Season 2, Episode #5 INFO:
The event community has been adversely impacted by the pandemic. Many events were cancelled, postponed or scaled down. Right now we are slowly seeing a limited number of events scheduled for summer 2021 and later. Our guest today is Michael Iser, veteran insurance and risk management advisor. He talked to us about the importance including insurance needs in planning and how risk management can protect the bottomline.
How insurance for events has changed
One key point that event planners need to keep in mind is that insurance companies are not likely to insure for COVID or other transmittable disease. The responsibility of the event professionals will be to provide an abundance of safety measures in place to protect the health and safety of participants. Insurance coverage for events will be in a non-disease way.
Strategic planning with insurance in mind
Michael also advised his clients to view insurance as a strategic cost instead of operational cost, as it serves to protect the profit of the business. In terms of risk management outside of insurance, Michael suggests to always have contracts drafted with the parties that you are dealing with, and possibly have your name added to the insured, if necessary. Also doing background checks on your key staff, and volunteers every other year, especially if your event involves underage kids. These are just some of the things an experienced insurance and risk management professional will suggest. By working with an insurance advisor event planners can grow their events more efficiently knowing all the risks that are involved.
Insurance advisor vs broker
As Michael pointed out, working with an advisor is quite different from a broker. Many brokers are there to sell policies. An advisor listen to you concerns, your business and operations, then advise a solution that will best protect your interests. The experience of an advisor is also important because he/she has seen much business cycles. The experience will help them understand your business, and in return, they can assist you much better that way.
Listen to the podcast below or watch the video!
Michael Iser has worked for Associated Agencies, Inc. for over 35 years, he been a licensed insurance broker since 1976. In addition to heading up the Race and Special Event Practice Group, he specializes in providing insurance and risk management expertise to the Retail and Wholesale Jewelry Market, as well as Religious Institutions and Non-Profits.
Associated Agencies Inc. is a 135 year old, family owned and run commercial insurance brokerage writing all lines of insurance coverage throughout the United States. Specialty areas of practice include large real estate, wholesale & retail jewelers, nonprofits, religious institutions, hospitality and our Race and Special Event Practice Group.
The Race and Special Event Practice Group educates, develops and writes insurance programs for race organizers from world class race events to the local 5K. Our programs can be written on a stand-alone basis or written to work with those available through USATF. In addition, we have markets to provide coverage for event managers and other vendors that provide support to races.
His goal to reach the finish line with a successful event and to know that your organization will be protected in the event of a race day incident.
Michael is a member of Running USA, National Center for Spectator Security and Safety (NCS4), The Event Safety Alliance, The International Institute for Race Medicine, and Road Race Management.
Contact Michael Iser: