Our latest blog covers the less glamorous, but by no means less important, topic of insurance for musicians, and is a guest post by Steven Howell of Music Insurance Brokers.
As a musician or band member we understand that insurance is not something you generally want to spend your money on, however, if your equipment got stolen, lost or damaged could you easily afford to replace it?
If you got ill or had an accident abroad whilst on tour could you afford the medical bills? If a member of the public got hurt at one of your gigs and a claim was made against you, could you afford to defend your case or pay damages? If you can’t afford these things then you can’t afford not to have suitable insurance cover.
We’ve put together a basic overview of the common issues and key insurance protection you should consider in order to make an informed choice about the right cover for you and your band.
Musical Equipment Cover
When starting out, many artists simply cover their equipment on their household contents policy. Whilst this is ok when playing in a bedroom or garage with mates, it’s not suitable when you perform in public.
As soon as you receive payment (whether it’s in the form of money, a beer tab or guest tickets) you are then considered a ‘business’ and as such the household contents policy becomes void and no cover is available.
In addition, a household policy is unlikely to provide cover for equipment whilst it is away from the home, or stored in an unattended vehicle on the road.
For bands there is the additional issue of each individual covering their equipment themselves. This is rarely the most cost effective option. The individual premiums often add up quite quickly and make it an expensive way to have cover.
Individual or group travel requirements can be arranged for events or whilst on tour and can be arranged on an annual basis or for any odd period required. Our policies provide comprehensive cover at very competitive rates and include;
• Medical expenses when travelling outside normal country of residence
• Cancellation or curtailment of your journey(s)
• Travel delay
• Personal accident
• Personal baggage for clothing or personal effects
• Loss of personal effects and cash
The basic principle of liability insurance is that if you cause an injury or damage property that belongs to someone else, then you could be held ‘liable’ and have to pay damages.
Liability cover is split into three areas:
1. Public liability – This protects you against claims for damages by members of the public. You need this cover any time you come into contact with the public as an artist or band.
2. Employers liability – It is a legal obligation to have Employers Liability cover if you employ people (including unpaid volunteers).
3. Product liability – This provides protection if you provide products to the public which are unsafe or cause harm – like merchandise.
Hopefully this offers more of an insight into how insurance can help your band or music business.
If you would like to discuss your specific requirements, please contact Steven Howell at Music Insurance Brokers:
D +44 (0)207 287 5054
M +44 (0)740 746 3742
Or follow Music Insurance Brokers on Twitter @insureyourband for more advice on insurance in the music space.
POSTED: Wednesday 19th February 2014