Millennials are quickly becoming one of the most prominent generations in the workplace. Smart companies know that in order to keep this generation engaged they must constantly raise the bar when it comes to workplace activities and events.
Gone are the conventional boardroom speeches, afternoon retreats and traditional sit-down dinners. Today, companies are striving to provide a unique, exciting and creative teambuilding experience.
For example, corporate teams for extreme challenges like Tough Mudder, a physically and mentally demanding 10-12 mile obstacle course, are growing in popularity as employees are required to focus on teamwork and camaraderie to successfully complete the race. Taking a cue from reality television and popular fantasy shows, ax throwing, where participants compete to gain points by hurling axes at a wooden bull’s-eye, and The Great Escape, a specially-designed event where participants must work together to solve a series of puzzles to facilitate their “escape” from a room, are two workplace events growing in popularity.
“Each event has a wide range of exposures and each should be addressed in order to provide a comprehensive policy for the insured.”
As the move towards offering unique experiences continues, so do the exposures associated with planning, sponsoring and executing these types of special events. In addition to bearing the responsibility for overseeing each intricate detail for participants, corporate and private event planners are exposed to significant third-party liability risks. Without the proper insurance, any accident, whether occurring during set-up, take-down or even during the event, can lead to a potential loss of revenue and financial damage from costly litigation.
“Brokers have a responsibility to educate their clients on the potential risks involved with special events,” says Tyson Peel, Property & Causality Manager, Burns & Wilcox Canada. “Each event has a wide range of exposures and each should be addressed in order to provide a comprehensive policy for the insured.”
According to Peel, a comprehensive policy doesn’t need to be costly if you work with an MGA, like Burns & Wilcox who has the capacity to offer speciality insurance products. “Clients are requesting higher limits for lower premiums so brokers are looking for quick, simple, cost effective solutions to provide their clients with peace-of-mind when hosting an event,” explains Peel.
The Special Events Insurance class of coverage is one such solution. Covering a broad range of classes, including event cancellation, accidental death and dismemberment (AD&D), errors and omissions (E&O) and more, Special Events Insurance provides third-party liability coverage customized to the request of the insured. By working closely with an MGA prior to an event, brokers can gain an enhanced understanding of the risks facing their clients and will be in a better position to recommend suitable solutions.