The comments came during a corporate forum hosted by Venues Event Management (VEM) at the St James's Hotel and Club.
VEM chief executive Anita Lowe said: "Insurance is a minefield for event planners and it's becoming more and more important all the time. There's an urgent need for people in the industry to understand it."
Hiscox business development executive Michael Schwoerke, guest speaker at the forum, told event directors from organisations including Bupa and Everywoman that the three core areas of event insurance were cancellation and abandonment, property damage and liability.
Schwoerke said the take-up of event insurance had remained steady in recent months but that the level of cover for each event had decreased.
"What we are finding is that those clients who insured their events in the past are still doing so," he said. "Our book hasn't shrunk as a whole but the events we insure are getting smaller and less lavish. People are tightening their belts but it's something that will hopefully pick up."