If you are in a band, whether you are just a group playing for fun, or professional muscians, whose aim is to hit the big time, Band Insurance is probably not at the top of your to do list.
Practicing and nailing performances will certainly be a top priority for you.
However some business decisions such as purchasing Insurance, can be just as crucial.
Deciding on the best policy requires careful consideration. Its something that shouldn’t be left to the last minute – or indeed forgotten altogether.
Choosing the amount and type of cover, very much depends on what you actually do as a band – Finding a suitable Insurance policy is also important.
What cover do I need?
The first area and probably the one that can cause the biggest financial hole in your pocket is liability insurance.
As the name suggest this protects you against expensive claims where your liability has caused damage or injury to a third party.
For example: if you have left cables on the floor and made no effort to warn people about them. If someone were to trip over them and breaks a leg, they would be entitled to sue you for compensation.
Whilst these incidents are rare, you can see the potential for a large claim. If not insured properly, this could stop your band before they become a household name.
The same insurance applies if you have your own recording studio and people visit to listen to the tracks you have laid down.
You have a responsibility to any member of the public and liability insurance is also required.
What about our instruments?
Theft of Guitars and Sound equipment is on the increase. There appear to be more and more reports on facebook.
Nothing is more soul destroying to read about up and coming artists, who have had to cancel gigs, because their gear has been stolen.
Unfortunately, too many people believe that their home or car insurance will cover their equipment.
Car Insurance normally has a limit of around £500 for goods stolen, so £20,000 worth of sound gear is not going to be covered.
Also if you play your gigs abroad, don’t assume that an annual travel insurance policy will cover you either.
The same is true to a lesser extent on a home insurance policy. Firstly if you are playing professionally then chances are it will not be covered at all. Even if there is some cover, there are normally inner policy limits, that severely restrict any payout.
Where Can I find this type of Insurance?
There is however an excellent policy that is offered by a company call Music Pro
Coverage starts at £150 a year and includes: *
Worldwide coverage for the instruments and equipment on your list for up to (but no more than) the replacement value
£5,000 for Valuable Papers.
£25,000 for Newly Acquired Property (up to 30 days).
£25,000 for Borrowed Property (up to 30 days). Claim must be reported within 48 hours.
£2,500 per day up to £25,000 for rental reimbursement when equipment is rented to substitute equipment involved in a coverage loss while equipment is being repaired.
Replacement property is covered up to the value of the property being repaired due to a covered loss (loaner)
If you have been paid for lost, stolen or misplaced property and the property is recovered, you have the option to return the claim payment and retain the property.
£100 deductible per loss (not per item)
If you have expensive gear then it is definately worth getting a quote from them.