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Music Instrument Insurance Offers More than Just Monetary Compensation

Written on January 28, 2016   By   in Music

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by bennylin0724

The music scene has got competitive in the last two decades. The struggle for musicians and those associated with other professions in the music industry is at an all-time high. But at the same time there are more opportunities even for upcoming artists to perform at concerts, college gigs and even private parties. Whether you are one of the most sought after artists or one who offers music lessons at home, you need to adopt a professional approach in how you go about your business. It is important for you to protect yourself against the risks and hence you need to buy music instrument insurance.

The moment we talk about music equipment insurance, most musicians and event manager look at it purely from the angle of monetary compensation. Yes, an insurance plan is meant to offer you financial protection against all risks but their utility extends much beyond that. This thought process is also a result of what most other types of insurance plans offer us. But for musicians the risks are unique and so are the needs and hence you need plans that not only compensate you financially in the event of loss or damage but also help you deal with the immediate consequences of losing an instrument.

The Psychological Advantage
How often have you spent anxious hours while travelling wondering how the handling crews are dealing with your precious instruments? If you are regularly on the road of travel to perform, this is something that you would experience. You fear the loss and damage to your instrument and this anxiety can often affect your performance when you arrive at the show. A comprehensive plan would offer you psychological respite from this anxiety. When your mind is aware of the financial protection you have, it is always at peace. Musical instrument insurance covers all such risks such as damage on-stage, thefts and damages during transit and would help you deal with such situations.

Protection from Liability
There is no end to fixing liability in the event of mishap. Did you know if you are playing in a concert and there is injury to some of the fans due to violence or stampeded, you can be held liable to such incidents? Many musicians have got themselves entangled into such liability claims in the absence of an insurance plan that protects them against this risk. Also if you impart lessons to students at home, there is always the risk of liability should anything happen to your students while they are at your premises taking lessons from you. Apart from the legal consequence, such incidents earn you bad press especially in the day and age of social media and can dent your reputation. A music insurance plan would protect you from any kind of third-party claims arising out of damages and insurance at your studio or during your event.

It thus becomes extremely important for you to find the right insurance company that would offer you a tailored plan meeting all your risks at the most affordable prices.

Author works as an insurance agent with a vast knowledge of music instrument insurance and music equipment insurance.

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