Things happen. That’s just the way life goes. Oftentimes they happen when you, the event organizers, least expect it. Take the Dallas Marathon, for instance. Major weather issues are the last thing on anybody’s mind for a Texas event. Seriously, it’s not like all of the sudden there’s going to be an earthquake or a hail storm in Texas, right?
But you know what happened in 2013, after 42 years straight of never being cancelled? Yup, a hail storm. A really bad one. And yes, the event had to be cancelled. Who knew.
You don't have to get statistics from an online registration company and you don't even need to debate global warming to see that more and more endurance events are being canceled every year due to uncontrollable circumstances. Hurricanes (NY Marathon), lightening strikes (Illinois Marathon), tornadoes, snow storms, terrorism… you name it, it’s happening.
So what will happen to you if your event has to be canceled?
If you don’t know, let me tell you: it’s not fun. Cancelling an event due to uncontrollable circumstances will set you on a rough journey that could take years to get out of. Let's look a little closer why.
You’ve got hundreds if not thousands of participants who paid their hard earned money to register for your event. They were excited for it. They trained for it. Now the event is not happening and they want their money back. They *demand* their money back. They send threatening notes to you, the race director, because after all you’re the one responsible - or so they believe.
But it’s not like you put all the registration money under your mattress to save for a dreadful day. No, you had to spend money to get ready for the event. So how are you ever going to refund your athletes and maintain happy participants without the money to do it? Are you going to not refund them and have them take to social media about your bad business behavior - and suffer the low participation consequences? Or are you going to go into major debt in order to pay them all back and risk keeping the company alive?
Let me give you a tip: you really need event cancellation coverage.
Which brings us right to the 3 Really Good Reasons Why You Really Need Event Cancellation Coverage. Really.
1. NEW REVENUE
You’ve got two choices: You can either spend money by getting event cancellation coverage, or you can make money by getting event cancellation coverage. If I were you, I’d opt to make money.
Events are spending between $10k - 30k to get event cancellation insurance. If you work with an online registration company that provides it (oh looky, imATHLETE is the only one that does that as of this writing!), then the cancellation coverage costs you a whopping total of $0 to cover all participants. PLUS, you get a percentage back on each registration just for electing to cover your participants.
Yup, you make more money by being smart.
2. MORE PARTICIPANTS
Every year, participants are signing up for events later and later. They are doing this because they don’t want to risk not being able to participate. By offering cancellation coverage, you are giving participants peace of mind. And by showing you care about them, word will spread. People want to do events where they feel appreciated.
3. BETTER SLEEP
You’ve got a lot of things to stress about, why should refunding participants be one of them? With cancellation coverage you can generate more revenue and keep your participants happy. That alone will help you relax just a little bit more knowing that we’ve gotcha covered.
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