Special Events Insurance
Millennials are quickly becoming one of the most prominent generations in the workplace. Focused on findings jobs that provide “meaning” and a stimulating company culture, they are constantly looking for workplace environments where they can bond with colleagues and impact the lives of others.
Smart companies know that in order to keep this generation engaged they must constantly raise the bar when it comes to workplace activities, events and charitable initiatives. 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 with opportunities to give back. With popularity in special events growing, so do the unique risks and exposures associated with them.
A Growing Trend
Extreme challenges like Tough Mudder, a physically and mentally demanding 10-12 mile obstacle course, Ax Throwing, a competition to gain points by hurling axes at a wood bull’s eye, and The Great Escape, a specially-designed event where groups must solve puzzles together to “escape” from a room, all push employees to focus on teamwork and camaraderie to complete a task. And they are growing trends for workplace events.
“The number of corporate special events with a distinct local and charitable focus is also on the rise,” explains Chuck Bastan, Sales and Marketing Manager, Accident, Health & Special Risks for Burns & Wilcox. “The resurgence of local runs, community walks and even local obstacle events offers a fun and engaging opportunity for participants to give back to the community and come away with a unique experience.”
Unique Exposures
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 & Casualty 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.”
Coverage Solutions
According to Peel, a comprehensive policy doesn’t need to be costly if you work with a wholesaler who has the capacity to offer specialty insurance products. “Clients are requesting higher limits for lower premiums so brokers and agents 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 a wholesaler prior to an event, brokers and agents can gain an enhanced understanding of the risks facing their clients and will be in a better position to recommend suitable solutions.
