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If you’re in the events and entertainment industry, you need to consider a lot of factors to grow and protect your business. One of them is insurance coverage to safeguard you against potential mishaps and costly medical bills or liability claims that could bankrupt your entity overnight!
How do you go about getting the best public liability insurance for events? Read on as we share useful tips and make sure you have the right insurance solution for your events and entertainment business from the start.
5 Ways to Get the Best Insurance Coverage in the Event Industry
1. Find Insurance Specialists Who Have Experience in Your Industry
The events and entertainment industry comes with specific requirements, especially when you need to comply with the regulations governing this sector. The Australian Consumer Law clearly outlines the rights of the customer when any of the following situations, or similar ones, happen:
Ticket buyers may ask for a refund if an event is cancelled.
Customers may claim for loss of funds such as air flights or accommodation if the event doesn’t take place.
Skilled insurance providers offer viable solutions that let you comply with these obligations without financially sinking your business.
2. Pick an Insurance Company That Provides Specialised Solutions
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Australians are always on the lookout for a good live experience and it’s not always a theatre show in a controlled interior space! The events and entertainment sector is vast and includes various live experiences such as:
Jazz festivals
Rock concerts
Country festivals
Winery events
Markets
Amusement park rides
Specialised insurance solutions take into consideration your unique services and products and cater to possible scenarios that need proper coverage against expensive claims. When picking an insurance company for your leisure business, ensure they’re equipped to handle the wide variety of events and entertainment risks that could happen to your business.
3. Find Insurers Who Can Write Up Enough Liability Cover
Operating in the events and entertainment sector isn’t cheap and putting on a show that draws the crowd requires major investments. Not only does public liability insurance protect you against sudden mishaps, such as bad weather or injuries, but it saves you from ruining your bottom line when things go wrong.
However, the insurer needs to write up enough liability cover to protect your events business. This could be anything from $20 million or more, depending on what entertainment you’re offering your customers. This is particularly important for businesses running amusement parks that need exceptional coverage for:
Amusement park rides
High-risk entertainment devices
While premiums are higher for more liability coverage, you must plan to have enough to protect yourself and your business should the unexpected happen.
4. Ask What Benefits an Insurance Company Can Offer You
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Every insurance company will have its own set of benefits they can offer their clients. When looking for an insurer who knows the events and entertainment industry requirements, ask them what they can do to make their company more attractive to a competitor.
Some benefits to look out for:
Assurance that risks are transferred as and when they should be.
Recommendations for alternative management methods that could reduce your risks.
Proper risk assessment of your organisation while demonstrating professional corporate governance towards stakeholders.
Transparency in the insurance market when transferring your risks.
The key benefits of an insurance company should talk to the unique risks and needs of the events and entertainment sector. Knowing this will give you peace of mind that you’re getting the best insurance coverage for your live entertainment business.
5. Find Out if You Can Book a “No Obligation” Consultation
You want to do your homework before making a final decision on which insurance company you’re going to use. Your research should include a consultation with an insurer who can answer your questions and provide the right solutions for your business.
Having the option to book a “no obligation” consultation puts you under no pressure to take the first insurer on your list!
Tip: before going into an appointment with a potential insurer, make sure you know what you want to ask to get the best risk advice for your entertainment company.
Consider the following questions:
How much does public liability for my specific business needs cost?
What does public liability insurance for events cover?
How much public liability insurance do I need?
Can you get public liability insurance for one event?
What can be claimed on public liability insurance?
Knowing what public liability insurance can and can’t do for you, ensures you get the right coverage when hosting live events for the general public. Also, you’ll know what to expect in crisis situations and how your insurer can assist. Understanding their roles help you manage your expectations and you can make additional plans if necessary. Furthermore, you’ll understand what risks are best to never take on.
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Final Thoughts
Running an events and entertainment business is thrilling, hard work and comes with its fair share of pitfalls! Having the right insurance coverage ensures your entity mitigates potential risks that could see you closing doors. Working with the best insurance partner lets you get on with what you’re meant to be doing knowing that you’re safe from (certain) future problems.
In conclusion, securing comprehensive insurance coverage is essential for events and entertainment businesses to mitigate potential risks. By following these tips, such as finding specialized insurers and ensuring adequate liability cover, you can safeguard your entity and focus on delivering memorable experiences for your audience.
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