Why Should You Invest in Event Insurance in Ontario?

Whether you're in the business of planning or throwing an event privately, you need to read this.

As the event organizer, it's up to you to ensure the safety of each of your guests. That includes the attendees as well as the staff and hosts!

Thankfully, Mackay Insurance offers a simple solution to protecting your guests - event insurance!

This insurance covers host liquor liability, medical payments, property damages, etc. 

Note: If your event has corporate sponsors, event insurance is definitely a consideration factor. These sponsors typically ask for proof of coverage before sponsoring you.

It's also important to note that event insurance applies to both in-person and virtual events. In-person, virtual and hybrid events all hold a unique risk. But with the right coverage, you can ensure your event runs smoothly and safely!

Keep reading to learn about the potential risks associated with event hosting.

Potential Perils & Pitfalls of Virtual & In-Person Events

First, look at the potential risks associated with virtual and in-person events.

Over the last few years, hosting a virtual event has become increasingly normalized. In fact, it's unsurprising today to see virtual events for personal and professional purposes.

It may seem as though a virtual event holds less risk than an in-person. But there is an equal risk factor for both types of events.

Take a look a the risk factors involved in both of these event types:

Risk Factors For Virtual Events

In some ways, virtual events carry similar variables as in-person events.

For example, you can still cancel or postpone virtual events. Typically this is due to a speaker no-show, last-minute cancellation or technology issues.

And in other ways, virtual events carry a whole new level of risk than local events do.

One example is the risk of cyber hacking.

Cyber hacking disrupts your event and poses a security threat to your attendees.

Back in the pandemic days (around 2021), Zoom bombing actually made international news headlines!

Virtual events are also vulnerable to other cybercrime activities. Some examples include data leaks and identity theft.

Risk Factors For In-Person Events.

Just as virtual events have their specific perils, so do in-person events. These perils can include personal injury or damage to the venue.

There is always the risk of someone becoming injured at your event. It could be a guest, vendor, volunteer, performer or contract worker.

This risk escalates if you plan to have live music, a bar or interactive activities.

If your event serves alcohol, your liability also extends to when your guests leave. 

What happens when your guests exit the premise and head home? Drunk driving accidents are serious offences. 

Thankfully, your liability coverage protects you from legal repercussions.

Risks of Hybrid Special Events.

Hybrid special events include both a virtual and a local component.

An example might be when you stream your event virtually from a live event location site.

You'll often see this done for sports, conferences or private events (i.e. grad ceremonies).

Not sure how much coverage you need for your upcoming event? We discuss these details and more below!

How Much Event Insurance Coverage Do You Need?

Are you reading this blog thinking, "I don't even know what kind of event insurance I need”?

Don’t worry!

This learning curve is a necessary part of ensuring your event is successful. 

Plus, you're never on your own in the learning process! Your Mackay broker always ensures you have the right coverage. 

We create an event scope - covering everything from the number of guests to risk assessment.

This assessment ensures proper risk management and coverage.

Here's how to get the process started on your own!

1. Get your event details down on paper.

The first step is to sort out all your event details.

• What is your event date?
• When will the actual special event start and end?
• When will setup and teardown for your special event start and end?
• What is the schedule of activities?
• Will you have sponsors involved?
• Will you have volunteers at your event?
• Will you have performers or vendors at your event?
• Will your event include sports or interactive activities or games?
• Will you serve alcohol?
• Is your event local, virtual or hybrid?
• Will your event include or cater to minors?
• Will you rent a space for your event or host yourself?

These questions help develop the event scope.

2. Schedule a call with your Mackay Insurance broker.

We understand the investment of time, money and effort it takes to plan/host an event.

Our team of brokers wants to simplify the process - allowing you to just enjoy the party!

Once you have all the details figured out, it is time to sit down with your Mackay broker. We work with you to ensure your investment is well protected by identifying the exact components your coverage must include.

This meeting ensures that

a) You don't pay for unnecessary coverages.

b) You aren't missing crucial coverages - leaving you vulnerable to lawsuits.

Contact Mackay For Event Insurance in Ontario!

Our Mackay brokers help you plan a successful and memorable event.

Contact us at 613-966-5740 to chat about your coverage needs or apply online!