indemnity is met by you and your Organisers when purchasing a new Exhibitor Public Liability Insurance Policy. Many Organisers in the UK will require you to have the same Liability limit that they have, which could be PS5m or higher.
– Verify the levels that are excessive. These will usually only apply to property damage, but they can exceed PS500
Property Damage
Your business will have insurance that covers the cost of computers and other office equipment.
Because it can be expensive to replace a property, people insure it.
Your property is more susceptible to theft and damage at an Exhibition or Event. You should therefore ensure that you have sufficient insurance.
One of these options is the solution:
1) You can extend your business policy to include your property outside of the premises. Talk to your broker to learn how to do it.
2) Buy Exhibitor Insurance policies from an event insurance broker. These policies can be easily found online by searching for “Exhibitors Insurance”.
Check out these things:
– Make sure you fully explain to your broker what you require if you want to extend your existing policy to include property at Exhibition sites. This includes coverage while you are transiting to or from the site.
Extended business policies can be more rigid, impose greater excesses and limit theft coverage.
Property Insurance – Make sure the limit you purchase accurately represents the amount of property that you intend to take to the Event. This is the sum insured, not the most expensive.
Check the Excess Policy again.
Unexpected Disruption/Cancellation
An average Exhibitor at an Average UK Trade Show will have spent approximately PS7,000 to attend. This money is spent to promote the company. A good business manager will know that it is important to “spear to accumulate”, and that the money spent will be repaid by increased business.
What if the Event is cancelled by the Venue or Organiser after all the money was spent?
One thing is certain: you will not receive a refund! !
The Organiser, Stand Builder, PR Company, and any other contractors you hired for the show are not responsible. You should review your T&C’s for cancellations due to circumstances beyond your control.
This means that any money you spend on the Event will be lost.
You can get insurance by doing the following (there is only one choice).
1) Buy Exhibitor Insurance containing Cancellation Insurance’ also known as Costs & Expenses Insurance.
If the Event is cancelled or disrupted by circumstances beyond the Exhibitors’ control, this will cover the loss of costs and expenses.
Check out these things:
Ensure that the limit you set is within your actual exposure. PS20,000 is the minimum amount you should insure.
Check out what coverage is available. Some policies only provide limited coverage. Talk to an insurance broker who specializes in this area for advice.
So, this should give you some food to think about if you’re going to be exhibiting at an Event.
Some general rules:
Ensure that you check the Jurisdictions and Geographical Limits. Do they correspond with the location of your company’s registration and the event? N.America is not covered by many policies.
Ensure that the limit meets your needs and the requirements of the Organiser or Venue.
Talk to Independent Event Insurance Brokers. Don’t always purchase the insurance offered by the Organiser. It might not be the best or most cost-effective for your business.
Check out the Terms and Conditions for all your contracts, including your Insurances.