What other types of insurance should bands consider?
Public liability insurance is likely to be a fundamental insurance policy for most bands, but there are others you may want to consider.
Employers’ liability insurance is legally required as soon as you employ anyone in the UK other than close members of your family. This insurance provides financial support in case an employee – a hired accompanist, for example – gets injured as a result of working for you.
It can be tricky to determine whether you have employed someone to work with your band or whether they are self-employed. For example, if you employ an accompanist who regularly plays for you at rehearsals and you deduct income tax and national insurance from their salary, they would likely be deemed an employee. On the other hand, a freelance music teacher you hire may not be, and so would not be covered by employers’ liability insurance.
As a rough guide if you are not a worker’s sole source of work, or if they supply the majority of their own equipment and decide their hours of work, it’s likely they won’t be viewed as an employee. If you are in any doubt, you should confirm with your insurance provider.
Equipment insurance is another product worth considering. It could provide compensation in the event that your musical instruments or equipment are stolen, lost or damaged. Equipment cover can cover you at home, out and about, or in the studio. Some insurance providers may also compensate you for lost revenue in the event that damaged or lost equipment means you can’t perform. You should also bear in mind that there may be some stipulations – for example, if your equipment is stolen from a van that has not been properly secured, you may not be eligible for compensation.
Personal accident cover – sometimes called performance cover by specialist music insurers – can provide compensation in the event that a member of your band gets injured and, as a result, can no longer perform. Some insurers will provide cover against injury, as well as in the event of a musician losing their hearing, sight or speech. Personal accident cover could provide compensation in the form of one-off lump sums or in weekly payments. It could also provide compensation to your beneficiaries in the event of your death as a result of an accident.
Legal expenses insurance can help cover legal fees in case your band gets involved with a legal claim. For example, if your band were to become involved in a contractual dispute, this policy could help cover associated fees.