Public liability insurance is a key policy. Natalie Lovett, managing director of The Whitewed Directory, discusses how she got hers in place.
Love to Plan Ltd. launched in August 2007. I always wished to own my own business, and with my love of events, and communication and organisation skills honed across previous sales roles, wedding and event planning was an obvious choice. To run a professional business, you need to be adequately insured, and on launching I contacted a broker to discuss my insurance needs, such as getting in place public liability insurance and other policies.
It was the first time I had sought business insurance, and I needed advice rather than going to a website with a series of drop-down menus. A broker seemed like the obvious choice as it would mean gaining the best deal with one phone call rather than a multitude. After taking a recommendation from a business associate, I contacted a broker who immediately understood my business and what would be required, the recommendation and their expertise gave me the confidence to not look elsewhere.
After consultation I was advised that I would require a minimum of £5 million public liability insurance as this would cover all events, including those for corporate clients.
In addition, I increased my car insurance to cover business mileage, and upgraded my home insurance to cover accidental damage and loss to business items, such as laptop and camera etc. Both are easily forgotten but are a must – just imagine the consequences to my new business if I had a car accident whilst on business miles and wasn’t covered…or if my laptop was lost or stolen.
Widening the insurance cover
As my business has developed and grown, my insurance needs have increased, and in 2010 I increased my insurance to cover employer’s liability insurance which included cover for hired freelance workers. On taking on office space in 2014, I took out a policy to insure office contents.
Thankfully I have not needed to make a claim, and the wedding and events industry that I work is a relatively low risk sector, however insurance is still essential.
Public liability insurance and employers’ liability insurance covers you for claims where you or your employees/workers acting on your behalf are directly to blame for an incident – and as an organiser, the risk is normally transferred to your contractors as they’re the ones actually delivering elements of the event on the day. However, It would take just one wrongly-placed extension lead cable or a table with unsecured legs to bring a claim to my business, and whilst low risk, there is no sense in not protecting yourself.
Getting your insurance cover/package is vital, and if your business is new and/or does not conform to the standard drop-down menus seen on many insurance websites, then I highly recommend calling an insurance company to give you guidance on your requirements, and do gain comparative quotes too to ensure you get the best deal. It is advisable to review your needs every year, as your business develops and grows it’s key that you’re covered along the way.