How event/conference organiser professional indemnity cover can help a business
These days companies can often rely upon well planned events as effective money spinners, driving sales and leads. They may hire an outside professional to plan something for them, or they may want to take part in the regular event run by an individual planning company, such as a sales event or convention. They may pay a premium for the organiser’s services or their space at the show, which means they expect some kind of return from their investment. If they feel they have been given a poor service or that what they paid for the event was not worth it, they may take legal action. This is just one eventuality which can befall event planners, and as such event/conference organiser professional indemnity cover can be a useful tool for anyone operating in the sector.
Professional indemnity cover, for those who do not know, is a straightforward insurance policy which applies if you’re facing a legal claim. It normally pays out if you are accused of making a mistake, omission, or act of negligence in the normal course of your work or the work of a business, i.e. you are sued.
This may seem extreme, but when money is at stake, companies may seek legal redress if they feel hard done by, or if they blame an event planner for something which has gone wrong. Whatever the reason for a case, it could be a long-winded affair, which can also be expensive as legal help will often need to be hired in order to defend your corner. Indemnity insurance would pay for the cost of this legal cover and advice, and would even pay any compensation which might be awarded against you if the claimant is successful.
The importance of this is obvious as the bill for a legal case and any compensation you may have to pay could be considerable – in some cases thousands of pounds or more. Event/conference organiser professional indemnity cover pays all your bills up to an agreed limit, and the same applies to the compensation. In many cases you will have an entire policy limit, beyond which the cost of legal advice and bills and the compensation cannot go before you begin to pay out yourself.
Event/conference organiser professional indemnity cover therefore needs to be taken out which is appropriate to the size and needs of a business. Besides mistakes, it will also cover you against some of the other common legal hazards, like defamation, breach of confidence or copyright, and even the allegation that the employees of a company have acted dishonestly.
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