Insurance for Music & Art Equipment....Are You Covered?

You work hard at your craft and play out or work offsite often. You’ve accumulated a cornucopia of professional equipment over the years that cost a small fortune and would be financially devastating to replace, so don’t become one of the many artists who neglect unglamorous yet crucial details and become unfortunate statistics each year. Make sure you have adequate insurance coverage for your professional gear. “Adequate” here being defined as coverage for its REPLACEMENT value vs. its DEPRECIATED value since we all know electronics begin depreciating the nanosecond we purchase them.

Unfortunately, even if you have a renters or homeowners policy, it will probably still not provide enough coverage without the addition of an extra rider to cover the additional value. Don’t stress – these extra riders usually aren’t that expensive, and are well worth the price for your full peace of mind. Check with your local insurance agent and be prepared that you may need a separate business policy since any equipment you use to earn a living falls under a different category than private residential use.

Also discuss with them – and be especially aware – that your coverage will probably only cover your equipment while it is being used IN YOUR HOME, NOT OUT AT A GIG OR REHEARSAL. For insurance coverage for your equipment anywhere you may take it outside your home, including your car, rehearsal space, or someone else’s house, MusicPro (an ASCAP recommended company) offers $10,000 of coverage for only $100/year. Whatever you do, just make sure you have coverage both at home AND away. Remember, fires happen, vans crash, and luggage gets lost…and without proper insurance coverage a single unfortunate event can sideline your career overnight indefinitely.