As a sports and entertainment business owner, you are likely aware of just how fast-paced and risky the industry is. Although this can be an exciting field of business, there are a lot of moving parts that must come together perfectly for your endeavors to be successful. Whether it is the loss of valuable production footage, damaged equipment, or a last-minute event cancellation, your entire operation can be at risk if you fail to take the right precautions.
Sports Entertainment Insurance Policies To Consider
Insurance is incredibly valuable for all types of businesses, and it is particularly useful in sports entertainment and similar fields. Here is a look at some of the policies you should consider.
Amateur Sports Insurance
Amateur sports insurance is a type of coverage that is designed for amateur athletic groups that organize or supervised athletic activities. It typically includes coverage such as general liability, participant legal liability, crime, property, excess accident medical and excess liability. It is also possible to obtain optional coverage for sexual misconduct liability, non-owned auto and sports equipment.
Event Weather Insurance
Event weather insurance provides protection against adverse weather conditions that can decrease your revenue from sources such as concessions, parking, food and ticket sales. It is ideal for events such as festivals, sporting events, parades, concerts and air shows and can provide coverage for weather issues such as lightning, wind, snow and rain.
Event Cancellation Insurance
If your sports entertainment company organizes major revenue-generating events on a regular basis, it is a good idea to invest in event cancellation insurance. This insurance protects your event’s revenues and expenses against risks such as cancellation, relocation, postponement or abandonment of the event for any reason that is beyond the control of organizers.
For example, it may protect against severe weather conditions such as winter storms or hurricanes, terrorist acts or threats, earthquakes, labor strikes, wildfires, the non-appearance of a key individual, and venue unavailability due to problems like fires or floods. It also extends to enforced reduced attendance, which means it can cover in cases where there is a significant reduction in attendance due to one of the covered circumstances.
Special Event Liability
Whether your sports entertainment company is holding an indoor event or hosting an event outdoors, there are plenty of factors that are beyond your control that could pose a risk. Special event liability insurance can protect against bodily injury to event participants as well as spectators and any damage to the property of the venue. It is a type of tailored policy that will cover the event’s organizers, planner and vendor.
Commercial Production Protection
If you are producing a video project, a good film production insurance policy can offer protection in the event of a delay in shooting caused by adverse weather or other issues that reduce revenue and prevent filming on location.
Production insurance is very comprehensive and includes components such as general liability coverage, errors and omissions coverage, cyber liability coverage, and travel accident coverage, among others. It can cover legal costs and equipment damage.
Even a small delay in shooting due to adverse weather can cause the production to be rescheduled or go over budget. It may require additional shooting days, further travel or the loss of key talent that could shut the production down entirely. Therefore, having this type of protection in place is extremely important.
Staging and Rigging Insurance
Staging and rigging is the foundation of many events, and it brings with it a high risk should something go wrong. For example, dozens of people attending the event could become injured because of an unstable stage. Staging and rigging insurance policies offer protection from the high legal fees that could arise from incidents like these while also protecting your equipment if it becomes damaged.
If your sports or entertainment company is planning any type of tour with performers, artists, or entertainers, touring insurance provides coverage in the event of an accident. Moving from stop to stop on the tour means there are lots of opportunities for accidents to take place or equipment to be damaged, and this can result in significant expenses. Touring insurance gives you the peace of mind of knowing that your tour is well-protected.
Get In Touch With Our Sports Entertainment Insurance Brokers
At MFE, we work with a range of businesses in the entertainment industry and have experience providing policies for events, film productions, live shows and more. In addition to traditional sports policies, we can provide you with specialized products such as prize indemnity, cyber security, drone-related coverage, celebrity nonappearance and contractual bonus policies.
If your business is looking for a comprehensive insurance policy that can cover the many types of risks and liabilities encountered in the sports entertainment industry, get in touch with the entertainment insurance experts at MFE insurance today.