When it comes to event insurance, timing is key.
Some event planners still see event insurance as a nuisance; money off their bottom line for something that they don’t want but have to have.
We see so many policies purchased at the very last minute. Or in some cases, people have tried to buy policies after the event has happened (which, of course, can’t be done).
There’s nothing necessarily wrong with purchasing your insurance right before the event. The great thing about Insure Our Event is that you can purchase your policy in minutes. Time isn’t an issue.
But whether buying last minute is the ideal time to purchase is a different issue altogether.
The argument boils down to two important factors:
Factor 1: Cost of the insurance
According to Martin Lewis (of Money Saving Expert fame), studies have shown that the price of car insurance alters depending on how close to your renewal date you purchase. He says that buying too late tells the insurer that you don’t take your insurance commitments seriously enough and therefore you’re a larger risk.
The same could be true, depending on the insurer, for event insurance. As a leading broker, Insure Our Event will fight tooth and nail to get you the best price on your policy. But at the end of the day, the risk is still with the insurer and they will still base their price on the risk your event presents.
We can’t say for definite because every circumstance is different, but there is a chance that your policy premium will go up the closer to your event date you buy.
Factor 2: What do you want from your event insurance?
Insurance is there to cover you if something goes wrong.
But a good insurance broker is also there to stop things from going wrong in the first place. Conditions and risk management are put in place to reduce the chance of accidents and incidents.
By purchasing your policy early, you’re able to incorporate risk management into your planning. And the broker you choose to place your business with, whether that’s Insure Our Event or someone else, can help you along the way.
So when is the best time to buy event insurance?
Every event is different, but our advice would be to make insurance one of your planning foundations alongside venue and entertainment.