Event risk measures the likelihood of a significant unexpected event severely impacting a company, organization, or stock. It can constitute an event that hinders the smoothness or performance of a company’s operations.
Companies that want to protect themselves against these foreseen and unforeseen events can opt for event insurance coverage.
Companies need to capitalize on new opportunities if they want to grow. Investing in new software, hiring employees, and expanding into new markets are prime examples of opportunities companies take often.
Some opportunities can be risky and cause a company to lose plenty of its financial resources. They may not see their expected returns and have to accept their losses.
Risk of Uncertainty
As the name suggests, risk of uncertainty covers any event that is out of the control of decision-makers. Risks result from good or bad luck and can sometimes create significant problems for an organization.
Some common forms of uncertain risk factors for companies are:
Nature can be highly unpredictable, and natural disasters can leave a company in financial ruin. For example, a hurricane passes by a company warehouse and destroys all of their inventory, and accounting for that much loss would be daunting.
However, companies can get the insurance that covers damage caused by natural disasters. While they’ll need to pay a premium, it’s far worth it compared to covering the damages outright.
Fires cost homeowners and businesses billions of dollars every year. Not only are they destructive to property, but they can also put you and your employees’ lives at risk. Companies can opt for fire insurance for their events, which will significantly reduce their liabilities.
Event insurance should include some coverage for fires, but companies can also opt for additional coverage if they feel the risks are higher.
It can be challenging to hold an event during times of political unrest. Whether there are protests in the streets or something more hostile, companies need to ensure their event is fortified to protect occupants.
Event managers need to be on the lookout for any political rallies or unrest nearby that could affect the organization’s integrity.
Event managers need to develop a contingency plan in case the weather gets too severe. Bad weather can quickly turn from a minor nuisance to a massive problem if not handled properly.
Investing in additional equipment to protect gear and occupants will go a long way to keeping the event a success.
Anything minor action that disrupts the peace at an event counts as a petty disturbance. Event managers need to spot out any disorders and resolve them to ensure the event keeps operating smoothly.
Some steps can include manipulating the environment and organizing attendees appropriately.
Major disorders include anything that could directly put the safety of event attendees and organizers at risk. Fights, threats, or any other dangers need to be assessed and managed by event staff to ensure everything operates smoothly.
Hiring security is vital if you want to eliminate significant disorders before they arise.
Related: Common Physical Security Threats
Risk of Hazard
Hazard risk is anything that could cause harm to attendees or event employees. Event organizers must recognize all the potential hazards and have a contingency plan to keep everyone safe.
Otherwise, they may be liable and face numerous lawsuits. Below are some of the common hazards during events.
If your event is holding many people, it’s not uncommon for someone to get sick or injured. As a result, event organizers should have a clear plan of action to attend to the ill or hurt attendees or employees.
Some protocols include a sufficient amount of trained medical professionals and first aid kits present at the event.
Most companies are responsible for ensuring there are some sources of food and beverages onsite. It could include the event organizers providing food or allowing vendors to come in and sell to attendees.
No matter the case, the event organizers are responsible for ensuring all refreshments meet food and health standards.
Event Production Equipment
Whether you’re hosting a large music festival or a small networking event, you need to ensure that you install all your production equipment safely. Any faulty systems could break and cause damage to property or attendees.
Event organizers need to have specialists there to monitor all equipment to avoid any accidents.
Properly managing vehicles arriving or departing the event is another vital component for success. Even organizers need to have a team that can direct traffic flow efficiently to avoid any complications.
Managers can invest in equipment that is designed to help manage large amounts of vehicles.
Operational risk involves any problems that arise due to poor event managers. It can include not following safety procedures, installing equipment correctly, or anything that prevents the event from running smoothly.
To avoid operational risk, management teams need clear communication between event organizers and employees.
How BRSS Can Help
B&B Roadway and Security Solutions have helped countless event organizers ensure their projects run with minimal issues and headaches. We provide a vast array of equipment and services to reduce event risk and maintain safety and security for everyone involved.
Want to see how we can specifically help keep your event safe? Contact our team today for more information.
If you want to keep control over your event, BBRSS can provide you with durable wedge barriers designed for populated areas. These barriers are designed for impact and can even stop vehicles trying to enter at high speeds.
We also offer several other barrier types that might be more suitable for your specific event.
If you need a dependable barrier to regulate which vehicles go in and out of your event, then our crash gates are worth checking out. These durable gates have both automatic and manual functions and are perfect for perimeter security.
Any intruder who tries to crash their way into your event will be stopped right in their tracks.
Although our warning gates typically help add security around ports and train tracks, they can work wonders for keeping tight vehicle control at a large-scale event. Companies can opt for a manual warning gate that temporarily blocks off certain roads and lanes.
Is your event happening near the water? If so, you may need to invest in some reliable navigation lights. These lights can perform a vast array of functions that keep all boats and vehicles safe.
We can configure your lighting system to be more appropriate for your unique situation.
Are you looking to take your security protocols to greater heights? Check out our safety integrations page to learn how our systems can help.
No doubt, running an event can be stressful. With all the safety and security risks, it requires a competent team of alert professionals to get the job done right. Fortunately, adding superior safety solutions can reduce most of the headaches.