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How Event Company Risk Everything With a dynamic business sector and entrepreneurship like the events industry, it's no surprise that risk taking is a common part and may need to create a successful and profitable ​event company Singapore​. What company is there without risking now and again? Perhaps the risk is investing into a new place, buying a rival event company Singapore or entering a new market. Such risks cannot be insured. If so, we will have terrible business people making terrible decisions but never suffer the consequences of such a decision!

Companies that successfully passed their first successful must continue to evolve to remain so.

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This involves reinventing their proposition to customers, acquiring new staff and generally getting better and better at what they do. With growth and success, an inevitable procedural demand arises. Finance, taxes, compliance, health and safety, risk management and insurance etc., are all not appealing to entrepreneurs but are fundamentally important. After working in the event insurance sector for several years, I can tell you that most of the event companies are buying insurance for two reasons: 1) This is a legal requirement-e.g. The requirement for all businesses in Singapore.

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2) This is a contractual requirement-ie. The organizer is notified that they must have public liability insurance or will not be traded. This is common at event venues and organizers but also event organizers and exhibitors. So from the reason for this ' forced ' to buy insurance, a general trend has emerged. A committee would say what should I have (because I was told), and how cheap can I buy this? The insurance market has responded and "Buy online" with cost effective or over the phone, the automated industry has emerged... To sell public obligations and employers liability insurance. There is nothing wrong with the facility in principle; We even provide an online event liability insurance policy as well. The problem is with organizers making choices based on information. Unfortunately there has been good supervision with the buyer's insurance and perhaps more importantly is the insurance seller, the agent. The reason a person or company should buy insurance is to protect against possible losses that are uncertain but very likely to occur. This may be claims from injured community members or fires that have ruined the exhibition hall. Both can cause very different types of insurance claims but ultimately incur financial costs for the organizer. A key coverage area that is apparently avoided or lost by the organizer is the protection of their income. This income is very important not only to the success of the company but also the survival. We mentioned that most general business decisions cannot be insured, such as creating an event that does not have a target market and therefore nothing comes up! What can and should be insured is "revenue protection ". This protects the event organizers against uncertain risks and circumstances that cannot be foreseen or fulfilled. Clear risks include fire or flood at the event venue. However there are many other unforeseen circumstances that may cause the event to be interrupted and the organizer loses its pockets. We have seen volcanic ash clouds, industrial assault actions and terrorism threats make all the major cities and events in them cease. If you're an Event Organizer, it's time to open your mind and be honest with yourself in answering the questions below: ¡ Can my event be interrupted because of situations beyond my direct control? ¡ If disturbed, what is my financial cost? Either in the additional cost to save the event, and/or in lost income/profit?


· Following additional costs and loss of revenue, will my business survive and under what conditions? Do I have to dismiss people? If you think that your event may be interrupted but no financial impact consider the following: 90% of venue will not reimburse organizer fees, let alone lost profits if the event is cancelled or interrupted. Check the contract! How much does it cost to rearrange the event if it needs to be rescheduled? Consider the cost of marketing and potential participants missing from the rescheduled event company by ​Tembusu events​. Think of the effect on the relationship with exhibitors/visitors. If the event relies on repeated habits for future success, it is possible that exhibitors and visitors need to be compensated if the event is unable to run as planned. As an alternative, these customers may be lost forever. This article may sound like a sermon, but it's because I believe that the organizer wants to protect themselves. I think it is the duty of an insurance broker to highlight the risk to ​event company Singapore and offer a possible insurance solution. If an organizer considers all the options and decides on certain appropriate or improper insurance, it does not matter. It's all about making informed decisions. I have been working at the Heartland event insurance Broker for a number of years and can say that most of my organizers who have taken the time to consider the risks to their business vs. adequate small fees from adequate insurance will never have dreamed of underinsuring anymore. Fortunately many have been protected by the policies we place.

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How Event Company Risk Everything  

With a dynamic business sector and entrepreneurship like the events industry, it's no surprise that risk taking is a common part and may nee...

How Event Company Risk Everything  

With a dynamic business sector and entrepreneurship like the events industry, it's no surprise that risk taking is a common part and may nee...

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