We own our own building so ours is more complex.  But, basically, we have an insurance policy for:

(1) commercial property (building, contents, business income/extra expense)

(2) general liability (each occurance, general aggregate, products and complete operations, personal and advertising, fire damage, medical expense)

(3) workers compensation

(4) excess liability

(5) Inland marine (a separate equipment floater covering expensive pieces like light board, sound board, piano, follow spots, movie projectors)

(6) boiler policy

(7) officers & directors policy

 

Of course there are various premium costs associated with these coverages.  The officers & directors policy cost about $1000. a year and has up to a $1. million coverage if someone would sue the organization.

 

Our insurance agent contracts most of our coverages through Security Insurance.  Like any insurance, various coverages have electable deductables and they all have different coverages.  For instance, you want business and extra income expense coverage under your commercial property because in the case of catastrophy and you lose your building, most insurance policies will cover the building, but the business income feature kicks in to cover your normal business expenses and would pay to rent an office space for a few months while you get back on your feet.  Plus, when you don't have a building and you're not in business for awhile, you're losing money.  This would replace some funding that would normally be coming in.

Like I said, insurance gets really detailed and complex, but get the correct policies for your organization. 

I can help you, for free, design a risk management stradegy for your group. I agree with Johns comments, theatre insurance is complex. Let me know if you need help.