MEMBERSHIP SPOTLIGHT
Event Insurance & Risk Management by Elizabeth Wightman, SteelBridge Insurance Services and IBMA Board Treasurer
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s most industry members know, there is a lot of work that goes into keeping the bluegrass gears turning. Behind every amazing festival, concert, album, music video, instrument, website design, radio show etc...there is a group of passionate, hard working staff, board members and usually many volunteers. As members of IBMA you have access to insurance benefits that support all of this work through SteelBridge Insurance. SteelBridge not only supplies a real voice (not to mention fellow bluegrass fans) when you call but more importantly a straightforward easy to read pricing guide that has deep discounts for IBMA members. As festival and concert season ramps up there is a lot for event producers to do and so little time for them to do it. Of course, purchasing insurance is on your “to do” list but unfortunately it often gets pushed to the bottom after talent buying, completing the venue contract, marketing, and 100 other things. And, as if thinking about insurance weren’t enough, you need to be thinking about general risk management issues as well. All of this can be daunting. So, here are some questions to help you get started with the process.
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How much General Liability coverage is adequate for your event? Have you considered all of the factors such as total attendance, venue accessibility, time frame of the event, assets at risk, etc.?
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Have you thoroughly reviewed your contracts to make sure your insurance meets the requirements set forth in those contracts? Are you taking on any risks you haven’t yet identified?
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Do you require your Vendors (craft, food, stage, lighting, tent, etc.) to provide you with a Certificate of Insurance naming your event as Additional Insured? Do you have a mechanism in place to review and track these certificates?
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Beyond General Liability coverage, what other coverages do you need? Do you need rented equipment coverage to satisfy the terms of your lease agreements? Are you concerned about injuries to your volunteers and do you need Volunteer Accident Insurance? Are you concerned about your event
being cancelled or curtailed due to weather or other risks that might threaten your event income? Do you need to explore Event Cancellation Coverage or Weather Insurance? •
Are you utilizing an event safety risk assessment checklist to help you identify risks? Do you have a safety team and a safety plan in place? Do you have a written plan in place to provide to event staff so that they know the proper procedures to follow in case of emergency? Have you determined who will speak at your pre-event staff meeting to discuss risks?
Nobody ever wants to think or talk about insurance and risk management (or the idea that something bad could happen) much less spend money on it. However, it’s better to spend a little time and money on it up front than to find out after a claim that you didn’t plan appropriately. Unfortunately, there are many horror stories about claims and lawsuits that could have been avoided with some simple planning. Fortunately, there are many resources you can avail yourself of to help you with this process and ensure that you have a safe and fun event. For more information on taking advantage of the SteelBridge Insurance membership benefits please click here:
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International Bluegrass
www.ibma.org