If you play at concerts or organize them, you would be aware of the effort it takes to stage a concert. From promoting the event to managing it successfully there are challenges at every stage of these events. Where there are challenges, there are risks and as a professional you need to prepare for them that come with such events. Concert insurance is your perfect safety net protecting you from all risks associated with these events. These insurance plans have been designed to meet the needs of musicians and event organizers. However choosing a concert insurance plan can be tricky and here are some mistakes that you must avoid.
Ignoring Research on the Insurer
Insurance industry wouldn't top the chart when we look at it from the prism of ethics. There are a number of companies that merely mint money from their clients and deny them the compensation and coverage when need arises. Hence you need to be extremely careful in choosing an insurance company to buy insurance for your concert or musical instruments. Do take a look at the ratings they enjoy among their customers and read reviews about them. This would help you choose a professional company that covers your needs.
Ignoring Event Liability Insurance
There are a hundred things that can go wrong during an event and this can lead to physical injuries and damage to property. If the insurance plan doesn't offer you liability coverage it is of little good and doesn't protect your interests. We regularly come across news of injury to fans due to violence or accidents and in such cases you will have to deal with third-party claims if you don't opt for Event Liability Insurance. Quite same is the case with damage to property and the top venues would simply not allow a musician or a group to perform without this coverage.
Leaving It To The Mercy of Fate
Another major mistake that many performers as well as organizers make is leaving the event to the mercy of fate. Weather often causes disasters at music events and affects ones that are staged open air. Also the performer may fall ill or there may be another unforeseen thing that can lead to cancellation of the event. So leaving the event to the mercy of fate is one of the costliest mistakes that you would be making. You need to buy an insurance plan that offers you weather coverage and also covers cancellation of the event.
Not Looking Elsewhere
If you had bought a concert insurance plan in the past and were satisfied with the insurer, you would be going to the same insurer, right? Wrong. While the insurer may have offered you the best plan at the best price in the past, not looking elsewhere may be a costly mistake. The music insurance industry is dynamic and there is intense competition among the insurer and not looking elsewhere may deny you of the best plan for your needs.
These are the mistakes that you should avoid at any cost while buying concert insurance or any other kind of insurance plan for your needs.