Choosing an event/conference organiser professional indemnity cover plan
Event/conference organiser professional indemnity cover might sound like a highly complicated product which only applies to bigger businesses, but it is a possible consideration for anyone who is a professional events planner. This kind of insurance policy has come to light in recent years because of the risk of legal action if a professional consultant ever makes a mistake which then has implications for a client. Indemnity cover has often been associated with law related businesses, but because of the chances of getting sued, it is potentially helpful for a very wide range of firms.
Say an event or conference organiser was hired by a company to plan a sales event at a hotel. A simple slip up with some literature the organiser has ordered could see some invitations printed with the wrong date on them. This may then affect attendance at the event, and possibly lead to the client feeling they have lost out considerably. They may then take legal action to recover what they have lost financially. This is because they have suffered what is known in the business as a financial injury.
Event/conference organiser professional indemnity cover will pay out towards your legal expenses if you have to defend a legal claim that you have made a mistake, error, omission, or even committed an act of negligence in your day to day role as an event organiser.
In simplified terms it pays the cost of hiring legal help and will even cover the cost of compensation if awarded to a successful complainant. This is highly significant as not only are lawyers typically not cheap, compensation can also run into thousands of pounds or more if the court finds against you. This leaves you with a massive bill which you would otherwise have to pick up yourself. Provided you are within the cover limit, an indemnity product will simply pay the cost for you.
In exchange you simply pay an insurance premium as you would with a range of other cover products. Event/conference organiser professional indemnity cover will also normally protect you against a wide range of situations. These include a claim from a client that you have breached confidence or copyright, or that you have defamed somebody. Some will even throw in public liability insurance as part of the cover.
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