Owning an arts and entertainment business means showcasing your talents, or the talents of others, for your customers. People that work in entertainment understand the difficulties of establishing a business, creating a quality product for consumers to purchase, and bouncing back from any mishaps along the way. That’s why there is arts and entertainment business insurance to protect your investment.
With the right commercial insurance, your arts and entertainment business will be protected from incidents like:
- Lost or stolen equipment
- Property damage from fire, wind, hail, or vandalism
- Equipment malfunction
- Dissatisfied customers
- Injuries to employees or customers
Three types of insurance that most arts and entertainment businesses should consider include commercial general liability insurance, equipment breakdown coverage, and errors and omissions insurance.
Every business should have commercial general liability insurance. This is true no matter the size of your operation. Liability coverage protects against property damage, personal injury, and related lawsuits. Inevitably, an accident will happen, and having the right insurance will help to cover the costs. For example, if you own a nightclub, a club-goer may fall and break their ankle while dancing. If it happens on your property, you will be held liable for the customer’s medical expenses and any attorney fees if they sue you. If another dancer becomes drunk and disorderly and punches a hole in the wall, then you will need to pay for the repairs. A general liability policy will help to cover the costs.
As an arts or entertainment company, your equipment is key to business operations. Whether you produce films, create tattoos, or play music, you need your specialized equipment in order to function properly and make money. Simply put, if your equipment doesn’t work, then you don’t work. In order to protect the tools of your trade, consider purchasing equipment breakdown insurance.
Traditionally called boiler and machinery insurance, equipment breakdown insurance can be added to a general liability policy. It covers a wide range of equipment—everything from a mixing board to lighting and everything in between. If something is broken, the insurance policy will help to cover the costs to repair or replace the item. If the equipment breakdown also damages other items nearby, then those are covered as well. Depending upon your policy, you may also be able to recover your business income losses.
Last but not least, arts and entertainment business owners should consider errors and omissions insurance. Many companies in this field are in the business of production, whether it be films, music, or performances. Products are created for a fee. As such, you depend upon customer satisfaction to keep your business going. What happens if there is an editing error in the film you sent to a client? Who pays for it?
Errors and omissions insurance is a specialized form of liability insurance. It does not cover injuries or property damage, but rather financial losses due to an error or omission in business activities. Since your company is marketing specific skills or products, your customers have certain expectations. If they are dissatisfied, they can sue or ask you to create a better version of the product. Have a discussion with your independent insurance agent so you can have your policy customized to fit your business.
Below is a list of various arts and entertainment businesses. Within each article, there is information about specific insurance coverage that best suits that particular industry.
This may include details about:
- Event cancellation insurance
- Workers’ compensation insurance
- Commercial auto insurance
- Inland marine insurance
- Hired and non-owned vehicles liability
- Employee dishonesty coverage
- Liquor liability insurance
- Business Owners Policy (BOP)
Speak with an independent insurance agent about the right coverage for your arts and entertainment business. They will have to knowledge and expertise to recommend the maximum liability to have in your general liability policy, as well as other great products for your business.
Tattoo Piercing Shop
As tattoos become more mainstream in today’s society, an increasing number of tattoo parlors have opened across the United States. Like any business, there are risks involved. In addition to protecting your property, employees, and customers, tattoo piercing shop insurance will have additional endorsements for professional liability and communicable diseases. If a client is injured or contracts a disease while getting a tattoo, the right insurance policy will help to cover any medical or legal fees.
Rodeos involve many individuals, from the riders, animal handlers, clowns, announcers, landowners, organizers, ticket sellers, and spectators. Each is there to enjoy the rodeo, but there are some inherent risks involved in operating a safe and entertaining rodeo. A bull rider could fall off and break his leg, an animal could break out of their pen and injure workers, or a spectator could wander into the employee-only area and cause trouble. No matter if the rodeo is stationary or travels the countryside, having the right rodeo insurance policy will protect against injuries, property damage, product liability, and much more.
If you own a recording studio, you are probably most concerned with keeping your equipment running and producing good products. With recording studio insurance, you can ensure that the property you rent or own can recover from theft, fire, or poor weather. It will also cover any equipment mishaps including breakdown and vandalism. Any lawsuits from dissatisfied clients will be covered, as well as any injuries or damages caused by hosting a special event at your studio.
Owning a nightclub can be a fun and exciting adventure. You get to meet new people and provide a place for customers to have a great time. Sometimes, things may get out of control: a fight might break out in the middle of the dance floor, an individual who became intoxicated at your establishment might injure themselves or others, or your bouncer may have to fend off belligerent customers. That’s why it’s important to have a nightclub insurance policy with specialized coverage for any accidents that may befall your business.
Much like owners of music studios, film producers face similar risks and challenges. The most important aspects of your business are likely your equipment, products, and customers. If your equipment breaks down, you will not be able to work. If your customers are unhappy with the finished film, you may have to start over. To protect all the expenses involved, consider purchasing film production insurance.
Equipment rental businesses depend upon their equipment working properly so that customers continue to rent it for their parties, businesses, and other events. Without it, the business owners cannot make any money. With an equipment rental insurance policy, an independent insurance agent can create coverage to best suit your needs, including property insurance, commercial vehicle insurance, equipment breakdown coverage, and inland marine coverage.
Disc jockeys, also known as DJs, provide a source of entertainment at events. To produce the right sound for guests, they need the right equipment, like turn tables, mixers, headphones, speakers, microphones, and cabling. If anything is damaged or stolen, the DJ will need to recover their losses. With disc jockey insurance, not only is your equipment protected while at an event, but in storage and in transit too. Any medical expenses or lawsuits stemming from bodily injuries to guests who (for example) trip over cords or bump into your speakers is also covered.