The stress of planning and carrying out a successful concert event for hundreds of people per show comes with safety and schedule risks which can become costly if not covered by a financial backup plan. To prevent losses, performers can protect their assets by obtaining entertainment public liability insurance.
Possible Risks Faced When Hosting a Concert
Many musicians or performers have shared problems when it comes to hosting tours or concert events, whether these problems are due to financial or safety concerns. Some of the following risks may arise when hosting concerts in various venues.
- Touring delays caused by transportation failure
- Performers/producers canceling or not showing up
- Terrorism and the threat of violent acts during a performance
- Guest injuries, critical illnesses and property damages
- Musical instrument or equipment damages or loss
- Merchandise or vendor item damage or loss
- Promotion losses or liabilities
Even when an event is planned thoroughly, some of these problems may be unavoidable and create a heavy financial loss. An entertainment public liability insurance sees through that any claims, damages or profit losses that arise are paid for by the coverage.
How Can Producers and Performers Reduce Concert-Hosting Losses?
In addition to purchasing entertainment insurance, producers or performers should set a firm promotion budget and center the focus on their intended audiences. Choose a venue which is reasonable in size and rental price for the expected guest count and offer purchase incentives.