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Insured Prize Promotion & Contest Insurance FAQs

What is an Insured Prize Promotion?

An Insured Prize Promotion allows a business with a nominal marketing budget to run a promotion that offers an exciting, potentially life changing prize by insuring the competition against a large prize payout. This Contest Insurance allow the promotion to offer big prizes even with a limited and defined budget.

Why is Insured Prize Promotion important?

Nationally there are over 60,000 promotions with prizes each year so it’s so important that your competition or promotional event attract attention with a prize that promotes the competition and stands out from the crowd. Insuring your prize promotion is critically important to the success of your marketing campaign.

With Contest Insurance, even a low budget prize promotion can offer an exciting prize ranging from a new car to a million dollar cash.

The right prize promotion insurance will indemnity your business by insuring your contest from unexpected large prize payouts.

Why Are Insured Prize Promotions So Good?

Insuring your Prize Promotions with PrizeTech lets you fix your budget. Even if the competition is won multiple times, there is no risk to you. In fact with prize indemnity insurance you’ll be hoping the competition prize is won.

By insuring your contest and limiting your cost you can then embark on an exciting promotion offering awesome prizes.

These insured prizes help make sure your event is more exciting, more successful and leads to more sales, data capture or marketing exposure.

PrizeTech can help you develop a really exciting event for your business by insuring your competition.

An example of an Insured Prize competition is a Hole-in-One golf Competition.

Hole in One Golf Competition with Promotion Prize Insurance.
Hole in One Golf competition insured with PrizeTech Promotion Prize Insurance

Hole in One Golf competition insured with PrizeTech Promotion Prize Insurance

A Hole-in-One golf contest is a great way to promote your charity golf event where PrizeTech will insure your prize and take all the risk for paying out the prizes. This allows you to promote an exciting attractive prize ensuring a successful event.

What Prizes Can We Offer?

We can insure any prize! Or anything that’s legal (there is the odd prize our MD might veto).

Some of the prizes we’ve insured over the years include a million dollar prize in cash, luxury cars, boats, holidays and varied technology prizes.

In our ‘safecrack’ promotion you can use anything from your own products through to a car (we usually put the keys and a model car in the see through safe), a property (we put the keys and a property title) or a stack of money or fancy holiday (tickets look good in the safe).

Do You Only Sell Insured Promotions?

Although we specialize in contest insurance some promotions do not require insurance.

An example is our “SafeCrack Promotion” which is a clear “see through” safe that operates like a real safe require the contestant to crack the combination to win the visible prize inside the safe.

This safe is programmed with anything from 1 to 12 digits and is filled with your products or other prizes. These won’ be insured.

Or you might want a mix of insured and uninsured prizes. That’s another FAQ.

Tell Me About the Mix of uninsured and Insured Prizes

There are many ways to run promotions, including have a mix of insured and uninsured prizes.

You might start the prize promotion with uninsured lower value prizes and then move to insured prizes as the promotion evolves. This might change during the day for a single day promotion or over time for a longer term promotion.

Or you can even run both insured and uninsured prizes simultaneously – the lower value prize is uninsured but easier to win. It creates yet another layer of excitement as the contestants have to choose which option they will try for.

What Prize competition is best for your Promotion or Competition?

You’ll need to discuss this with PrizeTech.

Many variables including demographics, business area and the time of year can impact the success of your event.

Because we specialize in Contest Prize Insurance we can customize a marketing promotion to suite your business and budget.

How Long Does It Take To Arrange The Insured Promotion?

Usually, we can have your promotion prize insurance active within 48 hours.

As we work on an authority from Lloyds of London we do all probability insurance in house.

PrizeTech provides the insurance, pre-draw facility to comply with state regulations, legal compliance, permits and even the draw technology.

What Support can I expect with my contest prize insurance?

If you have any problems with the promotion or draw we have a 24/7/365 help desk operating in Australia!