Experts urge firms to get proper insurance coverage

MANILA, Philippines - Experts urged companies to secure proper insurance coverage to better prepare for unexpected events such as disasters and other hazards.

Circles Asia Pacific Group regional director Tommy Elliot said there are various packages that companies could tap to equip them in case of unforeseen events.

Elliot, who is also head of Circles Asia, said there are standard packages to cover unforeseen events such as cancellation, inclement weather, earthquake and other liabilities.

“There are things beyond your control,” he added.

Based on the experience of Circles over the past 17 years, he said the company has been able to provide coverage for various unforeseen events such as cancellations including concern cancellations and no-shows of performers in such events.

During a two-day forum, experts said disasters have already translated to the lost of lives and businesses globally. Every year, it is estimated that 28 million have lost their homes because of disasters.

Specifically, experts said there are two types of interventions to prevent disasters including the construction resilient buildings and structures and the education of communities on disaster response.

For his part, Metropolitan Manila Development Authority chairman Thomas Orbos said everyone including companies and government agencies should be aware of the threat of both natural and man-made hazards.

He said understanding disasters should be everyone’s business and proponents must prepare for the pre event, main event and post event.

“Any event can be a potential hazard risk. You need to understand fully your event,” Orbos said.

He said it is important to know the place, the geographical landscape, the nearest hospitals, fire stations as well as a major traffic plan.

“You also need to have a crisis manger. He should be part of overall preparations for the event from the very beginning,” Orbos said.

Companies holding events should also form a crisis management team including security, medical experts and a spokesperson who could talk to the media if a disaster strikes.

The forum dubbed as EventWise focused on Risk Reduction and Crisis Management organized by the Advertising Foundation of the Philippines, together with Unilever Philippines Inc. and the Kapisanan ng Brodkaster ng Pilipinas.