UK businesses lack insurance, survey shows

A survey of 60 corporate event organisers by specialist event insurance provider Insurex Expo-Sure in January this year shows that over 40% of UK event organisers surveyed have had to cancel a business event because of circumstances beyond their control. More than 65% of these did not have cancellation insurance. Of those organisers who had to cancel their event, 66% were forced to cancel a week or less before their event was due to be held; this figure includes the 20% of organisers who were forced to cancel their event on the day that it was due to be held. According to the International Special Events Society (ISES), organisations spend more than £1bn per year on corporate events. Insurex Expo-Sure event insurance expert Elizabeth Seeger said: “With these figures in mind, our findings indicate that a significant amount of money is being lost every year due to cancelled events.” Although nearly 90% of those surveyed believed insurance was a worthwhile investment, it seems that event organisers are ‘crossing their fingers’ when it comes to holding their events, with more than half not having insurance. Seeger added: “We are not talking about organisations losing a couple of hundred pounds; they risk losing tens of thousands of pounds if they do not have cancellation insurance. Organisers need to be prepared for the unexpected and have the right kind of insurance cover in place.”

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