What Is Prize Insurance?

Imagine giving your customers, donors or fans the chance to win a year's tuition, a brand new car, or even $1,000,000 - and not having to worry about writing a giant check when someone wins. 

That's the power of prize insurance from Odds On Promotions. 

Prize insurance, known officially as prize indemnification insurance, works a lot like any other form of insurance, except that instead of insuring your car or home against damage, you are a paying a premium to eliminate the risk of paying for a prize if someone wins your contest or promotion. 

Prize insurance coverage gives marketers the ability to offer spectacular, attention-grabbing prizes that can be used to amplify engagement, create foot-traffic, motivate consumer behavior, generate sales, boost donations and increase publicity - all for just a fraction of the actual cost of the prize.

The cost of prize insurance is based upon three things: the value of the prize you want to give away, the probability of the event occurring, and the number of attempts made to win the prize.  

Simply put,  a very difficult contest with a very small prize that only a few people will attempt to win will be less expensive than a very easy contest that has a lot of contestants trying to win a really, really big prize. 

Prize indemnification insurance is very flexible. You can insure just about any contest or promotion, in nearly any location from halftime at a football or basketball game to a trade show floor, casino or retail store.  

And best of all, when you have a winner, Odds On will be there to pick up the tab. 

For more information, give us a call today at 888-827-2249.