Posted by According to a report by the Insurance Council of Australia (ICA), the total value of claims paid out for one-off event insurance in Australia in the past year was over $200 million. Recently, in the Australian one-off event insurance market, there has been an increasing demand for customized insurance solutions.
Who wouldn’t like to have an event insurance policy tailored to the specific needs of their event? Sure, you’d love that.
So, this led us to highlight over 6 best one-off event insurance in Australia for you. Before we go on, Let’s talk about the meaning of one-off event insurance.
Table of Contents
What is a One-off Event Insurance
One-off event insurance is a specialized coverage designed to protect event organizers like you and participants from unexpected circumstances. This type of insurance provides a safety net for you whether you’re hosting a wedding, a music festival, or a corporate event.
Most one-off event insurance in Australia typically covers:
- Cancellations
- Property damage
- Liability, and more.
This means that if for any reason, your event is canceled due to illness, extreme weather, or other unexpected issues, you won’t be left with much financial loss.
Let’s just say it’s peace of mind in policy form.
Types of Events covered by One-Off Event Insurance in Australia.
The following are some events covered by one-off event insurance:
- Weddings
- Charity fundraisers
- Music festivals,
- Corporate conferences and many more.
Exclusions with One-Off Event Insurance in Australia.
You need to be aware that event insurance usually comes with some exclusions. These exclusions are simply specific scenarios or conditions that the policy does not cover.
Please take your time to go through these exclusions, and also ask questions to avoid misunderstandings, and also ensure they have backup plans in place for any uncovered situations.
Some Benefits of One-Off Event Insurance
Here are some benefits of one-off event insurance:
It provides financial protection and peace of mind, ensuring that if the unexpected happens, you won’t be left to cover the costs.
It extends to you as the event organizer, vendors, and participants, making it a valuable investment for all involved.
Key Features of Event Insurance in Australia
Event insurance in Australia comes with some unique features and considerations.
We observed that some of these features are tailored to the local market and may include:
- Coverage for extreme weather conditions specific to the region
- Cancellation due to unforeseen circumstances, and
- Liability protection is based on Australian laws.
Recent Developments about One-Off Event Insurance in Australia
Currently, the average cost of a one-off event insurance policy in Australia is about $1,000. One of the key factors that contributed to these was the need for customized plans. Event organizers are increasingly looking for insurance policies that are tailored to the specific needs of their event.
The most common types of claims were for cancellation or postponement, property damage, and public liability.
Also, the increasing use of technology is also having an impact on the Australian one-off event insurance market. Insurers are using technology to reduce risk and improve claims processing. For example, some insurers are using drones to assess damage after an event, and others are using artificial intelligence to automate the claims process.
6+ Best One-Off Event Insurance in Australia
The following are the best one-off event insurance in Australia:
- Local Community Insurance
- EventSure
- AON
- NFPIB
- Marsh
- Midas
#1. Local Community Insurance
Are you an organizer of a single one-off event like a community or family event? then I think you really need to get the Community & Family Event Public & Products Liability Insurance.
This kind of insurance plan will protect you against claims for personal injury or all kinds of property damage against your organization by members of the public who will attend your one-off event.
Here are some one-off events that are covered here:
- Gatherings
- Street parties
- Festivals
- Youth Events
- Fairs
- Fundraisers
- Community Celebrations
- Cultural exhibitions
You can check out their Policy wording. Meanwhile below are easy contacts to reach them.
Do well to visit them for enough details.
#2. EventSure
EventSure is a known one-off non-renewable public liability event insurance provider specifically designed for you who organizes small one-off events, though the expected attendance shouldn’t exceed 500 people.
If you organize one-off events like this, then EventSure will cover you:
- Corporate Functions
- Birthday Functions (limitations of 18th & 21st Events)
- Engagement parties
- Weddings / Commitment Ceremonies
- Anniversary Functions
- Christenings / Bar Mitzvah
- Art Exhibitions
- Under 18’s Discos
- AGM’s / Meetings / Presentations
In case your event exceeds 500 people, they can still offer you assistance under their Entertainment and liability insurance product.
Feel free to check them out.
#3. AON
Aon is one of the few committed event insurers that help in making life easier for you by arranging event insurance that’s easy to understand, buy, and manage. They’ve made it so easy that you can get quotes and take out a policy online in just a few clicks.
AON also has a team of friendly experienced brokers who are willing to help you if you need assistance in understanding what insurance you may or may not need, and more importantly, why.
Feel free to check them out.
#4. NFPIB
This is an Organization of event insurance brokers that will offer you the cool one-off dental insurance in Australia.
Put in the details of your event including the following:
- Type of event
- Event size
- Event Duration
- Event Location and many others.
- Check them out.
#5. Marsh
Marsh has a team with over 60+ years of experience in the insurance industry, and they have also been endorsed as the Principal Risk Partner for APRA AMCOS.
They have a specialist entertainment event insurance broking team that has worked with lots of event organizers in Australia.
This team understands that no two events are the same; therefore, they will work with you to clearly understand your specific event insurance needs.
Whether your event is big or small, they will review and look at all potential risks involved, including;
- Public liability
- Event cancellation insurance
- Non-appearance insurance
- Weather insurance
- Volunteers insurance
- Professional indemnity
- Owned and hired equipment insurance and many others.
Which of their categories suites?
Feel free to get your Australian one-off event insurance from them.
#6. Midas
Midas offers coverage options to suit anyone organizing a one-off event in Australia. In the event of any claim, they will act on your behalf to ensure the claim is processed smoothly and as soon as possible.
Aside from offering affordable rates on their one-off live music and event liability insurance, they also provide a range of other policies for music festival organizers and more.
Some of the events they cover include:
- Corporate dinners
- Large Meetings
- Live music sessions
- Theatrical productions and others.
Frequently Asked Questions on One-Off Event Insurance in Australia
[sc_fs_multi_faq headline-0=”h3″ question-0=”Is event insurance mandatory in Australia for all types of events?” answer-0=”No! Event insurance is not mandatory for all events in Australia. However, it is highly recommended, and we recommend you get one, especially for events with a significant financial investment, to protect against unforeseen circumstances and potential liabilities.” image-0=”” headline-1=”h3″ question-1=”What are the key factors that influence the cost of event insurance in Australia?” answer-1=”The cost of event insurance varies based on factors like the type of event, the number of participants, the level of coverage, the location, and the duration of the event. Events in high-risk areas or those with more participants would typically incur higher costs.” image-1=”” headline-2=”h3″ question-2=”Can I purchase one-event insurance for international events hosted in Australia?” answer-2=”Yes, you can. One-off event insurance can be tailored to cover international events hosted in Australia. It’s important that you discuss the details with your insurance provider to ensure comprehensive coverage for all aspects of the event.” image-2=”” headline-3=”h3″ question-3=”What is the typical waiting period for one-off event insurance coverage to take effect?” answer-3=”The waiting period for one-off event insurance coverage can vary depending on the insurance provider and the specific policy. These will be well spelled out in the terms and conditions of your policy.” image-3=”” headline-4=”h3″ question-4=”Are there any alternatives to one-off event insurance for smaller events on a tight budget?” answer-4=”For smaller events with limited budgets, one alternative is to check if your existing insurance policies, such as homeowner’s or business insurance, offer any coverage for the event. You can also consider specific event cancellation policies that may be more budget-friendly for smaller gatherings.” image-4=”” count=”5″ html=”true” css_class=””]
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Conclusion
In conclusion, one-off event insurance is an essential risk management tool for you if you wish to organize an event in Australia. It can protect you from financial losses in the event of unexpected events, such as bad weather, event cancellation, or public liability claims.
The Australian one-off event insurance market is growing rapidly, driven by the increasing number of events, the rising cost of events, and the growing awareness of risk management among event organizers.
So, if you are planning an event in Australia, it is important to consider purchasing one-off event insurance as we have provided you with the best of them in this article. Do well to choose the one that meets your specific needs and suits your budget.
See you some other time.