Musicians Equipment Insurance
What Is Music Equipment Insurance?
Investing in your musical instruments and gear is expensive. Replacing or repairing your gear has an even heftier price tag. Equipment and gear coverage (aka Inland Marine) is an add-on to musicians insurance that can help with costs arising from damages to or theft of your gear. Insuring your equipment allows you to prepare for your next gig with ease knowing Insurance Canopy can protect your gear.
Why Do I Need Equipment Insurance?
No matter how careful you are, risks can be everywhere. Someone could accidentally trip over or spill something on your instruments, stereos, or microphones, causing serious damage. You could have an outdoor gig and wind or water could ruin your gear.
Plus, it’s common for renters or homeowners insurance to exclude coverage for equipment used for business activities. This could leave your equipment and instruments without coverage against theft and damages, especially outside of your residence.
What Does Musicians' Gear and Equipment Insurance Cover?
Gear insurance for musicians covers instruments, speakers, microphones, and other gear on and off-premises. Musicians equipment insurance can also cover claims for loss, theft, damage, and damages from transportation to venues or events where you’ll be performing.
How Much Does Music Equipment Insurance Cost?
Musician instrument and equipment insurance costs $6-$12.50 a month in addition to the cost of your general liability policy, depending on how much coverage you need.
- $2,000 coverage per policy year ($7.50+ per month)
- $5,000 coverage per policy year ($15+ per month)
If you increase the coverage amount of your musicians gear insurance, you also increase the policy price. For example, if your equipment coverage goes to $5,000 per year, your policy prices also increases by $15 a month.
Insurance Can Save You Thousands
Stolen music property from vehicle - $10,000
Water damage to microphone, speakers, and other equipment - $2,902
Wind knocks over cello and damages neck - $2,000
Damaged speakers due to an auto accident - $2,816
Equipment sustained damages after a fall - $510
Sources: (Actual claims amounts paid.) Claim amounts are estimated based on additional internal knowledge and research. All policies have conditions, limitations, and exclusions. Please read the policy for exact verbiage. Claim scenario circumstances vary in nature and similar claims do not guarantee coverage.
How to Add Music Equipment Coverage to Your Plan
If you have an annual policy, adding music equipment insurance (aka Inland Marine) is as easy as playing your favorite song. You can add it in three simple steps.
2. Click “Add A Policy”
3. Add Inland Marine insurance and choose your limits.
Add it to your annual policy at any time via your user dashboard. Or, if you’re new to Insurance Canopy, you can add Inland Marine while filling out your musician’s insurance application.
Frequently Asked Questions About Gear and Equipment Insurance for Musicians
What is the Cost of Musicians Equipment Insurance?
The cost of equipment insurance for musicians is $7.50-$15 a month plus the cost of your base annual policy.
If you purchase musicians insurance and opt in to add $2,000 in gear coverage, for example, your monthly payment will be $26 ($18.50 for the base policy plus $7.50 per month for equipment and instrument insurance).
Want to learn more? Check out our guide to musicians insurance.
Does Equipment Insurance Cover Theft Or Damage During Transportation?
Depending on the situation, damage to your equipment and instruments during transportation may be covered. While all equipment claims are handled on a case by case basis, equipment insurance can cover things like:
- You get into a car accident on the way home from a gig and your gear gets damaged
- Your equipment is left in a locked vehicle or trailer overnight and gets stolen
- You set up your gear at a venue the day before your gig and a fire breaks out, causing smoke and water damage that destroys your instrument
How Is The Value Of My Equipment Determined?
Insurance Canopy’s musicians gear insurance determines the value of your equipment as the lowest of the following amounts:
- The cash value of the equipment
- The cost to restore your property to its condition before the damage occurred
- The cost to replace your equipment with identical equipment
What Is Not Covered by Musician Instrument and Equipment Insurance?
Some of the exclusions for musicians gear insurance include:
- Earthquakes – Earth movements are not covered by Insurance Canopy. However, if you experience loss or damaged equipment as a result of fire, theft, or explosion, that is covered.
- Government action – Seizure or destruction of property caused by a government authority is not covered. However, if the destruction of property occurs due to a fire, losses can be covered.
- Volcanic action – Loss of equipment due to volcanic activity is not covered. But, if your loss occurs from a resulting fire, airborne shock waves, ash or dust particles, or lava flow, then damages may be covered.
- Flooding – Floods, water, tidal waves, surface water, and overflow of water are not covered. However, if water results in a fire, explosion, sprinkler leakage, or theft then your losses can be covered.
- Dishonest acts – dishonest acts by your employees, partners, members, officers, trustees, or representatives are not covered.
Equipment and personal property that is not covered by music equipment insurance include:
- Business accounts, bills, valuable papers, etc.
- Aircraft/Watercraft
- Precious metal jewelry
- Living organisms
Music equipment insurance protects your valuable gear when accidents happen.
Someone knocks over your equipment at a gig and breaks it.
Wind or water damages your speakers, instruments, or other musical gear.
Your instruments and gear are stolen out of your locked car.
You get into an accident driving to a gig and your sound equipment sustains damage.
Damaged equipment after sustaining a fall.
Musicians Insurance
Annual Policies Starting at $18.50/ month – With so much going on at parties, concerts, events, it’s virtually impossible to avoid an accident. Musicians insurance covers you when accidents happen. Get covered today!
