Instrument and Equipment Coverage
Being a professional musician is a fulfilling way to earn a living, but it’s one that comes with some risk. Between the travel, rehearsal, gigs and late hours, musicians are exposed to a variety of liability and property perils. Musicians insurance can help musicians based in Massachusetts protect themselves from many of these risks.
Musicians insurance is specialized commercial insurance for professional musicians. In order to provide musicians with multiple protections, these policies are typically underwritten as package policies that have multiple coverages in them. Musicians can usually choose the exact coverages that are in their policies.
In broad terms, most professional musicians who are based in Massachusetts ought to consider music insurance. This includes label bands, indie bands, solo performers, orchestra performers, opera performers and other professional musicians. Not having insurance can leave almost any professional unnecessarily exposed to risk, and music insurance is typically the most appropriate type of insurance for these professionals.
While the exact coverages included in music insurance policies can vary, a couple of coverages are often available through these policies:
Artists and bands that regularly travel probably also need commercial auto insurance if they own a van or bus. Commercial auto coverage is available through some music policies. An insurance agent who specializes in music policies can help find one that has commercial auto.
Homeowners insurance normally provides personal liability coverage for the homeowner and personal property coverage for their belongings. Whether these protections extend when a homeowner is playing as a musician usually depends on whether the performance is a paid gig.
Musicians who play unpaid gigs sometimes do have coverage through their homeowners policy. Whether coverage applies depends on the specifics of the policy and situation, but some liability and personal property protection may be in effect.
Musicians who are paid for their gigs typically don’t have coverage through their homeowners policy. The transaction of money normally makes playing a business endeavor, and homeowners policies generally aren’t designed to insure businesses.
Some musician policies have “worldwide coverage” within their property coverage’s terms. When included, this normally means that the covered property is protected almost anywhere in the world (war zones and select other areas are often excluded). Having worldwide coverage may be especially important when insuring an instrument that travels to many performance locations.
If worldwide coverage is needed or desired, an insurance agent who’s familiar with these policies can check for one that includes the extended protection.
Premiums for musician policies can vary, but they tend to be fairly affordable. Insuring a musician or band certainly is less risky than insuring some other businesses, and premiums tend to correspond to insurance companies’ risk.
For an accurate picture of how much insurance will cost in a specific situation, musicians should speak with an independent insurance agent. Independent agents are able to compare quotes from multiple insurance companies, making it easy to see how much each will charge for a given set of coverages.
For help finding musicians insurance in Massachusetts, contact us at The Feingold Companies. Our agents can help you explore policy options from many insurance companies in the state, and we have the expertise necessary to help you select whichever one best suits your needs.