If we were to ask any musician how much they would take to part with their favorite instrument, the answer would surely be in negative. Though music instruments are priceless to the musicians, it is important to price them and get them insured to safeguard against monetary loss arising out of theft, misplacement or damage to the instrument. Today we see a number of insurance companies dedicated to the music industry offering tailored insurance plans. These plans take into account all kinds of risk and trends in valuation unique to the music industry. But insuring your instrument alone won’t offer you complete coverage. Here in this short write-up we take a look at the types of insurance coverage that you need as a musician.
• Instrument Insurance – This is among the most popular types of insurances that you would be looking for. Music insurance companies usually have dedicated plans for different types of musical instruments. For instance if you are buying viola insurance a normal plan would cover the instrument and protect it against different causes of loss, damage/breakage, theft, fire, and others such as natural disasters. Here again the needs of an amateur and a professional may be different and the insurance plan would cover them accordingly. The instrument insurance plan should take into account the value of the instrument based on its rarity and condition as this is important for you as a musician.
• Event Liability – There is nothing more tragic for a musician to see people get injured during his/her program and have to face series of liability cases. If you regularly set out for performances during stage shows, consumer shows, fundraisers, dances, luncheons, parties, weddings, concerts or any other type of event this is a must for you. What this does is protects you against all kinds of third-party claims related to bodily injuries and other damages that may happen during your performance. In fact this coverage has become a must when you book a venue for your performance in many cases as it protects against everything from accidents to hooliganism.
• Studio/School Insurance – Today it is common for many musicians to start their own music school and impart lessons to music enthusiast. Also there is a growing trend to set up a small recording or mixing studio at home that allows them to experiment with their music and improve upon their popularity among their fans. If you offer music lessons or have expensive equipment at home other than your instruments you must get them insured.
You need to find a company that offers you these types of insurance plans. They need to have a strong name among amateur and professional musicians and it shouldn’t be difficult for you to verify their credentials as you can ask for references from your fellow musicians before zeroing on a company that offers you the kind of insurance plans that you are looking for. Do your research carefully and this will not only protect your instruments but will give you the peace of mind that you need as a creative artist.
• Instrument Insurance – This is among the most popular types of insurances that you would be looking for. Music insurance companies usually have dedicated plans for different types of musical instruments. For instance if you are buying viola insurance a normal plan would cover the instrument and protect it against different causes of loss, damage/breakage, theft, fire, and others such as natural disasters. Here again the needs of an amateur and a professional may be different and the insurance plan would cover them accordingly. The instrument insurance plan should take into account the value of the instrument based on its rarity and condition as this is important for you as a musician.
• Event Liability – There is nothing more tragic for a musician to see people get injured during his/her program and have to face series of liability cases. If you regularly set out for performances during stage shows, consumer shows, fundraisers, dances, luncheons, parties, weddings, concerts or any other type of event this is a must for you. What this does is protects you against all kinds of third-party claims related to bodily injuries and other damages that may happen during your performance. In fact this coverage has become a must when you book a venue for your performance in many cases as it protects against everything from accidents to hooliganism.
• Studio/School Insurance – Today it is common for many musicians to start their own music school and impart lessons to music enthusiast. Also there is a growing trend to set up a small recording or mixing studio at home that allows them to experiment with their music and improve upon their popularity among their fans. If you offer music lessons or have expensive equipment at home other than your instruments you must get them insured.
You need to find a company that offers you these types of insurance plans. They need to have a strong name among amateur and professional musicians and it shouldn’t be difficult for you to verify their credentials as you can ask for references from your fellow musicians before zeroing on a company that offers you the kind of insurance plans that you are looking for. Do your research carefully and this will not only protect your instruments but will give you the peace of mind that you need as a creative artist.
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