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You’ve set up your business, you’re ready to go and you feel confident that your music career is going to work out just fine, but have you thought about what might happen if something goes wrong? Imagine that something happens to your equipment or your studio – if you’re not properly insured, then the financial consequences could be dire. It may seem like insurance isn’t worth the extra money when you’re starting out, but it really can be the difference between life and death for your business. Here are some of the basics to help you get started with music insurance.
Why musicians need insurance
Music is a big part of many people’s lives, but what happens if you’re the one who has to pay for it all? In this post, we’ll take a look at why musicians need insurance in order to keep creating music and what you can do about it.
Do you need public liability for gigs?
If you are playing in a public space or event, your music insurance needs will differ depending on whether or not there is an admission fee. If there is no charge for entry, then a public liability policy should be sufficient. On the other hand, if you’re playing at a venue where people have paid to enter and your performance is part of the evening’s entertainment, then you’ll need more comprehensive cover.
What if I don’t want to take out public liability but my venue does require it?
The first thing that you need to do is find out the specifics of what your venue requires. When it comes to public liability, they will specify whether or not they want you to take out public liability insurance on their behalf and if so, what level. If your venue does require it, then there are a few options for how this can be done.
Do I need professional indemnity insurance?
The short answer is yes. Professional Indemnity insurance is a type of indemnity insurance that protects professionals from legal action and claims made against them for damages caused by their work. It is often referred to as errors and omissions, malpractice or professional liability insurance. This type of policy is required if you are a professional (most likely in the music industry) and want to protect yourself in case something goes wrong with your services rendered.
Working with a claims manager
Once you’ve set up insurance for your business, it is important to find a claims manager. He or she will be the person that helps you understand what is covered and what isn’t. For example, if you are in an accident and your instrument was damaged during the incident, a claims manager would help determine whether or not the damage is covered under your policy. If it isn’t, he or she will help find ways for you to cover the cost of repairs.
Recommended insurers for musicians
As a musician, it’s important that you know what your insurance covers and what it doesn’t. It’s also important to know if you are insured for the right things. There are many musicians who think they’re covered for theft or damage to their instrument when, in reality, this is not always the case.