Creative venues are a cornerstone of the performing arts industry. They provide a hub for people to come together, perform, and be inspired.
With theatre attendance exceeding pre-pandemic levels in the West End of London according to figures from The Society of London Theatre, and initiatives firmly underway to double the amount of film studio space in the UK, it’s an exciting time to be part of the creative sector.
But running a venue isn’t always easy. There’s so much to think about, and lots can go awry even with the sturdiest plans in place.
That’s why having the right types of insurance in place is so crucial. As well as offering practical help if you are unable to run your event or take an income due to unforeseen circumstances, it can also give you peace of mind that you and your business are protected.
Read on to discover four types of insurance that all creative venue owners should have in their armoury.
When you run a performance venue, your building is one of your most valuable assets. So, at the top of your list of protection should be buildings insurance.
This will cover you for the cost of repairs should the structure of your venue or any permanent fixtures and fittings be damaged by something like a fire, flood, extreme weather such as storm damage, or a burst pipe.
Make sure that the property is insured against the cost of rebuilding it, since that is what protection is for, rather than the sale price or current market value.
If your venue has to close for a period of time or a performance can’t go ahead due to unforeseen circumstances, business interruption insurance could cover you for any loss of earnings during that time.
This could be because your property has been damaged by fire, flood, or storm damage. Some policies can also offer cover in the event that staff, clients, or visitors are unable to access the building or one of your suppliers experiences damage to their premises.
Business interruption insurance could also help you to cover any additional costs you incur as a result of this, such as accountant fees or renting alternative premises. There are lots of different add-ons that could be helpful for your business depending on your circumstances, so make sure you explore what’s on offer and consider whether it would be helpful for your business.
It’s likely that you’ll have a range of very specialised equipment at your venue to enable your clients to bring their vision to life. But if that equipment were to break down or be damaged, it could be very costly to repair or replace. In some cases, that cost could be a major setback for your business.
Equipment insurance provides cover for the loss or damage of the essential equipment that you use in your business. You should make sure you have cover for all pieces of equipment that could cause a loss of income or any other problems to your work if it were lost or damaged.
Equipment insurance is slightly different from contents insurance, which tends to be for individuals rather than businesses. Additionally, contents insurance usually provides cover in case of damage or theft, whereas equipment insurance also covers the breakdown of equipment.
Public liability insurance is designed to protect your business from the cost of any legal fees that could result from a client or member of the public claiming that they have been injured as a result of your business practices. This could be as a result of them tripping on an uneven floor or injuring themselves while using a piece of equipment.
It’s an important piece of cover for businesses across all sectors and industries but given the number of different people who are involved in a theatre show, music concert, or film shoot, public liability insurance should be at the top of the list for any venue owner. For some, it may even be a requirement to be able to join certain membership organisation or governing bodies.
The day-to-day management of a performing arts venue is hectic, and anything can happen. That’s why it’s so important to have the right protection in place for your specific business. If you’d like to know more about which types of protection are right for you, we can help.