Organizing an event, irrespective of its size involves months of planning, coordination, and investments.
For example, organizing a music festival in Mumbai will require more than 75 permissions from the local authorities, which alone can take up to 6 months. Setting up the physical structure of such an event is another lengthy process.
Similar to music festivals, weddings are an event that requires an arrangement of funds, contact organizers, and make several purchases only for starters.
Numerous problems can arise that can disrupt an event and lead to financial losses. For that, availing an event insurance cover keeps the organizers protected from any unforeseen circumstances.
How does this insurance policy help?
These insurance policies protect you from almost all mishaps that can happen in the event you have organized and which might cause a financial liability. Opting for this type of an insurance plan covers cancellation or postponement of an event due to various uncontrollable reasons. You also remain shielded from damages and loss of items caused by unforeseen circumstances.
Bajaj Finserv offers event insurance that provides high coverage against all instances mentioned above.
How can an event insurance plan be beneficial?
An insurance cover can not only protect music festivals and weddings but also the following:
- Annual functions hosted by schools and colleges.
- Award ceremonies.
- Live concerts.
- Sports events like cricket, football, hockey, etc.
- Corporate events like conferences.
What are the features of these insurance policies?
Some of the features that insurance companies provide with these plans include:
- 1. Loss or damage to assets related to the event
Organising any event requires various assets like equipment, wardrobe, sets, props, etc. Damages caused to these items cause financial loss to you.
You may be subject to a lawsuit if you have availed these assets on lease from another third-party.
Hence, availing a wedding event insurance policy keeps you financially covered against any circumstances that can cause injury to these assets.
Event cancellation due to fire
Availing a permit from the local fire and emergency services department is mandatory to organize outdoor events in several cases. The organization may have conducted a thorough check and provide you with the necessary permissions, but fire may still breakout due to external forces that are out of control.
Buying an insurance policy aids to avoid all the costs you have to incur to cover for the losses caused by a fire.
- 2. Event cancellation due to an official mourning
Death of the President or Prime Minister of the country or Chief Minister of a state can call for official mourning from the Government. You may also be compelled to cancel an event due to untimely demise of a personal acquaintance as well.
With Event Insurance Cover from Bajaj Finance, you can benefit from financial coverage of up to Rs. 2.5 Lakh in the first day of cancellation and Rs. 50,000 on the second day with an insurance policy.
Stay protected with these insurance policies when organising a high-cost event. For instance, a destination wedding insurance cover is an ideal product to opt for when you are organising a ceremony at an exotic location.