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Australian Live Music Business Council Announces Solution For Insurance Crisis.

Staff Writer

“What we really need is legislative reform to fix what is clearly a broken system.”

Australian Live Music Business Council has announced a much needed solution for the Public Liability Insurance Crisis.

Announced on the opening day of Australia’s leading music industry conference BIGSOUND, The Australian Live Music Business Council (ALMBC) has released highly anticipated information regarding the solution for businesses struggling to secure public liability insurance.

The result of six months of negotiations with brokers and underwriters, ALMBC Chairperson Stephen Wade said ALMBC’s insurance gateway will provide relief for businesses that have seen premiums increase by up to 1000%.

“Coming on the heels of the heartache of COVID, the Public Liability crisis has been devastating for businesses in the live sector. They’re having to go from one insurer to the next, only to be told they can no longer get coverage for a live music business...and when they find an insurer of last resort, premiums are off the chart”

Central to the solution is an app that venues will be able to use to collect the information insurers need to assess applications. Once submitted ALMBC’s brokers will use the data to match the business with underwriters that are ready and willing to insure live music companies.

Whilst the organisation is pleased they’ve arrived at a solution, they are careful to point out that more substantial change is needed to make Public Liability Insurance properly affordable. Fortunately ALMBC Acting General Manager, Phil Brown said that recent discussions with the Insurance Council of Australia have been fruitful and are evidence that the insurance market recognises that the current framework needs reform.

“Making any change to the current PLI framework will be a challenge because we’ll need the support of both federal and state governments.”

“In our favour is the fact that governments at all levels have demonstrated a genuine interest in seeing industries like live music survive, and to have the ability to work across state and federal lines. This reform offers a real opportunity to have a direct impact on operating costs at a time when inflation is really biting small business”

Businesses wishing to find out more about the ALMBC’s solution or becoming a member can visit the ALMBC Website here