Charities - how to protect your fundraising events from unforeseen risks
Without adequate insurance, a charity could face significant financial and legal consequences if events go wrong
Hosting a fundraising event is a fantastic way for charities to generate donations, engage supporters and raise awareness. However, these events come with a range of risks, from unpredictable weather conditions to accidents involving attendees. Without adequate insurance, a charity could face significant financial and legal consequences. Event insurance provides a safety net, ensuring your fundraising efforts go off without a hitch, even if the unexpected occurs.
Why event insurance is essential
Fundraising events often require months of preparation, coordination with vendors, and significant financial investment. The last thing any charity wants is to suffer a loss due to circumstances beyond their control. Having the right insurance in place allows you to focus on your mission, knowing that your event is protected against potential disruptions.
Types of event insurance cover:
1. Event Cancellation Insurance
Unexpected circumstances, such as extreme weather, venue closure, or key speaker illness, can force an event’s cancellation. This type of coverage helps recover lost costs, including venue hire, equipment rental and marketing expenses. Without cancellation insurance, charities may struggle to recoup non-refundable deposits and sunk costs, potentially impacting future fundraising efforts.
2. Public Liability Insurance
If an attendee or third party sustains an injury or property damage during the event, public liability insurance covers legal fees and compensation claims. This is particularly vital for events held in public spaces or those involving physical activities. Even with thorough risk assessments and safety measures, accidents can still happen. This insurance ensures that your charity is not left financially vulnerable if an incident occurs.
3. Weather-related Disruption Insurance
Outdoor events are especially vulnerable to adverse weather. Whether it's a summer festival, charity walk or open-air concert, this coverage helps mitigate financial losses caused by cancellations or delays due to severe weather conditions. Investing in weather-related insurance ensures that unpredictable conditions don’t derail months of planning and hard work.
4. Employer’s Liability Insurance
If your event involves staff or volunteers, you may be legally required to have employer’s liability insurance. This policy protects against claims resulting from work-related injuries or illnesses. Volunteers play a crucial role in charity events, and ensuring their safety and well-being should be a priority.
5. Equipment and Property Insurance
Events often require sound systems, lighting, tents and other valuable equipment. Theft, damage, or loss of these assets can be costly, making equipment insurance an essential safeguard. Whether the equipment is rented or owned, ensuring adequate coverage can prevent significant financial setbacks in the event of unexpected incidents.
How PIB can help protect your charity events
At PIB, we specialise in providing insurance solutions tailored to the unique needs of charities and not for profit organisations. Whether you’re hosting a small community gathering or a large-scale fundraiser, we can help you safeguard your event against financial loss and unforeseen disruptions.
To discuss your event insurance needs, contact our charity team today on 01904 784141 or email charity@pib-insurance.com