Live Event Attendance Rebounds: What Brokers & Insurance Agents Should Know

After years of nosediving attendance, live event ticket sales and crowds are back to pre-COVID-19 pandemic levels. A recent report suggested that over 60% of marketers plan to host in-person events in the coming year.

Industry leader Live Nation had a record-breaking Q1 2023, recording $3.1 billion in revenue—a 73% increase from Q1 2022—and 19.5 million event attendees. 

While these statistics are comforting for an industry that took a large hit during the COVID-19 pandemic peak years, they also highlight a significant problem in the industry: getting adequate insurance coverage.

While the live entertainment insurance market has always been unique, many carriers have restructured existing policies and introduced new exclusions, others have left the market entirely, and rates have fluctuated.

These sentiments may be worrying if you work with clients seeking insurance for large events or live entertainment events. However, the keys to success are being prepared, patient, and starting early.

Learn more about what to expect in this market and how you can help your clients below.

Have questions or ready to speak with a member of our team about your insurance needs? Contact us today!

Understand Policy Restructuring

As an agent or broker working in the music festival and live events insurance program space, you must invest time to learn more about how carriers are tweaking their coverages. Some of the most important aspects to review and speak with carriers or industry experts about include existing policy exclusions.

Language to look for, particularly when reviewing commercial general liability policies, is whether the policy provides coverage for onsite or offsite special events in general, whether only declared events are covered (i.e., declared events exclusion), and whether the policy includes spectator liability coverage. 

Another critical component to review is the policy exclusions, as policies may exclude coverage for certain everyday event items, such as thrown objects, bleachers, and tents.

Assuming a client is covered in any of these scenarios could devastate their business. Agents and brokers should review each client’s policy carefully to fully understand the gaps and deficiencies and adequately advise them to purchase additional, targeted lines of coverage.

Shop for Live Entertainment Insurance Early

After reviewing a client’s existing policy, you’ll likely find that their coverage doesn’t fully cover their exposures or effectively mitigate their live entertainment event risks. That’s where you’ll need to prove your value as an agent and broker. 

You’ll need to act early and work with an insurance provider with expertise in your event type. This will ensure your clients can acquire liability and special event policies that provide targeted insurance for large events.

The live entertainment insurance shopping experience can take time, as not every policy is right for every client. Finding the best-suited policy for a client may take a few weeks or months. Additionally, policies may impose waiting periods, so time is of the essence. Starting early, being prepared, and being patient are keys to success.

Insurance for Large Events, Festivals, Concerts & More

Event Insurance Now has been a wholesaler for special events and entertainment risks for over three decades. Because we have a large network of carriers in a variety of markets, brokers, and agents also come to us for help with policies.

Our online platform is designed to allow agents and brokers nationwide to instantly quote and find several classes of special events. Plus, we offer a 10% commission on most products with no volume commitment. 

Whether you’re representing a talent act or a vendor, Event Insurance Now is here to help ensure your clients get the coverage they need. Contact us today to get started.