Pulling off any successful event is no easy feat and the stress is tenfold when planning an outdoor event in which there are factors beyond your control that could have a huge impact on its success. Asking yourself these four questions in the early planning stages can give you peace of mind and help you save money in the long run.
1. How will the weather affect my event?
How much the weather will affect your event depends on the type of event. If people need to register or purchase tickets in advance, such as for a marathon or a concert, revenue from ticket sales won’t be affected much by the weather, but your revenue from on-site sources, such as concessions, parking and merchandise sales, will be greatly diminished. Additionally, if you need to cancel the event, you could end up issuing refunds or, if you need to postpone the event for a later date, you may be required to pay additional fees for the venue, labor, equipment and vendors.
2. What’s my weather plan B?
When dealing with something as volatile as the weather, it’s always advised to have a plan B. If adverse weather arises, do you have a backup indoor venue? Or perhaps your event is flexible enough to delay until the skies clear or even postpone until the next day. However, in most cases, this is not going to be an easy call and you could be left scrambling to pull off a miracle while scraping the bottom of the barrel for the last of your budget. Even if you can move your event indoors, this plan could come with added fees for moving the equipment and renting the extra space.
3. What’s the weather normally like at the time and place of the event?
If you’re planning an outdoor event, the weather is usually the first thing you take into consideration. However, when planning an event several months in advance, you couldn’t possibly predict the exact weather forecast on the day of your event. In fact, weather forecasts of seven days prior to your event have minimal accuracy. That’s why it’s important to consider historical weather data when choosing a date and location, or when deciding whether or not to purchase insurance. If your event will take place in an area susceptible to extreme weather—flooding, hurricanes, strong winds, tornadoes, snowstorms, etc.—the more likely it is your event will be cancelled. In these cases, it’s always best to err on the side of caution and invest in an insurance policy that will protect you from damages.
4. Can I afford to lose money on this event?
If you’re on a tight budget and relying on the profits from your event, it may be difficult to think about spending money on weather insurance. However, this is exactly why you need the coverage. If your business is at risk of losing a lot if your event doesn’t succeed, weather insurance can keep you afloat and ensure your business doesn’t take a huge cut in revenue.
No one wants to have to cancel or postpone an event. Not only is it disappointing to not be able to enjoy the fruits of your labor, but it’s also a letdown to attendees who were looking forward to the event. While Spectrum can’t control the weather to ensure nothing but blue skies during your event, we can provide coverage that will help to protect you from going bankrupt should weather force you to cancel your event. Additionally, your policy can cover any expenses incurred if you have to reschedule or move the event.
At Spectrum, we specialize in the weather. In fact, our president is an accomplished meteorologist who is happy to consult with you to determine the best plan of coverage for your event. For more information about event weather insurance and how Spectrum can protect your finances, contact us or click here to learn more. Additionally, you can click here to get a free online quote.