Music festivals and other public events require a detailed insurance policy to cover all assets. Since several things can go wrong and disrupt revenue or compromise safety, a music festival planner or promoter must carry music festival insurance. Here are the primary considerations to think about as part of your coverage.
The best way to maximize music festival insurance is to work with an insurance broker familiar with festival risks and coverage. Many venues had to shut down during the pandemic, partly due to state, and local mandates. Still, some venues went out of business because they had to cancel multiple shows and didn't have business interruption insurance to pay for the downtime.
An essential rule of thumb when putting on a music festival is to hire vendors that carry their over-liability insurance. But there may still be situations when you need to be in charge of the vendors that come together for the event. It's still wise to know beforehand which vendors are covered.
Several risks are involved with a music festival, such as bad weather cancelling an outdoor event, alcohol issues, and injuries that might occur from a collapsing stage or equipment.
Before signing an insurance policy, be aware of all the terms, exclusions, and examples of related perils that aren't covered. You should never guess or assume that a certain insurance policy covers everything related to corresponding risks. Insurance policies are usually particular on the type of damage they cover.
Another strategic step to take before deciding on an insurance policy for your music festival is comparing various quotes from insurers. Even though insurance companies may all seem the same, each one is unique in how it underwrites its policies. First, determine the types of coverage you need, then narrow down your list of candidates to the company that best serves your needs.
Filing a claim for a severe mishap at a music festival should be done promptly. You should gather as much evidence about the accident as possible, as it helps to document the accident scene with photos and videos. Filing a claim can potentially raise your insurance premiums.
If your company plans a music festival, you'll need to protect your business with music festival insurance. Working with an agent who is experienced with this coverage helps get good deals. Contact us at Graystone Insurance Group for more information on securing customized coverage for your music festivals.