The entertainment industry was among the most hit by the Covid-19 pandemic. To give you an idea, over 100,000 clubs and other entertainment joints closed down in the U.S., as per Fortune Magazine.
The silver lining in this is that business owners operating in the entertainment industry were able to learn tough business lessons, one of which includes preparing for eventualities. One big lesson is that the right business insurance coverage can shield your business from financial losses emanating from perils. Let’s discuss more on this.
Common Perils Covered by Venues Insurance in Austin, TX
Here’s a look at some common perils in the club and venue industry and how insurance can help manage them.
- Canceled Events
It is one thing to plan an event and another to execute it. Issues always arise, forcing event professionals to cancel their planned events. For instance, due to Covid-19, countless events did not happen as planned in 2020, affecting about 83 million people. Canceled events typically cause financial losses. This is because the affected parties may ask for refunds.
Also, the people you hire to perform various duties in the event may cancel their contracts and demand refunds. If you cancel your event unexpectedly, you need the right insurance coverage to protect your finances. Remember, the event may not go on as scheduled. However, you should not suffer any financial consequences due to the cancelations, and this is what club and venue insurance does for you.
- Liability Cases
The club is one of the places where customers can purchase and take alcoholic drinks. Regardless of the preventive measures you put in place, expect to handle cases of rowdy clients frequently. It is unsurprising for an intoxicated patron to turn violent and injure others. The victims may also not hesitate to sue your business for such happenings.
While you may not be directly responsible for the injuries caused, the authorities will hold you liable. This means that you will need money for defense and compensation for the victims. Liquor liability insurance is among the best policies to shield your business finances against third-party liabilities.
- Property Damage
As mentioned above, drunk clients can do anything, good and bad. Not once have drunk patrons broken chairs and turned the club into a big mess. Whether you serve alcoholic drinks or not, you will, at some point, experience property damage. It could be accidental fires, natural disasters, water damage, or vandalism. Therefore, you need to prepare for that, especially because clubs and events are businesses that involve crowds. Ensure you have the right property insurance coverage so that if you suffer any of the mentioned perils, your business will go on as usual.
Consult with Graystone Insurance Group to Cover Your Club and Venue Business
Anything from canceled events, liquor liability, or property damage can cause massive financial losses to your club or event venue. That’s why you need to prepare for such misfortunes by having the right insurance policy. The team here at Graystone Insurance Group will help you find the right club and venue insurance in Austin, Texas. Contact us today to get started.
