Arts and Entertainment Insurance
Entertainment activities and the performing arts present some very unique risks that tend to not come up in everyday life or many other fields of work at all, for that matter. Whilst things such as cancellations and injuries have been a factor that performers and their companies have had to do with and balance since professional performance began, there are also online digital risks that can come with the work that can be a threat from all corners of the globe.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
The Importance of Arts & Entertainment Insurance
This is why arts and entertainment insurance can’t just be passed up for average everyday insurance. Whilst at first thought insurance might seem like a matter of processing and resolving an individual claim, in reality, insurers and the contracts signed with them must be set up in such a way that they can respond to problems and challenges quickly and efficiently.
In some cases, it may be a legal necessity to have specific insurance in writing as part of a contract. In these cases, it’s essential to make sure that you’re not doing anything illegal, either deliberately or accidentally, because this may prevent projects from even getting off the ground in the first place. It can also give off a poor image of either sloppiness, shadiness, or just a general lack of care. Partners will want to know that preparations are correctly in place and that any potential mishaps will be remedied by people set up to do so correctly.
Does it make financial sense?
In many cases, getting insurance tailored to entertainment and performing arts can also be a money-saving choice. Companies that specialise are often able to cut costs and therefore provide their services at a cheaper rate. It wouldn’t be reasonable to expect a public insurance company to have the most streamlined and cost-effective way possible of dealing with a niche arts surprise accident when they also have to deal with houses and personal electronics, for example.
However, an art insurer will be focused on only spending on things that have them prepared for relevant situations, meaning in many cases, they have lower costs that can be passed on to you. And who’s going to complain about cheaper insurance!
Of course, as well as cheaper services, you also want to make sure that your problems are dealt with quickly and reliably. The same logic applies here. Even if a more general insurer can offer you a reasonable price, they probably don’t have the staff and expertise tailored to specific entertainment problems. Consequently, this will not always be streamlined to provide solutions as quickly as might otherwise be possible, even if the intention do to do so is there.
On the other hand, arts-focused insurers are likely to have people in their team who stay up to date with developments in the relevant field. By being constantly on the pulse with how the sector evolves and changes, assuming their effort is also there, you’ll be met with a team who can help rectify problems and provide solutions in the quickest manner possible.
How does it fit in the modern world?
This specialisation can come in especially helpful in the modern digital age. Even though so much content is now distributed and consumed online, governments and societies are still quite a way off working out the best ways to define the digital and intellectual property. In recent years, there have been some developments such as non-fungible tokens, whilst companies like Netflix have managed to use their platforms to keep a reasonably reliable lock on their intellectual property.
However, this is still very much a grey area, both in terms of practice and legality.
Being a company or even a freelancer means that in most cases, you won’t have the infrastructure available to build the same kind of walls as Netflix or Hulu. Until this becomes more manageable for medium and small entertainment and arts companies and performers, tailored insurers can be of great use. The digital property, where possible, should be insured but expecting yourself even to be able to define and protect your digital property is a tall task. A specialist here becomes especially useful in the modern age.
To conclude
In conclusion, there are many reasons why people working in the sector should seek an insurer who specialises in entertainment and performing arts. They will save you money in many cases through their specialisation.
For the same reason, they will also be able to solve your problems quicker than with general insurance in many cases. Lastly, they can be an essential ally in the rapidly developing sphere of digital art, which is especially important as a significant portion of revenue moves online in performing arts as with the rest of the world.
Read more about what kind of business insurance you need here.
Other useful links about business insurance:
Public Liability Insurance
Retail Insurance
Property Insurance
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Ally Cox is a dedicated Copywriter and Blogger for CompareYourBusinessCosts.co.uk. In under two years, the platform achieved the esteemed accolade of ‘Website of the Year’. Since its award-winning debut, Ally has been instrumental in fostering organic growth for the website, expanding its offerings to encompass comparisons across a diverse range of over 20 products to help serve all your business needs.