Without a shadow of a doubt, the importance of touring and merchandise sales has increased for bands in this post-physical sales world. Protecting your equipment and stock is vital. Helping artists avoid the need for crowdfunding after a theft or road accident is something we feel is incredibly valuable, which is why we are so pleased to have Allianz Musical Insurance on-board as our Official Insurance Partner.
We’ve handed over the stage to Allianz Musical Insurance to explain the seven important differences between home insurance and specialist musical insurance.
Many musicians rely on their home insurance to cover their instruments, and we’re often asked how specialist musical insurance is different.
We know that policy documents are long and often daunting to read, so here’s a quick summary of the key differences between the two.
1. We’ll cover you for unlimited professional use
Whether you’re playing Shepherd’s Bush or your local pub circuit, we’ll cover you. But your home insurance may not. Even for small pub gigs or charity concerts, if money is being changed hands, it’s always worth checking if you’re covered.
2. We’ll cover your instrument for the exact value you tell us
Home insurance policies often have a value limit on personal effects – meaning your gear may not be entirely covered. If you own a large amount of equipment or anything particularly expensive, it’s best to double check how much you’re covered for. We’ll cover anything that you can play, for however much it’s worth.
3. You can cover multiple instruments on your policy from just £33 per year
Adding instruments to your home insurance might increase your premium, but this isn’t the case with our specialist musical insurance. No matter whether you’ve got one guitar or an entire studio filled with gear, we’ll cover you. In a band? Insure your instruments together and you may be eligible for a discount.
4. We’re music experts
Does your home insurer know the difference between a crash and a splash? With over 50 years of experience, we understand your needs as a musician, and know that things often don’t fit neatly into categorised boxes. Unlike home insurance, our insurance is designed with musicians in mind.
5. Our premiums won’t go up after a claim
Claiming on your home insurance might affect your premium or no claims discount, but not with our specialist insurance. And unlike home insurance, if you claim on your policy with us, you won’t have to pay an excess.*
*£100 excess applies for computer equipment.
6. We’ll cover loan instrument hire costs
If you play music for a living, we know that you can’t be without your instrument. That’s why we cover hire costs, so you won’t run into problems if your instrument is off for repair, or if you’re waiting on a replacement to arrive. Home insurance policies are not specifically created for specialist items such as instruments, so you should always check if hire costs are covered.
7. We’ll cover depreciation in value after repair
We understand that after repairs have been carried out, instruments don’t always play or look quite like they used to – that’s why we cover any loss in value after a repair. Your home insurer may cover repairs, but they may not cover depreciation in value afterwards. Every policy is different, so make sure you check what you’re covered for.
Find out more about Allianz Musical Insurance here.
It’s important to remember that most insurance policies will have different terms, conditions and benefit limits. To ensure you have the cover that’s right for you, make sure you understand what you’re covered for and how much you’ll be able to claim before taking out a policy.