The Live Events Reinsurance Scheme means the state will provide a guarantee to ensure insurers can offer the products events companies need.
Chancellor of the Exchequer Rishi Sunak said: “The events sector supports hundreds of thousands of jobs across the country and I know organisers are raring to go now restrictions have been lifted.
“But the lack of the right kind of insurance is proving a problem so as the economy reopens, I want to do everything I can to help events providers and small businesses plan with confidence right through to next year."
Providing a boost
He added: “We have some of the best events in the world here in the UK – from world-famous festivals to your local fair.
“With this new insurance scheme, everything from live music in Margate, Kent to business events in Birmingham can go ahead with confidence, providing a boost to the economy and protecting livelihoods through our Plan for Jobs.”
The scheme will be available from September this year and run until the end of September 2022.
The Night-Time Industries Association (NTIA) welcomed the scheme and outlined how many workers will be impacted by it.
Gives some comfort
NTIA boss Michael Kill said: “I am extremely pleased the Government has decided to introduce an insurance scheme for the events and festival sector, it stands testament to a Government that is starting to acknowledge the varying issues within the sector and through engagement, take the appropriate action to protect businesses and jobs.
“More than 700,000 people work within this sector, it will give some comfort and certainty to supply chain and freelancers that heavily rely on this industry for their main source of income and we would hope with this news, many will feel confident returning to work within the sector.
“It is devastating the timings of this scheme could not have been earlier as we have already lost many amazing festivals and events to the uncertainty this pandemic represents but this scheme will allow a beleaguered sector to start to rebuild and plan with confidence for the future.”
