When organising a fundraising event, it’s essential to make sure everything runs smoothly and safely. To help charities navigate the complexities of event planning, the Charity Event Insurance specialists at WRS Insurance Brokers have taken a closer look at the crucial aspects of protecting your event from an insurance perspective.
With over 50 years of experience in providing charity insurance for charity events, WRS Insurance Brokers have insured hundreds of events across the UK and offer tailored solutions and protection for events of all types and sizes.
What types of insurance do we need for a charity event?
Every charity event is unique, and the insurance cover required will vary depending on the size and nature of your event. While it’s always advisable to speak to a broker like WRS Insurance Brokers for bespoke guidance, here are some typical covers that should be considered:
Public Liability Insurance: This is a must for any event where members of the public are present. It covers compensation payments for injury or even death to members of the public or for damage to property or possessions.
Employers’ Liability Insurance: If your event involves employees or volunteers, this insurance covers compensation payments if they suffer injury or illness as a result of their work at the event.
Event Cancellation or Abandonment Cover: This covers financial losses if your event has to be cancelled or abandoned due to unforeseen circumstances, such as severe weather, illness, or issues with the venue.
Event Equipment Cover: This protects any equipment you use for the event, whether it’s rented or owned, covering repair or replacement costs if the equipment is damaged or stolen.
Legal Expenses Insurance: This covers the legal costs associated with defending a claim made against your charity in connection with the event.
Non-Appearance Extensions: If your event relies on the appearance of a specific individual or group (such as a performer or speaker), this extension can cover losses if they are unable to attend.
How do we protect cash at a charity fundraising event?
Ensuring the security of the funds raised during your event is paramount. Here are some best practices for protecting the cash collected:
Secure Cash Collection Points: Position cash collection points in secure, well-monitored areas. Ensure they are staffed by trustworthy individuals.
Regular Cash Deposits: Make frequent deposits to a secure location or bank throughout the event to minimise the risk of significant losses.
Limit Access: Restrict cash handling to a few trusted individuals and maintain a log of who is responsible for the money at any given time.
Security Personnel: Consider hiring security, especially for large events, to deter potential theft.
Discreet Cash Transportation: When transporting cash from the event to a bank or secure location, do so discreetly and securely. If necessary, use a professional security service.
Insurance Cover for Cash Handling
Even with the best security practices in place, insurance can provide an additional layer of protection for the cash collected:
Money Insurance: This policy covers the loss of money due to theft, robbery, or accidental loss during collection, storage, and transportation. It’s important to thoroughly review the money-handling section of your policy to ensure you fully understand the requirements your insurer expects you to meet. Additionally, verify that your money cover limits are sufficient. Keep in mind that some insurers may impose reduced limits for cash held off-premises. If you need increased cover, it’s essential to discuss this with your insurance broker for possible adjustments.
Employee Dishonesty Insurance: Internal theft is a risk that cannot be overlooked. This insurance covers losses resulting from theft by employees or volunteers.
Post-Event Review and Claims Process
After the event, conduct a thorough review of your cash handling and security measures. Report any incidents to your charity insurance provider immediately to ensure claims are processed efficiently.
Organising a charity event requires careful planning, especially when it comes to managing risks and protecting collected funds. By working with experienced specialists like WRS Insurance Brokers, you can ensure that your event is adequately protected with the right cover. This not only safeguards your charity against potential losses but also allows you to focus on what truly matters: making a positive impact.
About WRS
At WRS Insurance Brokers, we are specialists in Charity Events Insurance and our team is passionate about the charitable sector. As a business with a strong social conscience, we’re passionate about helping support the work of organisations that make a difference.
Our specialists have helped many charities and not-for-profit organisations achieve the peace of mind and the insurance protection they need to focus their efforts on achieving their social ambitions.
WRS is proudly part of the Benefact Group, a charity-owned, international family of financial services companies that gives all available profits to charity and good causes.