Festivals are an opportunity for participants to come together to enjoy music, art, literature, history and various other types of entertainment and culture. They are also an exciting commercial opportunity. However, organising a festival is complex and requires considerable planning and risk mitigation. Festival insurance is central to the planning process and covers organisers financially, enabling you to proceed knowing you are fully protected in the event of an incident or accident.
What is festival insurance?
Festival insurance is a specialised and targeted product built around the unique risk involved in planning and holding a festival event. Policies typically encompass a range of covers, including public liability, property damage and cancellation, enabling organisers to build contingencies into their planning and protecting you from financial losses.
What businesses benefit from festival insurance?
Festivals take varied forms and celebrate diverse aspects of culture and entertainment. As such, many different types of businesses benefit from insurance.
Music festivals
Music festivals attract large crowds, require a considerable amount of equipment and involve well-known performers. Consequently, organisers need to account for numerous risks. Music festival insurance is the ideal solution. From property damage to event cancellation due to unforeseen circumstances, it helps you avoid significant losses.
Summer fairs
Featuring food stalls, rides, games and other attractions, summer fairs give organisers a lot to worry about. Insurance eliminates several major concerns, enabling you to focus on executing the perfect event.
Art festivals
Showcasing expensive art and installations, as well as providing a stage for performers of all kinds, art festivals are an excellent example of an event that benefits from specialist insurance.
Children’s and family festivals
Festivals that attract families and children highlight how different events pose unique challenges. At these festivals, organisers need to consider the safety and security of young attendees.
Use cases
We see festival organisers utilise their insurance cover in various ways. For instance:
- Weather-related cancellations – extreme weather can result in cancellations. Insurance covers the event if it needs to provide refunds or has other non-recoverable costs.
- Equipment damage – music festivals require expensive audio systems and lighting rigs that are easily damaged. Insurance can cover repair and replacement costs.
- Legal claims – if an attendee at a local fair is accidentally injured on one of the rides, public liability cover protects the festival organiser.
What types of insurance are there?
We usually divide festival policies into several categories, enabling organisers to build a bespoke policy that reflects your needs
- Premises insurance – covers damages to the venue or property hosting the festival.
- Equipment insurance – covers the equipment used at the festival if damaged or stolen.
- Employers’ liability – covers claims made by employees, volunteers or contractors against the festival.
- Vehicle insurance – covers the festival fleet and allows for repair or replacement if they are stolen or damaged.
- Public liability – covers claims made by attendees and other third parties for accidents or injuries that occur on the festival site.
- Event cancellation – covers financial losses should the festival be cancelled due to extreme weather, performer non-appearance or other specified disruptions.
Do I need festival insurance?
Insurance is highly recommended for all festival organisers, no matter how large or small the event. It protects your investment in the event, ensures you are covered should the worst happen and guarantees your business’s reputation or future is not affected by accidents or incidents.
How much does festival business insurance cost?
Festival business insurance premiums vary enormously depending on the size, location, and nature of the event. The cost of insurance for a local village fair will be far lower than that of an internationally renowned music festival. With this in mind, we recommend contacting our expert insurance team, discussing your needs, and receiving a no-commitment quote.
Get covered with Park Insurance
At Park Insurance, we benefit from years of experience working closely with event organisers to find the perfect festival insurance cover. We help you to build a bespoke policy that includes everything you need and nothing you don’t, reducing costs and ensuring you mitigate against all financial risks.
For more information and a no-commitment chat with one of our advisors, contact us today or use our online form below to get in touch.