Is Live Entertainment & Concert Insurance Worth It?

 In Live Entertainment Insurance

In 2023, the concert and event promotion industry is expected to reach $65 billion. The positive growth trends don’t stop there. There’s a huge demand for live entertainment and people are more than willing to spend money on great experiences.

Event planners and promoters are upping their games to ensure their live events deliver the fun, excitement, and safety guests expect. To deliver a phenomenal experience and avoid costly unknowns, agents, brokers, and event planners are invested in finding the best music festival and live events insurance programs.

Event Insurance Now offers concert insurance packages that cover the many risks that come with putting on a live performance. Whether it’s the potential risks that may affect the show or accidents that occur during the performance, event insurance will keep you protected. Live entertainment insurance will help you avoid financial loss and damage to your reputation, while also safeguarding you from unwanted claims.

Want to learn more about our policies? Contact our team today and we’ll tailor an insurance package to fit your needs. Agents and brokers are encouraged to create an account to get started.

A city at night with lightening.What Exactly Is Concert Insurance? 

Concert insurance is a type of event insurance coverage designed to protect organizers from financial losses or liabilities associated with hosting a concert or live music event. Concert insurance can cover several risks that could impact a live performance, including:

  • Event cancellation 
  • Non-appearance of artists 
  • Property damage 
  • Public liability
  • Weather-related issues 

While liability insurance covers you if people or property are damaged at your concert, cancellation coverage offers protection if you need to cancel the event for some reason. All policies differ, so be sure to speak with your insurance agent about coverage types and cancellation policies.

Risks Associated With Festivals & Other Events  

Make no mistake about it, live concerts are massive productions that take serious planning and investor money to pull off. Whether it be a single concert or a music festival, live performances are complex affairs that must be carefully managed to ensure people have fun, while also staying safe. 

People sitting in the grass at an outdoor festival.Some significant risks to consider for concerts and festivals include:

Financial loss: Concerts involve significant investments in terms of booking artists, renting venues, promoting the event, and setting up equipment. Without proper financial coverage, you risk all your investment money should the performance be postponed or canceled. 

Event cancellation: Concerts can be vulnerable to factors beyond your control. Without the right coverage, you will lose out on expenses like venue costs, artist fees, and marketing expenses should you have to cancel the show. 

Artist Non-appearance: If a scheduled artist fails to appear at the concert due to illness, accident, or other reasons, it’s important you cover yourself with non-appearance coverage. Otherwise, you are vulnerable to lawsuits. 

General liability: Concerts involve large crowds and various potential risks. With thousands of guests in attendance, there are many ways for people and property to get damaged. General liability coverage will keep you protected. 

Property and equipment damage: Concerts require expensive equipment, staging, lighting, and sound systems. It’s important you insure against theft, accidental damage, or other covered risks with property and equipment damage coverage. 

Weather issues: Outdoor concerts are particularly susceptible to adverse weather conditions, which can impact attendance or lead to event cancellation. Without weather insurance, you are left vulnerable to lost revenue or cover additional expenses incurred to reschedule the event.

A man sitting at a sound board at a large concert.3 Insurance Coverage Terms to Be Familiar With  

To ensure you have the best possible coverage for concerts and live performances, our team recommends you familiarize yourself with the following terms: 

  • Commercial general liability: Protects businesses from lawsuits resulting from bodily injury and property damage caused by their operations. 
  • Vendor insurance: Protects concessionaires, exhibitors, and vendors against any claims and lawsuits that arise from their participation in concerts and other events. 
  • Rented equipment insurance: Safeguards the concert equipment that a business rents out to other entities – such as promoters, organizers, and bands. 

Protect Your Show With Concert Insurance  

While concerts can be extremely lucrative events, you must protect yourself with the right insurance coverage. If you need concert insurance, Event Insurance Now has a music festival and live events insurance program that will fit your unique needs. 

Event Insurance Now also partners with brokers and agents to help them expand their network and insurance offerings. We have an easy-to-use online event insurance application, as well as a knowledgeable team standing by to answer any questions you might have. 

Contact us today to get started! 

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Large crowds at live events.Outdoor concert event with a huge crowd enjoying music and sunshine.