Daniel Gialanze explains how $1 million game show prizes are given away, when you don’t have $1 million!

23 May 2018

 

Can insurance help boost my startup’s market profile?

 

Yes it can.

 

We’ve all seen people win big on TV shows like Who Wants to Be a Millionaire or radio programs giving away high value prizes or cash.  But did you know these campaigns are backed by insurance?

 

It’s called Prize Indemnity insurance and while it’s not a widely known form of cover, it’s something you could consider to support marketing campaigns and grab the attention of your target audience.

 

Imagine offering your first 10 clients the opportunity to win a prize worth $50,000 or even $1 million?  Prize Indemnity insurance means a promotion of that size could be within your reach.

 

Essentially if the “jackpot” or major cash prize is won and needs to be paid out, it is the insurance company who take on that risk and pay it, rather than the company running the competition.  The company just needs to pay the insurance premium which is very flexible depending on the value of the prize and the probability of it being won.

 

It can certainly be an option to boost your startup’s market profile.

 

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