There are a lot of risks involved in the concert business: from equipment damage to a cancelled event, you and your business can be put at fault. But what many concert promoters forget is how their insurance can help: many policies can cover unexpected events and consequences that result from this business. Here's some common types of insurance for your concert business that you should consider for yourself, you business, or any employees that work for you.
Personal/Professional Liability Insurance
Personal liability insurance typically shields you from third-party lawsuits or faults in the event that you or your business are held responsible for mishaps, mistakes, and damages. For example, a scheduling mistake on your part can lead to a loss gig, which would breach your contract. Personal and professional liability will help protect your company and business in these instances.
General Liability Insurance
General liability insurance covers aspects of your job that cannot control, such as crowd violence or destruction. Some venues will not book an event without general liability insurance, especially if the band's genre is associated with physical risk (such as rock or hip-hop shows). Actions like stage diving, destruction of property, or moshing are accounted for under this type of insurance.
Non-Appearance or Event Cancellation Insurance
Your event or tour is always at risk of a cancellation or artists non-appearance due to unforeseen or uncontrollable circumstances. Non-appearance insurance can protect you from any liability if your artist fails to make an appearance and fulfil their contract. In addition, event cancellation insurance can also reimburse you for any loss in revenue.
You'll want an insurance plan that covers the assets you own and the equipment you use for events and tours. In addition, you should opt to buy insurance for equipment that you rent. This is usually provided as an option in a contract with a rental company, but you can also get your own coverage as a back-up.
Whether you're driving a personal or company car to pick up artists at the airport or if you hire a driver for a tour, you should have car insurance. Car insurance will help you in the event of an accident and cover damages or repairs. You'll need to purchase car insurance (or opt to use your own) if you rent a car or van. If you're hiring a company or driver for a tour bus, make sure that the company provides insurance for their drivers. If your business only uses a car or van a few times a year for special tours, you might be able to get a one-time policy that will cover you for the entire trip.
Travel insurance is usually an option when you buy a plane, bus, or train ticket. It can come in handy, especially if you miss a flight, need to re-book tickets, or must cancel a trip altogether. The extra fees for travel insurance are definitely worth it, especially for international acts.
Touring and event planning can take a toll on your health, especially if you travel abroad. In the event of sickness or an emergency, you will need medical insurance to get the help you need without paying extravagant fees. You'll also want to consider out-of-state or international health coverage, which will allow you to get treatment outside of your base location, or cover different antibiotics and vaccinations.
Depending on your event, you might opt for other speciality insurance plans. For example, if you have fireworks go off at the end of a concert, you'll need pyrotechnics insurance to cover any mishaps, injuries, or failures from using pyrotechnics. Another speciality insurance option includes weather insurance, which can help offset losses in the event that the weather (rain, snow, sleet, etc.) leads to a loss of attendees.
Many insurance companies might provide inclusive coverage that includes the mentioned policies above, or will allow you to choose which policies you want. Overall, it's best to shop around for the best deal and find companies that are experienced in the music industry.
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