What Is a Live Music Insurance Program?

According to Billboard, 32 million people attend music festivals every year. Venues and promoters are obliged to provide a safe environment for event attendees. However, despite all the health and safety measures in place, mishaps can occur. If incidents that lead to property damage and injuries occur, the event organizers and venue owner may be held liable for the losses. Therefore, a live music insurance program is vital. Here is more detailed information on this topic.

Protecting Against the Unforeseen

Entertainment venues usually offer some security on their premises to protect visitors from unforeseen incidents and accidents. Because huge crowds are expected at live music events, the venue’s security personnel need to be able to manage the crowd and even diffuse confrontations and conflicts between attendees, which can lead to injuries.  Failing to prevent potential injuries and manage the crowd adequately can lead to substantial financial losses for the venue and its associated businesses. Regardless of how careful you are in planning an event and having adequate safety measures in place, incidents that lead to property damage and injury can occur. Having tailored liability insurance can protect your business from crippling losses.

Premises and Event Liability Insurance

To protect your assets, you should select the right live music venue insurance for your business. A live music insurance program covers the perils that come with hosting live events. As a property owner, you’re responsible for ensuring your events are safe. Event insurance will protect your business assets from the losses resulting from property damage, negligence claims, injury claims, and the associated legal costs. An insurance provider specializing in event insurance products can help you assess your specific level of risk and provide you with a policy that’s tailored according to your needs.

When a participant at your event is injured due to negligence or actions of another, the participant and their lawyer may decide to sue anyone they believe is possibly liable for the injury. This means everyone, from the venue owner to the security personnel, risks being sued. This approach can lead to property event promoters and property owners incurring significant losses. Liability insurance policies are usually designed to compensate for legal costs that come with litigation. While some compensation claims could be frivolous, others could be successfully litigated in court, depending on what led to the claims.

Planning Before a Crisis

To limit risks, risk managers, insurers, production managers, venue operators, security personnel, and all stakeholders should have a conversation and craft a safety plan before the event starts. An excellent safety plan is built on education, expertise, communication, and commitment to safety. According to the Event Safety Alliance, you are more likely to recover in regards to money, time, security, and happy customers when every stakeholder knows what to do when a mishap happens.

Event Intelligence

When crafting a safety plan, some of the issues to consider include foreseeable risks, likely risks, and likely crowd behavior. These considerations can help you preplan. There is considerable value in managing risk, testing and updating emergency plans and your crowd management techniques, as well as training your staff on safety. Upfront mitigation should be your main priority, and that is why live music insurance program is vital.

How RMS Insurance Can Help

Organizing a live music event means making sure all your bases are covered. Buying a live music insurance program is the best way to ensure you are covered against any type of risk. Call and speak to our agent at RMS Insurance Brokerage, LLC if you have questions. All of our agents are specially trained to provide you with the most accurate and up-to-date information possible. Contact us today!