As a concert promoter your first event is always the most challenging one. There are many things that can make you anxious and apprehensive. At the end of the day to create the perfect show you need to get everything in place, right from signing up with the artists to hiring the venue and taking care of all other logistical issues related to the event. However uncertainties are one thing that you need to always bear in mind when you have live musicians and their expensive instruments and audio equipment.Organizing a concert without any insurance coverage can prove suicidal if things don’t work according to your plan. But before you purchase concert insurance it would be worth asking a few questions to the insurer and here we take a look at some of these questions.
How Would The Premium Be Determined?
The premium you pay should be based on facts rather than assumptions. At the end of the day the premium amount must be financially viable as this is a cost that would be included in your investments and something that you ought to recover through ticket sales and sponsorships for the event. The premium should be determined on the type of event, amount of coverage, number of attendees and other potential risks associated with the event.
Does It Cover General Liability?
While it may seem obvious for concert insurance to cover general liability but is advisable that you as your insurer about this to avoid falling in the trap of dubious insurer and there are a few out there for your information. In fact without general liability coverage it would be impossible for you hire the desired venue for the event as it has become the foundation of all concert insurance plans.
What about Their Concert Cancellation Policy?
This is one of the most important questions that you need to ask when you are seeking concert insurance. It is no point in purchasing an insurance that doesn’t cover cancellation of the programs. There are thousands of things that can go wrong and lead to the cancellation of the event such as bad weather, non-appearance of the artists or some other kind of problems. In such an eventuality the insurance provider should reimburse you the lost revenue. The compensation amount is influenced by a number of factors such as your investment in the event, ticket sales, sponsorships etc.
Do They Provide Vendor Insurance?
While this isn’t a must but if you are planning to set up food and merchandize stalls alongside your concert it is advisable that you look for this coverage. While vendors in most likely cases would have their backs covered up against instances of theft and vandalism getting a vendor coverage safeguards you against any and all liability for what is being sold at the event.
There are few companies that offer concert and audio equipment insurance and hence it is important for you to check out their rankings and ratings before you purchase a cover from them.
How Would The Premium Be Determined?
The premium you pay should be based on facts rather than assumptions. At the end of the day the premium amount must be financially viable as this is a cost that would be included in your investments and something that you ought to recover through ticket sales and sponsorships for the event. The premium should be determined on the type of event, amount of coverage, number of attendees and other potential risks associated with the event.
Does It Cover General Liability?
While it may seem obvious for concert insurance to cover general liability but is advisable that you as your insurer about this to avoid falling in the trap of dubious insurer and there are a few out there for your information. In fact without general liability coverage it would be impossible for you hire the desired venue for the event as it has become the foundation of all concert insurance plans.
What about Their Concert Cancellation Policy?
This is one of the most important questions that you need to ask when you are seeking concert insurance. It is no point in purchasing an insurance that doesn’t cover cancellation of the programs. There are thousands of things that can go wrong and lead to the cancellation of the event such as bad weather, non-appearance of the artists or some other kind of problems. In such an eventuality the insurance provider should reimburse you the lost revenue. The compensation amount is influenced by a number of factors such as your investment in the event, ticket sales, sponsorships etc.
Do They Provide Vendor Insurance?
While this isn’t a must but if you are planning to set up food and merchandize stalls alongside your concert it is advisable that you look for this coverage. While vendors in most likely cases would have their backs covered up against instances of theft and vandalism getting a vendor coverage safeguards you against any and all liability for what is being sold at the event.
There are few companies that offer concert and audio equipment insurance and hence it is important for you to check out their rankings and ratings before you purchase a cover from them.
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