0.25 CIP Points
Can insurers save Australia’s live music venues?
In the face of rising public liability insurance premiums, insurers are working with venue owners to mitigate risk and develop sustainable solutions. When Australia emerged from COVID-19, the number of live music venues had fallen by a third, with more than...
11 Apr 2024
3 mins read
In the face of rising public liability insurance premiums, insurers are working with venue owners to mitigate risk and develop sustainable solutions.
When Australia emerged from COVID-19, the number of live music venues had fallen by a third, with more than 1,300 closing their doors. The survivors were then hit by another challenge: the soaring cost of public liability insurance premiums.
“In regional Queensland, we have one venue that paid $35,000 a year in 2019, then was offered insurance for over $210,000 in 2023,” says Andrew Bassingthwaighte, a business interruption specialist and director of the Australian Live Music Business Council (ALMBC).
“Higher excesses of up to around $100,000 are also more than most claims in venues this size. The situation is just not sustainable.”
There’s also the challenge of uncertainty.
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