What Is This Insurance, Why Does Your Business Need It, And How Can It Help?
Thinking about getting into the exciting and lucrative world of ticket sales or perhaps theater? Whatever the situation is and the circumstances are, it is completely understandable as to why you would want to do so. The worlds of ticket sales and theater are extremely lucrative as well as exciting. The only problem is, all of this potential gain certainly doesn’t come without the risk of potential losses. Potential loss that might result in you having to close up shop for good. Just one little lawsuit could result in your losing your business. One bad deal with a customer and you might be in a situation where you find yourself staring down the barrel of a loaded gun. These are the situations where the right insurance policies can help.
That being said, the trick is knowing which policies you need, how they can protect you, and how to go about getting them. That’s exactly what you are going to learn here.
Know Your Risks
When all said and done, you can invest in any number of insurance policies you want. Heck, you can buy an entire collage of packages, but that doesn’t necessarily mean you’ll be protected in every foreseeable and unforeseeable situation. This is because specific ticket agents face different risks. One agent might be at risk for some things while other ticket agents and theater salesmen face no risk. This is why you have to know and understand your business’s inherent risks. One thing for certain that all ticket salesmen and agents face are canceled events. This is something that’s been common as of recent. In fact, just ask any ticket agent and they’ll likely tell you, if it wasn’t for insurance, they’d likely already had to shut down.
You can never tell when an event will be canceled. Maybe the singer or performer comes down with an illness. Maybe the venue is hit with a natural disaster. Whatever the situation, these are all things that are going to result in canceled events. And, unfortunately, sometimes refunding money isn’t enough for some people. When these situations arise, they have the legal right to sue. General liability insurance will protect in these situations.
Unfortunately, canceled events aren’t your only risks. You likely have a place of business. An office where you can order tickets online, input customer’s information, and view available seats as well as seating charts. All this is likely done online these days. Imagine if your ordering system or computer system breaks down. It’s needless to say that it would be a disaster. There are specific policies for these situations also. Business property, equipment breakdown, and cyber liability policies are all policies that you’ll want to look into for your business.
Finding The Right Provider
Thanks to the resources, tools, and technologies available today finding an insurance provider is easier than ever. Of course, finding one is the easy part. The hard part is, finding a good quality one. One that knows and understands the specific risks that your business faces. Working with an insurance company that is familiar with ticket and theater sales will be more valuable than you’d ever imagine. Together with these trained professionals, you’ll be able to build and device an insurance package that’ll protect your business from any risk that it faces.
Finding The Right Amount Of Coverage
One of the trickiest and most confusing things about business insurance is, you not only need specific policies, but you need to make sure that you have the right amount of coverage. While you could always invest in the highest amount available through the provider, this is likely something that would be rather expensive. You’d certainly be protected, but you might end up paying premiums of 4 to 5 thousand a month. This is just something you don’t want to do. The trick is to find that healthy medium in the middle.
The right amount of coverage that will not only protect you and your business from all unforeseeable threats but the right amount of coverage that you can afford. This is also something that a good quality provider familiar with the industry could help with.
Disability Insurance
You biggest asset in life is your earning ability. If you are unable to work, you will need to rely on either your savings or borrow money to sustain your lifestyle. When these unfortunate circumstances occur, dependents and spouses are also impacted financially and emotionally.
Disability insurance coverage will provide you a monthly income benefit, usually totaling 70% to 80% of your income, when you are unable to work for a period of time due to injury or illness.
Types of disability insurance
- Long-Term Disability Insurance (LTD)
- Short-Term Disability Insurance
- Key Person Disability Insurance
- Self Employed Disability Insurance
- Mortgage Disability Insurance
- Temporary Disability Insurance
- Supplemental Disability Insurance
Need coverage in effect? Compare the market!
FAQ before purchasing liability insurance
- How much professional liability insurance do I need?
- How do I get a liability insurance policy?
- What does professional liability insurance cover?
- What is the difference between claims made & occurrence form of coverage?
- When will I need to be insured?
- What other professions need this type of insurance?
Other useful posts you should also read
- Canadian insurance companies that provide professional liability insurance
- How does the claims process work if I get sued because of my professional services?
- What is the cost of professional liability insurance?
- How do I apply for a professional liability insurance policy?
- How do I qualify for coverage as a professional service provider?
- What is the purpose of getting insured as a professional?
- How long will it take to get an insurance quote for my business?