There are many reasons why a business might choose to offer a prize. It could be to promote a new product, to generate interest in a service, or simply to thank customers for their loyalty. Whatever the reason, if there is a prize involved, there is also a risk that it could be won.
This is where prize indemnity insurance comes in. It protects businesses from the financial loss that could occur if a prize is won. The policy will pay out a sum of money to the business, which can then be used to cover the cost of the prize.
This type of insurance is particularly useful for businesses that offer high value prizes, as the pay-out could be substantial. It is also a good idea for businesses that are running a promotion for the first time, as they may not be aware of the potential risks involved.
If you're considering offering a prize, make sure you're protected with prize indemnity insurance. It could save your business a lot of money in the long run. Contact us today to get a quote.
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