No, not that security. I’m talking about the feeling of security that insurance brings. The kind you hope all those people in Galveston, Texas, have on their homes, only for meetings.
Watching the Fox News coverage of the hurricane, I saw a reporter standing in the lobby of a hotel under an open sky that used to be a glass atrium. Since I’m like the rest of the meeting planners I know, I immediately thought of the function space in that hotel, and how the next day’s events in that property would likely have to be cancelled. I was sitting there hoping that those planners all had meeting insurance.
Yep, there is such a thing as meeting insurance, and for any of your events that are located in (or draw a significant portion of attendees from) parts of the country that experience severe weather – like the southeast in the summer and fall and the northeast and northern midwest in the winter – you should be sure you’re covered.
Why? Well, think of all the expenses you incur when your meeting DOES happen. Now think about the expenses you would incur if your meeting DIDN’T happen. The attrition or cancellation penalties you would pay, the vendors that would still expect a check – catering, audio visual, etc. Would you refund your attendees’ fees, or apply them to a future meeting? That’s another expense you should consider.
Meeting insurance helps cover many of those expenses. Depending on what kind of policy you purchase, it could cover all of those. Some policies even cover expenses that are incurred if a meeting doesn’t draw as many attendees as you hoped. You’ll be surprised at the feeling of security you experience when you’re adequately covered.
Where do you buy meeting insurance? A bunch of insurance companies carry meeting insurance. I found a couple sources online. Nationwide Insurance carries Camps and Conferences Insurance, and AON carries Private Event Insurance. I also found this article from MeetingsNet from March 2003, listing a couple other companies, too.