If you are a musician of any sort then you need to realize the importance of getting insurance.  Of course, as with other types of insurance policies, there are different ones to choose from depending on your individual circumstances.  Even if you aren’t a professional musician, you should really look at getting insurance for your instruments because you might have spent a lot of money on them.

Studio Liability - If you own a recording studio or rehearsal space there are many things that might go wrong when there are musicians in.  For instance, equipment might fall over and even blow up.  If this were ever to happen to you it is important that you have liability insurance to cover any legal fees that you could face.  It simply isn’t worth ignoring this sort of insurance because anything could happen at any time and you could face financial ruin if you don’t have adequate cover.

So often people think that nothing will ever happen to them and that bad things only occur with other people.  This is simply daft and when you are dealing with members of the public lawsuits are something that you have to be prepared for.

If you are rehearsing or recording in your own home you might think that you’ll be covered under your regular homeowners insurance.  Unfortunately this isn’t automatically the case.  Of course, you can always contact your home insurance provider to find out if you can take out further cover.  However, often you will probably need to take out separate cover designed for this specific purpose.

The size of your studio/rehearsal room has a big impact on how much your policy will cost along with the value of your equipment.  The amount of money you make in fees each year is also taken into consideration.  Furthermore, find out if there are any deductibles.  Ideally you should find a policy where there aren’t any however you have to weigh this up with other factors. 

Tour Insurance - If you’re going on the road, then having insurance for when you are on tour is important.  These days venues often require that musicians have insurance.  If any of your equipment were to cause injury then you will find that having insurance can save you a considerable amount of money.  There are basic plans that you require however you might also feel the need to take out some extra coverage for things like musical instrument, crime and cancellation coverage.

Musical Instrument Coverage - Musical instruments can be very costly and unfortunately can be a real target for thieves.  Also, instruments can easily be broken in transit if they aren’t being treated as well as they should.  To illustrate this point you should watch the video on YouTube called “United Breaks Guitars” and you’ll realize how important insurance is.  However if your instruments have simply got a little scuffed through wear and tear then you are highly unlikely to be covered.  If you have classical instruments then you should look to get insurance that is specifically for this purpose.

Music Tutor Coverage - Again, when you are dealing with the public anything can go wrong.  Equipment can fall over and such like.  So if anything happens you can be sure that you have insurance to help you out with any legal or medical expenses.  A lot of people who are teaching a musical instrument at home don’t even consider the importance of insurance but please don’t be one of them.  It’s not worth the risk.

Spend time look at all your options and make sure you act quickly however you should also be thorough in terms of choosing the best policy for you.  You don’t want to end up finding out that you are underinsured.  An insurance agent can help you a lot with this.  If you are a member of a musicians union you should find out if they can offer you low rates of insurance.