Musical instrument insurance is available from many companies but only a few provide the coverage that professionals require.
Questions to ask when comparing musical instrument insurance company policies:
- Is there a minimum premium? Some companies will charge you a minimum of $500 even if you are only insuring $2,000 worth of instruments.
- Is Worldwide Equipment Coverage provided? Most policies from North American Insurance Companies only cover your musical gear in Canada and the USA
- Is office contents Coverage included? If you run your music business from home, your computer, printer, ect may not be covered by your tenants policy.
- Are Valuable Papers & Accounts Receivable coverage included? A professional musician should have these coverages so that your records can be recreated.
- Is coverage for borrowed Musical Instruments and Musical Equipment included? If this coverage is not in your current policy, it is easily obtained.
- Is automatic inflation protection included for musical instruments?
- Is coverage for newly acquired musical instruments and musical equipment included for up to 30-days before you tell your broker?
- Is full coverage for Earthquake and Flood included? Your homeowners policy will not cover your professional gear for flood damage and may not include EQ either.
- Is lost Business Income / Extra Expense Coverage included? This is good protection for a professional musician.
The Front Row online musical instrument insurance program has been endorsed by:
- SOCAN (the Society of Composers, Authors and Music Publishers of Canada)
- RACS (the Recording Artists’ Collecting Society)
- CCMA (the Canadian Country Music Association)