All musicians regardless of what type had been and still can be victims of instrument theft. And this can happen anytime and usually it is at the time you least expect it. Your instrument is your most important investment as a musician. Thus, you want to protect it by getting an instrument insurance. But protecting your gear is not the only type of insurance you will need. There is insurance for professionals (musicians are professionals in their own right), e&o insurance, and general liability insurance are all types of insurance that a musician will need.
Your Insurance Protection
Obtaining an insurance plan created specifically for professional musicians is essential. Some music artists will obtain contents insurance and assume this can cover their instruments. There are actually two issues with this.
1. Your instrument is only included for protection when it’s in your home. Anything that happens outside of the home is not covered. So imaging if theft happened during a tour? Your insurance will not consider this claim.
2. Contents insurance will only cover personal belongings. Your instrument may not be considered personal belonging considering that your instrument is vital to operate your business as a musician. And thus, they’re thought to be business tools and therefore will not be covered under this type of insurance.
The only real time that contents insurance is going to be enough is if you merely play your musical instruments in your spare time, and only played inside the home. In case you perform live or perhaps generate profits from your musical instruments, you will need a specific insurance to cover this.
3. Like the majority of other insurance policy, there are occassions when you negotiate your insurance coverage via action. Should you be on tour and theft happens where someone breaks a window of your van to steal your equipment, you’re covered. But if your gear is not attended to and it was stolen, this will not be covered. If you do not have the “all-risk” insurance policy, forced entry needs to be verified.
Several companies will let you sign a clause like “locked vehicle warranty” that states that you consent to make all possible actions to protect your gear to ensure that claims becomes valid. Finally, all risk policies have exclusions therefore it is good to learn what all those are.
Musicians deserve an insurance that’s well prepared and customized to their needs. Talk to your nearest insurance adviser now.