Tuesday 19 January 2016

Performance Insurance Helps You Deal with Mishaps and More

Are you planning to organize a musical tour or an outdoor festival? You would want a jam packed event where the performers woo the crowd. This guarantees you success as an organizer and lets you earn healthy return on your investment. But when large crowd gathers at a venue there is always the risk of something going wrong. If you keep a tab on the events in the music and glamour industry you would have come across numerous incidents in the last few years when fans have gone violent or a musician has suffered injuries due to stage equipment.

Recall the Sugarland Concert in 2011 when 7 people died and dozens others were injured when a stage collapsed. While you would take all precautionary steps to prevent such ugly incidents you still need to prepare for all the eventualities. This is where you need to buy performance insurance as this will protect you from different kinds of risks associated with organizing large musical and entertainment events. These insurance plans aren’t only meant to safeguard you financially but also protect your brand name. As an event organizer you surely wouldn’t like to earn bad press that highlights your negligence.

The Odds of Mishaps Are High       
The odds of mishaps are much higher than you would imagine. As we have already mentioned when there are large gatherings, the chances of incidents and accidents magnify. You would have little control over how the fans react to the performance on stage or when a few unruly fans get into a brawl leading to injuries to others. Add to it the fact that you would need to arrange electricity and sound equipment which are both expensive to hire and can result in injuries to fans. When musician perform on makeshift stages, you are always seconds away from a mishap. Performance insurance would come to your rescue as this will help you deal with all third-party liability claims resulting out of such incidents. In fact many venues make it compulsory for you to have such insurance protection before letting you organize your event.

Protection Beyond Mishaps           
As an event manager you shouldn’t equate performance insurance with something that merely protects you from mishaps as there are many other risks associated with an event. To start with musicians pulling out of concerts due to illness or failing to arrive at the place of their performance isn’t unheard of. The weather gods may also not be kind to you and the event may need to be cancelled due to bad weather. Though these things are beyond your control, they can result in huge financial losses after you have invested lots of money in organizing an event. These are situations where insuring the event proves to be useful as these shield you against all financial losses that can arise when an event needs to be cancelled.


Before you buy a performance insurance plan, you need to read through the details and make sure it covers all your risks. Some companies offer you optional add-on packages which offer added protection and you should discuss your needs with the company before buying a plan. 

No comments:

Post a Comment