As the words of the song say, “There’s no business like show business.” The entertainment industry has many aspects for business managers to consider, including potential risks for every type of venue. Even companies that provide streaming services must manage financial risks posed by cyber attacks. All businesses in this industry, whether performance venues, production studios, or video services, benefit from the right entertainment insurance coverage.
Understanding How Entertainment Insurance Helps
This niche industry functions by amusing people. That involves thrilling them. However, threats to livelihood can come from many different directions, both from outside and within the industry. Comprehensive entertainment insurance even protects properties from damage by natural disasters such as floods, fires, and earthquakes. Policies offer vital multi-tiered protection such as:
- General liability
- Commercial property
- Business interruption
- Environmental liability
- Commercial vehicle coverage
- Errors and omissions protection
- Kidnap, ransom, and extortion coverage
The particular risks this niche industry faces require creative protection and proactive approaches.
Determining the Right Amount of Coverage
The best coverage for you and the right levels are based on your particular specialty within this industry. Live venues will not need the same coverage package as film studios, and needs based on particular projects change often. Generally, the best approach is to manage potential danger and protect against unforeseen circumstances.
An insurance specialist experienced with the unique risks this industry faces can explain your options and help you make informed decisions.