Being an event organiser can be an exciting and lucrative profession, and can also be highly satisfying when a client feels a convention or conference has gone well. But because event and conference organisers are often outside consultants commanding fees for their professional services, they can be vulnerable to accusations they have done a poor job in the event something has gone wrong or that their work has been below standard. This is what event/conference organiser professional insurance can protect against, in the event the individual or agency faces a legal claim.
Professional insurance for businesses and individuals often includes a degree of professional indemnity insurance. This is important as it protects against some of the financial threat of being sued because the client is unhappy. While this is hardly a frequent experience for many professionals, it can be extremely damaging if it does occur.
Hiring legal help can be expensive and time consuming, and if you lose the case you may be ordered by the court to pay compensation. Depending on the case, this can run up to a bill totalling thousands of pounds, hundreds of thousands of pounds or even millions.
But professional indemnity protection as part of event/conference organiser professional insurance would pay all your legal bills related to defending the case, subject to certain limits, and even covers the cost of any compensation which might be awarded against you if you lose a case. Normally a policy pays out if the individual or company is accused by a client of making a mistake, committing an act of negligence, or making an omission during an assignment. Protection applies whether you are in the early stages of a case or heading towards its conclusion, providing the payout limit has not been breached.
It also covers breach of confidence or copyright, and also has more extras like protection if you faced a defamation claim. Event/conference organiser professional insurance also need not be expensive as a policy holder can often decide on a level of protection which matches their business – with a limit of thousands or millions of pounds, and also with an excess which can reduce the cost of a premium.
People often enjoy the level of self sufficiency and initiative required to run an event and conference organising business. Delivering the right service before and after a major event for a client is a highly specialized skill, and one that some people have quite rightly made a handsome living out of. But this kind of work does not come without its risks, as sometimes people will be relying on a set event to deliver results, be it in terms of finance or skills for their workforce. Event/conference organiser professional insurance is therefore an option for anyone who is running a firm or simply acting as a freelance.
Event/conference organiser professional insurance with a professional indemnity or PI element is something which is often taken out by companies which provide a professional advisory business. This essentially means anyone who makes recommendations as part of their day to day job, effectively like a consultant. An event or conference organiser would fall into this category, as someone who is hired to deliver a high quality and well-planned event for a firm.
Therefore if anything were ever to go wrong, the organiser could get the blame and the company may seek compensation or a form of redress, as it is often known. A client may even suffer what is known as a financial injury in the business, meaning they have lost money because of something the organiser has done or not done. Professional indemnity insurance would protect you in the event of such a claim, paying your legal bills related to your defence.
It generally covers any allegation that you have made a mistake, omission, or committed an act of negligence in your day to day business. Claims are of course more likely to result if someone feels they have lost money, so even any compensation which happens to be awarded to a client by a court will normally be covered. You will need to decide a level of event/conference organiser professional insurance cover for your business, as an insurance company will not pay out indefinitely towards legal help. So a firm may want tens of thousands or hundreds of thousands of pounds worth of protection and this may be related to the size of their business and the clients they deal with.