The entertainment industry is one of the biggest and most demanding industries in the world. To meet client expectations and deliver quality, entertainment companies must invest in the latest technology and equipment.
But these gears and equipment do not come cheap. As such, entertainment companies need to have the appropriate insurance cover for employees, equipment, or any liability claim that can be brought against them.
See more at the specifics to give you a better idea of equipment insurance.
What Is Entertainment Insurance?
Managing events, employees and ensuring that equipment is safe and well cared for is not easy work. A lot can go wrong in the process.
This is where entertainment insurance comes in. Entertainment companies need entertainment insurance to protect themselves from potential liability against potential losses or damages.
Entertainment insurance does not pertain to a single policy. It is a collection of various policies that cover every aspect of the entertainment industry. The policies include event, employee, and equipment insurance covers. Policyholders only pay for the coverage they need.
Benefits Of Entertainment Insurance Policy
As highlighted above, the nature of the entertainment industry involves several risks. The production costs of holding a festival, event, or putting up a show are not cheap. In addition, losing equipment in an event or through an accident can cost thousands of dollars, especially if you don't have insurance coverage. Here are some of the advantages you can expect from investing in entertainment insurance.
1. Protection From Liability
Entertainment insurance policies include liability protection which shields entertainment companies from any financial losses that result from hefty lawsuits or compensation. For example, if your staff, independent contractors get in an accident, the policy will cover their medical expenses, settlements, and attorney fees.
2. Protection From Copyright Claims
Libel claims and copyright infringement are usual in the entertainment industry. Though most of these claims are settled out-of-court for minimal amounts, complex severe cases can require formal legal defense and cost hundreds of dollars.
Insurance policies shield entertainment companies in the event of legal severe copyright infringement lawsuits and libel claims. This means you will not have to sell some of your most expensive equipment to cover legal fees.
3. General Liability Cover
This is an essential component of any entertainment insurance package. This coverage covers accidents such as slips and falls, or any bodily injuries from falling equipment, and property damage involving a third party at an event or gig.
People attending an event have a right to sue if they sustain an injury or damage to their property while at the event. Should they file a claim or sue, the general liability policy will cover the cost of litigation.
4. Equipment Insurance Policy Cover
High-quality entertainment equipment is expensive. Buying and maintaining the equipment can cost your company tens of thousands of dollars, if not more. This policy is meant to shield entertainment companies from the costs of replacing or repairing lost or damaged gear.
Talk To An Entertainment Insurance Agent
Getting the right entertainment insurance policy for your business will save you from many financial costs and ensure that you are ready to cover any financial loss. To get the right insurance policy for your business, talk to an entertainment insurance agent and get the protection that your entertainment business needs to grow.
