Musicians Insurance - Do You Need It?

A lot of people working as professional musicians make a very big mistake when it comes to running their business - sometimes they don't pay enough attention to taking out the right kind of insurance coverage. It doesn't matter whether you play gigs in a band on a professional or semi professional basis or whether you simply play in a band every now and then. You may still find it useful to have musicians insurance in place.

Nobody really likes paying out for insurance at the end of the day. But, if something does happen then the insurance policy you have backing you up could be the best thing you've ever spent money on. You aren't just buying peace of mind. You're buying a helping hand that could give you specific financial assistance just when you need it most.

So, why might you need musicians insurance? What kinds of things can go wrong? Let's take a look.

· Your instrument(s) - how much would it cost you to replace your instrument if it were lost, stolen or damaged? Your instrument is the tool of your trade and without it you can't play;
· Your audience - could you afford to pay legal fees and compensation costs if a member of your audience got hurt at one of your gigs and a court ruled that it was your fault? This is where public liability insurance may help;
· Your employees - if you or your band employs anybody then you are in most cases legally required to have employers' liability insurance. If they get injured or are made ill by something you do when you they work for you then you may have to pay legal and compensation costs.

As a musician you have very different insurance needs to the average business. You may, therefore, simply find it easier to buy a specialist musicians insurance policy from the start. With a specialist policy you often stand a better chance of getting an 'off the shelf' policy that gives you all the protection you need in one package or with extra benefits available to add on as you need them. You may not get the same kind of cover from a general commercial policy at such a competitive cost.