How Much Does Concert Insurance Typically Cost?

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How much does concert insurance cost? It’s a logical question to ask if you’re an event promoter getting ready to feature a live musical act. As you’re booking the talent, setting up the stage, and paying attention to all the finishing touches guaranteed to make this event a success, you must also factor in the concert insurance cost as part of your budget.

Neglecting to get this kind of insurance means you’re leaving yourself open to lawsuits if something goes wrong. If you’re questioning, “How much does concert insurance cost?” this post will discuss pricing and explain how much you can expect to pay. We’ll also mention factors that typically affect the pricing structure, look at various policy options, and offer a few tips for budget planning.

What Is Concert Insurance?

Concert insurance is one of the more common types of special event insurance venue operators can get when they’re going to feature live musical acts. More specifically, this kind of insurance indemnifies the organizer of the event from lawsuits stemming from property damage or bodily injury claims.

A concert attendee might decide to file a lawsuit if they injure themselves during the event. You may also see situations sometimes where the venue owner chooses to file a claim. As the event’s organizer, you need legal protection against these eventualities, and that’s where concert insurance comes in.

You should also take note that this type of insurance cannot be used as a replacement for coverage that the band should have. That’s a separate kind of insurance. It will be needed if the band accidentally hurts someone while performing or damages the venue. That’s a concert insurance cost you needn’t pay since the money for that policy should come from the band.

Read More: Does Event Insurance Cover Weather?

What Is Covered Under Standard Concert Insurance Policies?

Let’s say for a moment that you’re the event organizer. You have contacted the band and booked them for a venue. You’ve purchased concert insurance. Now, you want to know precisely what that insurance covers. There are several types of claims that your insurance policy should cover. They include:

  • Claim defense and investigation. Concert promoters occasionally have spurious claims brought against them. That’s why claim defense and investigation costs that can disprove a claim’s validity are typically part of standard concert insurance policies.
  • Liquor liability. Any time you serve alcohol at a venue, it can make things livelier, but it also makes mishaps more likely. If you’re selling drinks at a concert you’re promoting, you should make sure liquor liability is included as part of your policy.
  • Third-party property damage. Venue employees who cause third-party property damage are also generally included as part of concert insurance policies. You need this since you would otherwise have to cover the costs of those damages.
  • Non-employee third-party bodily injuries. If someone at the venue who’s not one of your employees, such as a concertgoer, hurts themselves while on the premises, a standard concert insurance policy will pay for their medical care.

What Are the Main Benefits of Having Concert Insurance?

There are significant benefits you can enjoy if you get a concert insurance policy. They include:

  • Coverage for legal expenses. If you are unlucky enough to have someone bring a legal claim against you because of something that happened at the concert, fighting that in court can get costly in a hurry. Proper coverage will take care of the legal fees that can quickly pile up.
  • Compliance. In many cases, a venue will require that you have the right insurance policy before they let you book any live musical act. If you have insurance, you should have a wider pick of both venues and musical talent.
  • Stress reduction. While planning a concert is often exciting, there are generally some anxiety-inducing elements as well. Having insurance is a way for you to feel much less stressed as you go about the tasks of securing a venue, booking the musical talent, finding bartenders and security staff, and more.

How Much Does Concert Insurance Cost?

Now you know a little bit about why you need concert insurance, and you should understand the potential for problems to arise if you neglect to get it. But how much does concert insurance cost?

The industry standard price range for concert insurance is usually anywhere from $150 to $350 per event. However, this price can fluctuate based on several factors.

What Factors Typically Influence Pricing?

If you’re trying to figure out what kind of concert insurance cost you should budget for, keep in mind some details that can affect the pricing. Those typically include:

  • Musical Genre (some types of music as considered higher risk than others).
  • Security concerns. Who is responsible for security?
  • Limits required by the venue.
  • How many people you’re expecting at the venue. Generally, the more people you’re expecting, the more expensive your concert insurance coverage will be.
  • Whether or not you’re serving alcohol. If you plan to serve alcohol, the price of your policy should be higher.
  • The venue location. Some venue locations are usually considered to be more dangerous than others.

What About Policy Options?

You should be able to tailor your concert insurance policy so that it perfectly meets your needs. You can get a policy that:

  • Covers alcohol if you plan to serve it.
  • Covers either a smaller or larger number of guests.
  • Is in effect for the length of time the concert lasts.

What Are Some Handy Tips for Budget Planning?

If you’re planning your concert insurance budget, it’s helpful to consider how many guests you’ll have, whether you’ll serve alcohol and whether there are any dangers inherent to the venue you’ve chosen. You can also shop around and compare insurance coverage prices. Locating the company with the most robust coverage at the lowest prices always helps.

You can also examine the venue and take steps to negate any risk factors long before the music starts and the guests arrive. Removing or nullifying any hazards should make your concert insurance quote more affordable.

Read More: Protect Yourself With Weather Event Cancellation Insurance

What Do You Need To Know About ESP Concert Insurance Coverage?

Up to this point, we’ve talked about concert insurance policies in a more general sense. Now, let’s talk about the concert insurance coverage that Entertainment Sports Promotion offers. ESP concert insurance usually covers non-employee third-party bodily injury, third-party property damage, and claim defense and investigation. You can get a policy that includes liquor liability as well since many concert venues also have alcohol for sale.

ESP offers a variety of customizable and standardized solutions to deliver the best concert insurance options to our clients and elevate stress as you prepare for your big event.

Get a Concert Insurance Policy Quote From ESP

Your concert has the potential to be a hit with both the venue’s owner and the music fans who attend. In all likelihood, the event will go off without a hitch, and everyone will have fun. However, having the proper insurance policy in place will indemnify you on the off chance that anything goes wrong. Securing that policy is easy with ESP, so make us a part of your next live music experience.

If you have an event coming up with musical guests and need concert insurance, reach out for a free quote. You can send us all the relevant details or you can call us at 877-670-2377 and let us know what you have in mind.

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