The Ins and Outs of Performing Arts Insurance
Visit a production put on by a performing arts company and you're likely to see plenty of music, dancing, acting, and beautiful set and lighting designs.
What the public doesn't see, however, is all the work that goes on behind the scenes to not only put a show into production, but to operate a performing arts company on a daily basis. If you have a performing arts company, you know that performing arts insurance is one of the things you must have in order to safely and legally operate.
Business insurance for performing arts companies must include a wide range of coverage to protect their unique assets, from elaborate costumes to sets to lighting and sound machines.
Business Insurance for Performing Arts Companies
Your performing arts insurance should include a minimum of the following coverage:
- General liability. This covers bodily injury or property damage that may occur on your company's premises. For example, if a prop falls and hits a member of the audience and they sue you for injury and pain and suffering, general liability will cover you. The same holds true for property damage. If someone's property, like their car or bicycle, are damaged on your property and your company is found at fault, general liability pays the costs.
- Workers compensation. Most states will require your performing arts insurance include this type of coverage if you have more than one or two employees. This covers the medical costs and lost wages of employees who are injured on the job.
- Property damage. Performing arts companies have a lot of property to protect. What is covered under your property damage insurance depends on the amount you want to spend and the plan you get, but generally, it will include structures, contents, loss of income, and damage to property or grounds rented to your company from a number of perils like fire, lightning, theft, and others.
- Inland marine coverage. The name itself is confusing, but this insurance covers property while it is in transit or if it is continually on the go. So if your group travels or performs on the road, it will be covered if it is damaged or stolen.
Finding Business Insurance for Performing Arts Companies
Because performing arts insurance requires unique coverage, it's a good idea to choose a company that specializes in business insurance for performing arts companies. It's possible to find affordable insurance, but you will need to shop around and compare quotes for the best rates. The easiest way to do this is through netquote.com. This site has a wide range of information on various types of business insurance, as well as multiple performing arts insurance quotes for free.
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