Planning an event takes a lot of work and often times; insurance is not a high priority. But individuals or businesses hosting special events should purchase event insurance in Hong Kong to protect themselves and their guests against any bodily injury or property damage that may arise. Contact a licensed Trusted Union event insurance advisor and arrange coverage in a matter of minutes!
Hong Kong is a vibrant city where individuals and businesses alike host events on a nearly nightly basis. While most people come to have fun and leave safely, there’s always the off chance that someone will be injured at your event whether that’s due to the activities involved, the premises, or even by other guests. If you plan to host a special event, you should plan to mitigate this risk by purchasing special event insurance.
Event Risks
Hosting a special event such as a gala, networking event, charity event, office parties, weddings, concert, sports game, or a corporate function can be a very fun and rewarding process but it’s not all sunshine and rainbows. As the event host, you are responsible of the safety and wellbeing of your guests and attendees as well as 3rd parties.
One of the most common examples of bodily injury is if a guest slips and falls on stage at your event or if the lights were rigged improperly causing them to fall down and injure an attendee.
In addition, you can even be held liable for the actions of your guests. For example, you may be held legally liable if a guest consumes too much alcohol at your event and causes harm to themselves or another guest at your event.
For many of these reasons, most venue managers will even require you to carry event insurance with a high limit before they let you host there.
On top of insurance, there are also risk management steps that you can take to ensure the safety of your guests such as having proper signage in place to notify guests of the nearest emergency exit or first-aid station.
Hong Kong Event Insurance Coverages
On top of the basic event liability coverages discussed above, there are also some supplementary coverages available to make sure event hosts and promoters are fully protected. Some examples include:
Event Cancellation: this cover pays for additional costs, profits, and non-refundable expenses if the event has to be cancelled due to reasons beyond your control (i.e. if a burst water pipe floods the venue)
Non-appearance: this cover pays for non-refundable pre-paid expenses if an event has to be cancelled if a vital person does not show up (i.e. if the band fails to make it to the concert or if the bride doesn’t show up for the wedding)
Forced Loss of Audience: if your attendees cannot make it to the event due to some reason beyond your control (i.e. strikes or natural disasters), you might face financial loss from people requesting a refund and lost profits. This cover will reimburse you for the ticket price.
Exhibition Insurance: exhibitors or exhibition hosts can purchase this insurance to protect against damage to the stands
Wedding Dress Protection: this popular cover protects you against damage, destruction or theft of the wedding dress
Cost of Event Insurance in Hong Kong
As with most insurance policies, the cost of event insurance depends on many factors. That said, most event insurance policies are quite inexpensive compared to the overall cost of hosting an event.
Some key factors in insurance companies would look at are:
Is it a private or public event? Private events like weddings are by invitation only whereas public events are open to the public (including events where people have to purchase tickets to attend). The risk at a public event is much higher than at a private event and therefore your insurance will be more expensive.
Will there be alcohol served at the event? If there is, you may need to purchase an alcohol liability policy on top of your event insurance which will cost more.
What sort of activities will be undertaken at the event? Will there be games, performances, or activities that guests can participate in? If so, the insurer will want to know about the nature of these activities so they can accurately gauge the risk of injury or property damage.
What sort of people will be attending? Event insurance for professional networking events will typically cost less than an event involving children.
What limit does the venue/insured require? An insured who requests or requires a higher limit of insurance should expect to pay a higher premium.
Compare HK Event Insurance Policies
Getting event insurance is always a good idea because you never know what might happen. Having insurance means that you can make sure you and your guests are well protected so you can enjoy your night with peace of mind.
To learn more about event insurance or secure insurance for your upcoming event, speak with a licensed Trusted Union advisor. Most event insurance policies can be arranged quickly and easily over the phone or online in minutes meaning you can quickly tick this off your list and get back to fun work of planning your event.
