According to the Federation of Small Businesses, as many as one in ten people may have missed work last week as much of Britain was blanketed in thick snow.
Early estimates from insurance group RSA have put the cost to the UK economy at up to £690m a day.
Hiscox has been contacted about several trade fairs and seminars that had to be cancelled because so few exhibitors and delegates could get to them.
"Who would have predicted that we'd have the worst winter since perhaps the 1960s? When the unexpected occurs, like this cold snap, the only ray of sunshine for event organisers can be the peace of mind of cancellation insurance," said Hiscox events insurance expert Ed Pugh.
He advises organisers to buy event insurance as early as possible. "You can get a policy as soon as you have started paying for your event. Buying early will cover you for a longer period of time, often at a lower cost than insuring closer to the event date.
"If you wait too long to buy your insurance, you may not get all the protection you want. You may not get cover for adverse weather, for example, if forecasters are already predicting it."
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