Have you heard about performance insurance? It is one of the best ways to secure your events against some of the most common risks. As an event organizer you should never leave anything to chance and this is where performance insurance becomes your perfect safety net. While musical events such as an orchestra or a rock concert can be huge money spinners, there is always an element of risk involved with these events. When you have large crowds coming for such events, there are many things that can go beyond your control.
When we talk about performance insurance it often comes packaged in different names. If you are organizing an orchestra, you would need to buy an orchestra insurance and similarly for different types of musical events there are different insurance plans that are tailored to meet different requirements. To understand the importance of performance insurance, it is important for you to understand the kind of risks associated with organizing these events.
• Event Cancellations – There are a number of things that can lead to an event getting cancelled. From bad weather to artists not turning up for the event the list is virtually endless. As an event organizer you are in a complete mess as you would have spent on hiring a venue, paying the artists and also running an ad and publicity campaign. And now you would have to pay back to your sponsors and also fans who have bought the tickets. These can result in loss of hundreds of thousands of dollars and having the performance insured can save the day.
• Injuries – This isn’t something that is unheard of at music events. The crowds can turn violent or there can be a stampede when some of the fans are overwhelmed by the music. In case of bodily injuries, you would have to deal with numerous third-party claims that don’t only affect you financially but also hurt the reputation of your company. Luckily if you have a performance insurance plan all these claims and compensations would be taken care of by the insurer without you even having to bother about them. This will also save you from legal hassles often associated with such unfortunate events.
• Theft & Damage to Instruments/Venue – God forbid if your performer’s instrument is stolen or damaged due to one of your unforeseen mistakes you would have to adequately compensate them. If you have signed the top performers for your event the bill for repair or replacement of the instrument can be astronomically high. Same applies for the venue where the event is being organized. Performance insurance cover you against all such risks and in fact top artists and venue owners would insist on this type of insurance before you can sign a contract with them.
Performance insurance would take care of all these risks associated with the event. It is important for you to find the right insurance company that offers you a tailored plan to meet your niche requirements. This will ensure that along with the cover you also enjoy complete value for money.
When we talk about performance insurance it often comes packaged in different names. If you are organizing an orchestra, you would need to buy an orchestra insurance and similarly for different types of musical events there are different insurance plans that are tailored to meet different requirements. To understand the importance of performance insurance, it is important for you to understand the kind of risks associated with organizing these events.
• Event Cancellations – There are a number of things that can lead to an event getting cancelled. From bad weather to artists not turning up for the event the list is virtually endless. As an event organizer you are in a complete mess as you would have spent on hiring a venue, paying the artists and also running an ad and publicity campaign. And now you would have to pay back to your sponsors and also fans who have bought the tickets. These can result in loss of hundreds of thousands of dollars and having the performance insured can save the day.
• Injuries – This isn’t something that is unheard of at music events. The crowds can turn violent or there can be a stampede when some of the fans are overwhelmed by the music. In case of bodily injuries, you would have to deal with numerous third-party claims that don’t only affect you financially but also hurt the reputation of your company. Luckily if you have a performance insurance plan all these claims and compensations would be taken care of by the insurer without you even having to bother about them. This will also save you from legal hassles often associated with such unfortunate events.
• Theft & Damage to Instruments/Venue – God forbid if your performer’s instrument is stolen or damaged due to one of your unforeseen mistakes you would have to adequately compensate them. If you have signed the top performers for your event the bill for repair or replacement of the instrument can be astronomically high. Same applies for the venue where the event is being organized. Performance insurance cover you against all such risks and in fact top artists and venue owners would insist on this type of insurance before you can sign a contract with them.
Performance insurance would take care of all these risks associated with the event. It is important for you to find the right insurance company that offers you a tailored plan to meet your niche requirements. This will ensure that along with the cover you also enjoy complete value for money.
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