Confused about PLI and musical instrument / equipment insurance? Find out everything you need to know...
In a career where few things are certain and financial security is sometimes a luxury, it's prudent for musicians to take out adequate levels of insurance, in order to cover various eventualities.
It may sound a bit dull, but there is a whole range of situations where insurance is a necessity should disaster strike. Whether it's theft of gear, injury to a member of the public or simply in order to comply with stipulations laid down by many venues across the country, the case for being well insured is overwhelming.
The two most applicable kinds of insurance for musicians will be Public Liability Insurance (or PLI for short) and instrument and equipment cover. As such, we've put together some details of what both of these consist of and good sources for them.
Public Liability Insurance protects musicians and entertainers if a claim is made against them. For example, in the unlikely event that something goes wrong at a public event or performance, such as an unstable speaker injuring a member of the audience, then your insurance would cover you against any claim made. This is particularly useful for those who arrange events and gigs, as they are most likely to be held liable if accidents such as this occur.
To qualify for Public Liability Insurance, the professional using the insurance must be able to perform what they're being hired for. If they do not prove to be capable, they are still liable to be sued if something goes wrong, even if they have public liability insurance.
Public Liability Insurance covers you against injury to a third party and/or damage to their possessions. As most musicians and entertainers will require different levels of cover depending on the types of events they perform at, most insurers now offer tailor- made policies. This will ensure that the policyholder is suitably covered, for situations specific to their performance. For example, a fire-eater will require different insurance to an acoustic folk singer!
Venues frequently ask musicians if they have their own Liability insurance before hiring them, so it's best to be able to reassure them, otherwise they may cancel your performance. All musicians, bands and entertainers hired for private functions, Weddings and Corporate Events must have Public Liability Insurance.
If you fail to produce a certificate that proves your insurance is valid, the venue will probably not allow you to perform, under any circumstances. Booking agents will often encourage their acts to take out public liability insurance. For example, Last Minute Musicians insists that all the acts represented by their entertainment agency take this out.
To avoid the chance of a third party making a claim against you it is important that you take all the necessary health and safety precautions when preparing for a live performance. It is important that all cables and leads are taped down with heavy-duty masking tape and all electrical equipment is carefully positioned and PAT Tested.
Equipment must be set up as per the manufacturer's instructions, or your insurance may be invalidated! Most venues will have risk assessments in place for the events they hold so if in doubt ask the organiser for any health and safety tips.
Public Liability Insurance can vary in cost, so be sure to get at least three quotes to compare. Your insurance quote will be prepared using the information you provide; the more specific your needs, the greater the cost is likely to be.
There is probably no situation more gutting than realising that your prized instrument has been stolen or damaged and that sinking feeling in the pit of your stomach will only be made worse if you don't have adequate insurance.
According to a 2011 report by Allianz Musical Instruments, 25% of musicians have an instrument lost or stolen each year. At an estimated £650 per instrument, musicians who do not have insurance are running a serious risk of losing hundreds of pounds. However, there are several preventative measures you can take to avoid gear being stolen, and then several options for reasonable insurance should the worst happen.
Musictag.co.uk offers a tagging service where musicians can imprint their instruments using their unique identification code. Through using a service like this, recovered instruments can be identified and returned to the rightful owner. As well as reducing the trade in stolen goods, tagging an instrument allows for an increased chance of a musician getting their stolen instrument back. It also helps to ensure that any second hand instruments are legitimate and not a product of the black market.
Thankfully, tagging a musical instrument using a website such as musictag.co.uk is a free service. However, the tagging service does rely on the good nature of whoever discovers the instrument to track the unique identification code to the rightful owner.
If it's good enough for London's Royal College of Music, then it's likely to be good enough for most professional musicians. By investing in a microchip (around £30) that can be installed in even the rarest of instruments – without affecting the quality of sound – stolen items can be tracked across the globe.
It's Mine Technology have recently announced they are joining alliances with several big name companies and continue to push the boundaries in protecting treasured belongings. The company offers various products including a 'smart tie', which can be connected to a mobile phone, microchips, trackers and special 'It's Mine' labels designed to deter potential thieves.
There are several obvious precautions to be taken when transporting musical instruments. In locations any location, gear should never, ever be left unattended. Always make sure there is at least one member of the band keeping an eye out during loading and unloading.
Something else to consider is swapping out cases. There are some very high value instruments (especially signature models) that come with specific cases that could be seen as boasting there value to the world – it could be worth swapping out for something of equal protection but slightly more understated.
It's widely known that musical instruments are by no means cheap and whilst the price of insurance is also rising, it does not compare to the financial and emotional cost of losing an instrument.
Below are a few musicians specialist insurance companies:
Your instruments will not be covered under your public liability insurance, as this is simply to protect you in the event that a claim is made against you. However, your instruments may be covered by your home insurance policy. This varies from policy to policy and it is important to check what will be covered; it's not uncommon for musicians to get caught out because they have not read the small print and end up having to replace a particularly expensive instrument when a claim is rejected.
Some insurance companies will offer bespoke 'Musicians Insurance' that covers your instruments if they are damaged or stolen. It is also worth checking your contents insurance to see if your possessions are covered if you're away from home for a long time or abroad.
Touring musicians who are away from their homes for months at a time can return to find their instruments stolen and their insurance company refusing to pay out! Companies will expect you to take sensible precautions like fitting a burglar alarm.
One simple way to solve most of your insurance needs is to join the Musicians Union. Membership currently stands at £213 per year, but you'll get £10 million worth of PLI and Instrument cover of up to £2000. You'll also get lots of other benefits, listed here.
Calling 101 and reporting your instrument stolen may be the most important step in getting it recovered. You will get an incident number that you should note down and use in communication with the police and your insurance company.
Quite a lot of instrument related Facebook groups will allow posts for stolen instruments. Make sure you take detailed photographs of your instruments, should the worst occur.
Perhaps this is clutching at straws a little, but if you're dealing with a particularly incompetent thief, there is a chance they may take it straight to the local second hand shop for cash. Try the likes of Cash Converters or independent swap shops. People have also found their stolen goods for sale on internet sites.
Whether on social media, online auction sites or in shops on the high street, over the coming weeks make sure you keep an eye out. You never know where your instrument could turn up.
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