The COVID-19 pandemic has radically changed how people consume entertainment and events, from concerts and cinema to theater and festivals. Venue closures and social restrictions have fueled the popularity of streaming services and digital events. New consumption trends have emerged, blending at-home experiences with live events through hybrid models.
As event activitie , media and entertainment companies face pressure to deliver uninterrupted content globally and locally. This pressure exacerbates risks such as set accidents, artist attendance issues, sudden weather conditions, or human-caused disruptions. Furthermore, copyright, data security, and the risk of cyberattacks on digital platforms are also growing concerns.
Unexpected events, global pandemics like COVID-19, natural disasters, or security breaches can severely impact organizations' revenues and reputations when not included in comprehensive emergency and crisis management plans. In hybrid event models, technical malfunctions or digital broadcast interruptions can undermine audience engagement and lead to compensation claims.Pace Risk Consultancy pioneers the creation of the most comprehensive insurance plan with its risk analysis and studies in this context.
Through collaborations with event promoters, production companies, and media organizations, Pace Risk Consulting's experts bring experience in developing event insurance, cybersecurity measures, and risk mitigation plans to your organization. We provide protection against unforeseen events with customized financial protection solutions, crisis simulations, and resilience strategies.
This allows you to maintain your competitive advantage across both live and digital platforms in the face of changing consumer habits and industry uncertainties, and focus on your long-term growth goals.
The industry is multifaceted; financial losses stemming from reshoots and delays in film and television production, reputational and legal liability due to misinformation in news and broadcast outlets, weather conditions, crowd management, venue and equipment damage, and third-party claims are prominent issues at live events. Furthermore, low-probability but high-impact events such as performers not performing, liability for animal shows, political risk, kidnapping, and terrorism should also be considered.
While coverage varies depending on the policy terms and the needs of the organizer, it typically includes property and casualty, general liability, workers' compensation, event cancellation or interruption, and protection for people, equipment, and venues within the event. Travel insurance is frequently added for international tours, and additional clauses may be designed for production-specific risks.
Event insurance is designed for organizers and venues, addressing the property, liability, and interruption risks associated with the entire event. Artist insurance covers individual artists or groups and can include personalized coverage such as equipment and vehicle protection, professional liability, special accident and health, cyber, and even kidnap ransom.
Contact us to get in touch with an expert in a specific industry or risk topic, learn more about a particular solution, or send a sales/quote request.