How to Assess Your Event Risks: 8 Key Factors for Event Liability Insurance

Being an event planner in the UAE, assessing risks in your events is the first step to prevent or prepare yourself to cope with them if they occur. But many times, during the preparation of an event, it becomes difficult for event planners to assess the risks. On the one hand, event planners need to manage multiple tasks such as higher budgets, making event arrangements and ensuring client satisfaction. On the other hand, they mostly do not have an understanding of how to assess the risks before they occur.

Therefore, when it comes to risk management, instead of spending time in the assessment, event planners are likely to go for random insurance policies and surface-level security checks.

This blog helps you assess the event risks and obtain suitable event liability insurance to secure your events from every possible risk.

Assessing Your Event Risks: Key Factors to Consider

Obtaining insurance is not enough until you determine the most suitable policy for your case and get that. For that purpose, assessing the  risks by considering certain key factors becomes crucial. Here are some of the key factors mentioned:

1.      Event Type and Activities:

First, you need to consider what type of event it is and how the activities will be there. The risks of a personal wedding event and a business meeting are never the same. Similarly, if the activities within the event include athletics, sports and more, the risk level of that event goes higher than other events.

2.     Venue and Location:

It is important to consider whether the venue is in a remote location or amidst a crowded neighborhood. Besides this, you need to consider the structural integrity of the venue or the programme hall there, be it temporary or permanent. The average climate of the area,  the rate of antisocial activities there etc. also need to be taken into consideration.

3.    Details of the Attendees:

There must be an estimate of the possible number of guests, delegates, and other people gathering there. Additionally, information about the demographics of the attendees  at the event should be noted. Thus, you can predict the chances of heavy crowd, stumpade, medical emergencies and potential risks associated with that.

4.    Security Measures:

Security plays a vital role in any event regardless of its nature, size or other aspects. Check what security measures are taken for crowd control, maintaining food safety, emergency exits, fire safety, antisocial activities, etc. Depending on the available security facilities, you can count on what risks can come ahead.

5.    Operational Management:

From arranging the seats for crowds, managing food and beverages to conducting pre-decided stage programmes, obtaining license and permits, and other aspects, all event operations need to be done carefully. Depending on how well everything can be handled, you can assess the upcoming risks.

6.    Potential Weather Hazards:

The UAE is not unacquainted with sudden weather hazards like rainfall, sandstorms, etc. hence, while keeping a note of the average climate of the area, consider the possibility of any natural calamity on the  event day. Additionally, consider the chances of possible measures like cancellation or postponement of the event due to weather conditions.

7.     Usage of Equipment:

Props or equipment in the venue can also pose your guests with certain risks like severe injuries. So, to assess the event risks, it is important to see whether proper safety measures have been taken for using the equipment or not.

8.    Stringency of Local Regulations:

An event planner must make sure that the event is being conducted in compliance with local laws and regulations. Considering how far the laws are maintained and how strict the regulations are, you can assess possible legal risks.

Event Liability Insurance as a Useful Way to Mitigate the Event Risks

Assessing medical, legal, and financial risks in the event, you, as an event planner, can obtain event liability insurance. Communicate with a reliable insurance service provider, discuss the scope of risks in your events, and get a suitable event liability insurance policy for your event planning brand. It not only saves the brand from its own damages and losses but also covers the third-party liabilities. Based on your risk assessment, you can select the insurance coverage within your preferred premium range. Thus, possible risks can be covered well, and your focus remains constant upon the success of your event.

About CoverB

CoverB, one of the most reliable insurance advisory in the UAE, helps event planners obtain the best-suited event liability insurance plans. Popularly known for helping corporate businesses to opt for different types of insurance plans, CoverB works as a trusted partner for all insurance needs. With the assistance of CoverB experts, businesses and individuals can easily obtain the most profitable insurance plan to secure their assets, including their business, properties, jewelry, and so on from multiple risks.

Final Words

Identifying potential risks, assessing their intensity and frequency of occurrence and framing a mitigation strategy for them relaxes an event planner’s mind. With peace of mind, they can become more creative and can give away unique ideas. Thus, thoroughly assessing risks and managing them accordingly with a suitable event liability insurance contributes to the event’s success.

Connect with our experts at CoverB today to secure the coverage you need.