Live Concerts on the Rise: What Insurance Agents Need to Know
With summer right around the corner, event organizers and promoters are gearing up for another live concert season. While concerts are a great way to generate revenue, they are also complex affairs that require strategic planning and the right vendor event insurance. Yet, no matter how much planning you do for a concert, cancellations, delays, and accidents can happen.
Since the global live music industry is set to exceed pre-pandemic levels in 2024, there is ample opportunity to cash in on the season. Event Insurance Now put together this brief article to educate entertainment insurance brokers on live concerts, while also highlighting insurance coverage best practices.
The 2024 Summer Concert Season is Expected to Hit Record Highs 
When it comes to live music, concert promoters are pulling in more money than ever before in history.
In 2023, the top 100 North American tours earned 39.5% more than in 2022. The average gross per tour surpassed $2 million for the first time, a 54.85% increase. Ticket sales in the U.S., Canada, and Mexico were up 14%, with average attendance per show rising by 27%. With so much momentum in the industry, all eyes are on 2024 as a record year.
What are the Risks Associated with Special Events & Live Concerts?
With large overhead investments and thousands of people gathered in a single venue, many important variables must be accounted for:
- Weather
- Infrastructure failure
- Traffic and parking
- Crowd control
- Property damage
- Drugs and alcohol
- Attendee injury
Tips for Having a Safe & Successful Live Concert Event
To maximize opportunities during the 2024 summer concert season, organizers and insurance brokers should follow these tips for success:
Know What to Expect
A big part of executing a safe and profitable live concert is knowing what to expect. For example, are you planning an outdoor concert in a location that is prone to severe weather? Moreover, do you know what types of fans will be in attendance? Is it a big drinking crowd, or is the concert more of a family affair? Asking yourself these types of questions will help you anticipate potential problems.
Have Contingency Plans in Place 
Long before the live concert date, venue operators, insurance brokers, and security managers should come together to establish contingency plans. For larger events, holding discussions with the local police force is also a requirement. Pre-planning ensures everyone knows exactly what to do if an emergency like severe weather takes place.
Get the Right Entertainment Insurance
You also need to have the correct special event insurance to keep yourself protected:
- Cancellation coverage: Protects event organizers from financial losses in case the event is canceled, postponed, or moved due to specific risks outlined in the policy.
- Liability insurance: Shields you from claims made by third parties for bodily injury or property damage. These claims could come from the venue owner, workers, or attendees if an accident happens before, during, or after the concert.
Live Entertainment Insurance for Brokers
Our online platform was designed for agents and brokers to instantly quote several classes of special events including live concerts. For agents and brokers, we offer a 10% commission on most products with no volume commitment.
Besides single events, we also provide long-term and annual policies. Whatever your entertainment insurance needs, our knowledgeable team is standing by to address any inquiries. Contact us today to speak with an expert about your unique insurance needs.
