Orchestras and musical bands are often exposed to a wide range of perils. And to handle and mitigate them single-handedly could be a tough feat for the band members. Therefore, specialist insurance coverage is crucial to take care of all these. Why specialist coverage when you already have general business protection?
Being a musical band, getting a general business insurance cover is not a big deal. You can get it from any decent insurance provider operating in your state. However, there are a plethora of good reasons to get standalone coverage for your business, an insurance policy that can understand the nature of your business.
Non-specialist vs. specialist insurance provider
When you are into performing art, you go on tours, manage events, and do a whole lot of things. So, when you choose a non-specialist insurance provider, they have pre-set notions and not-so-accurate ideas about the music industry. Therefore, they happen to charge more on premiums, and often the coverage is not adequate.
The same happens to people who simply rely on their home insurance for protecting their musical instruments - incomplete coverage against hefty premiums.
However, when you choose a comprehensive Orchestra Insurance plan, the insurer knows what you need and offers realistic coverage options.
Most non-specialist insurance providers have the least knowledge about musical instruments. Therefore, they fail to understand the connection you share with your musical instruments.
However, when you choose a specialized insurance provider, they understand musical instruments and their values in the market and your life too. So, they happen to provide comprehensive coverage.
As non-specialist insurance providers do not have much knowledge about musical instruments and their values in the market, claim settlement can be a hard nut to crack with them.
However, the scene is completely different with a specialized insurance provider who deals with musical instruments.
Insurance benefits to avail
With a good musical instrument insurance provider, you can avail of the following insurance benefits:
Property insurance: It includes all your electronic and non-electronic instruments and equipment, mics, stands, cases, sheet music, hired gears, audio-visual gears, and programs, to name a few.
Loss of income cover: It protects your income flow in cases of technical or physical problems, including lighting and sound problems, telecommunication error, issues caused due to elements of nature, theft, and robbery.
Comprehensive public liability insurance: It pays for the payments you have incurred towards compensating a third party due to their physical injury or property damage caused by you.
Workman's compensation insurance: It covers freelancers, managers, and ticket sellers along with your temporary and permanent workers. Always remember, your goodwill in the music industry is not going to cover you for compensating a worker for an injury. However, a comprehensive Orchestra Insurance plan will.
Insurance against omissions and errors: This cover is especially important when you belong to the professional world of music. It will protect you against the allegations of copyright infringement, slander, breach of confidentiality, and similar problems.
So, these are some of the crucial coverage options that you are likely to get with a dedicated insurance plan designed for orchestras, musical bands, and ensembles. Make sure to check these out when buying an insurance plan.
Finding a trustworthy insurance provider
So, you have finally decided to buy a dedicated musical instrument insurance plan for your orchestra. Now it is time to choose a reliable insurance provider. Choosing a good service provider is crucial because it decides how your policy will end up helping you at the time of need. Although you will find many insurance providers in the market, finding a reputable option might feel like a challenge to you. However, there is nothing to worry about. Just follow the steps given below, be careful, and that’s it! Let’s take a look at the pointers given below:
● Search the World Wide Web with relevant keywords, and you will find a list of insurance providers operating in your state.
● Once you have the list handy, visit their websites one by one and collect all the useful information, such as the types of policies they offer, the extent of coverage you may likely expect, etc. Then, you should ask for price quotes from each one of them, compare them, and then decide on a plan.
● Make sure to choose a licensed and certified insurance provider.
Once you have the assurance of a dedicated insurance plan, you can take a sigh of relief.
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