Event insurance: The show must go on!

Festivals, sports events, concerts and all kinds of activities increase during the summer period and gather large numbers of attendees in different venues: open-air, indoor or a combination of both.

Surely you already have your ticket to see your favorite musical group or attend a theatrical production. These are times when we are focused on having a good time and enjoying ourselves, so one of the main concerns for event organizers is that everything goes according to plan.

No one wants any surprises on that day. Therefore, organizing such events involves more complexity than one might think, requiring control over multiple factors: hiring staff, equipment, and suppliers, managing venues, attendance control, audience capacity, and more. And of course, ensuring artists arrive on time and in good health, or simply that the weather is favorable.

For everything to go perfectly, it's essential not only to have good planning but also to pay attention to potential risks that may arise.

How is it possible to be prepared under any circumstances? By securing the necessary insurance coverage to address adverse situations that may affect both the organization and the audience attending the event.  

Insurance companies typically operate behind the scenes unless something happens, but they are crucial to the success of these celebrations. Despite thorough planning, no event is completely immune to setbacks that can cause significant headaches or financial losses.

Depending on the frequency of events, annual or temporary policies may be taken out that only cover the duration of the show, including its setup and dismantling, ensuring nothing is left to chance.

What are the right coverages? Promoters are legally obliged to take out basic insurance, such as third-party liability, to cover the damages that people attending the event may suffer. Imagine slipping on a staircase and breaking your arm due to an oil stain. The insurance will take care of compensating you.

Likewise, given the high number of personnel involved in these gatherings, it is highly advisable to have accident or professional incapacity insurance in case any member of the artist's team has a mishap.

We must also remember to protect the technical equipment necessary for the development of the show, including the facilities. Therefore, it is common to include policies to safeguard property against damage to equipment or the venue, including the limousine transporting your dream group.

In addition, there is a significant group of coverages related to the loss of profits, for example, in the event of:

• Cancellation: sometimes, due to reasons beyond the organization’s control, events are postponed or canceled, requiring refunds for ticket purchases.
• Failure to appear: athletes, artists… may be affected by situations that prevent them from attending or offering the show for which they were hired, with the same result.
• Weather risks: the climate is becoming increasingly unpredictable, especially for outdoor events. Storms, strong winds or other mishaps may affect the celebration.
• Violence: unfortunately, these events may sometimes be affected by riots, melees, and even terrorist attacks.

As you can see, behind any show there is always an insurer and a wide range of protections in place to ensure everything goes smoothly or to be covered when that's not the case.

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