Entertainment and Recreation Insurance

Yes, it's possible to buy one-day special event insurance or short-term liability insurance. For instance, you could buy event insurance for a fundraiser for your nonprofit, or seasonal insurance for a summer concert series.

However, there are several reasons to opt for year-round coverage instead:

• It's expensive to stop and start coverage. Businesses that cancel their policies may see increased premiums or have difficulty restarting coverage, as it's a red flag for insurers.
• It may cost more in the long run. Going without insurance leaves you exposed to costly risks. For example, a storage locker could catch fire and destroy your business equipment while you're uninsured.
• Some policies won't provide coverage. Occurrence-based policies like general liability continue to cover incidents that happened while you were insured, but that's not the case for claims-made policies like professional liability insurance, which differ in several ways. For protection against lawsuits filed after an event occurs, you'll need to keep your professional liability coverage active.

General liability and professional liability insurance pay for different kinds of lawsuits from people outside your business. Here's a quick breakdown:

• General liability insurance covers accidents that injure someone or damage their property. It also covers personal injuries and advertising injuries, such as defamation and copyright infringement.
• Professional liability insurance covers errors and oversights that harm someone financially. If you're accused of professional negligence, such as failure to appear at a scheduled performance, this policy would cover your legal defense costs.

No, personal auto insurance won't cover driving for business purposes other than a commute. You'll need additional protection, such as:

• Commercial auto insurance for vehicles owned by your business.
• Hired and non-owned auto (HNOA) insurance for personal, leased, and rented vehicles used by your business.

Both of these policies include liability protection, which means you're covered for any injuries or damage you cause to others. In the case of commercial auto insurance, you can add comprehensive coverage to gain protection against damage to your own vehicle as well.

As part of a comprehensive risk management strategy, entertainment and recreation business owners often invest in the following policies:

• Commercial property insurance covers your office and its contents in the event of a fire, storm, or burglary.
• Inland marine insurance covers items while they are in transit or off-site, such as mics, speakers, and laptops brought to event venues.
• Business interruption insurance helps your business recover financially from a fire or other covered property claim. It's also called business income insurance.
• Equipment breakdown insurance protects against financial losses caused by the unexpected failure of equipment or machinery that your business depends on.
• Commercial umbrella insurance, similar to excess liability insurance, provides additional coverage when your general liability, commercial auto, or employer's liability insurance reaches the limit on a claim.

Our insurance agents can help you find specialized coverages and develop a loss control plan for your unique needs.