For people associated with the entertainment industry; each new day brings a set of fresh and never-heard-before challenges.A single instance of slackness or total negligence can lead to a cascade of unfortunate incidents which ultimately culminates into a career spoiler!
And so, many people are now opting for Event Liability insurance which has played a crucial role in easing down the pressures of uncertain futures and eventually help in beating the heat of the competition!
Organizing a huge scale event or a music concert is not a child’s play – The one who organizes such grand events have to take care of a number of things. Mismanagement or lapse of judgment at any level can ruin the entire function and consequently your career.
So, now the question is what does an Event liability or Concert insurance do? – It simply provides you peace of mind; so that you can concentrate more and work out means and ways to raise the productivity – In any adverse situation the insurance will always be at your assistance!
Since there are lot of activities, money and reputation involved when one plans an event (especially one on a grand scale); insurance turns out to be the most crucial factor which cannot be ignored.
First of all, it requires decorators, stage builders and caterers to add all the glitz and glamour in the event, thus adding the entertainment value. In short, you have to pay a hefty sum to these people in order to make the event a success.
Now imagine, the show is cancelled or postponed due to any reason; all your money will go down the drain!
You will not only have to refund the ticket money to the audience; but even pay the decorators, caterers, performers their dues. And this will get you into a severe financial mess – However, if you are insured, the impact would be far lesser harmful or destructive.
First of all, the insurance policy provides you with financial assistance, so in case the show is cancelled or postponed; you would still get full help in paying the dues to decorators, caterers, arrangers and performers. In other words, you would be saved from going bankrupt.
Moreover, in case of an accident or a natural calamity, if there is property loss (either yours or third party’s) the insurance policy helps you to overcome the impeding financial loss. It assists one in paying the extra cost that is incurred in getting the damaged property repaired or replaced with a new set of props.
Moreover, it happens many a times that accidents lead to grave injuries to either the artists and performers or to the members of the audience. In such a situation, you might definitely be slapped with a legal notice – Again you might lose lot of time and money to get out of the legal tangle, ultimately leading you to acute monetary troubles.
However, when one has insurance; the gravity of the situation mitigates – Under some insurance policies you are even protected against any such legal issues. The paid claim helps you to pay the attorney fee, court case charges or even settle down the compensation claims.