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McCoy Marketing L.L.C. © 2016
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Insure Your Business
Many bands do not carry insurance, why? It’s an added cost, you think the chance of having your instrument stolen or vandalized is slim and the chance of being held liable is unlikely. What type of coverage should you look for? Your home owner’s policy doesn’t cover business equipment. If they do, a rider will cover your equipment if it stolen, but may not cover vandalism and liability. A rider is inexpensive compared to an individual policy. There’s the deductible to consider for any policy rider or individual, usually around five hundred dollars. Premiums are an added expense but can be used as a tax deduction. Individual businesses policies typically cost around eight hundred to a thousand dollars a year. All have payment schedules. There are two options; each member buys their own individual policy in which case each will bear the full cost. The other is the band establishes itself as a business and one policy covers everyone. A partnership or LLC will be sufficient. The four categories of coverage are: 1. Theft: You may not think it will happen to you but thieves are good at snatch and grab. In the blink of an eye a healthy person could pick up a head or guitar when you’re unloading or packing up, especially outside in a dark area.What about a club where you leave your equipment set up? The chance is unlikely something large will be stolen, but small pieces like effects boxes and microphones are prime targets. The club is not responsible and a hotel lounge is worse where employees have access. There are a lot of professional thieves employed as maids and butlers in hotels who are members of organized rings. Again the hotel is not responsible. 2. Vandalism: You’re set up in a club or hotel lounge and some small minded creep thinks it’s funny to spray paint your equipment. There are a lot out there especially when they’re drunk. The chance of it happening isn’t great, but it can happen. 3. Liability: What if someone is injured by tripping over a wire running to a set of speakers located in another part of the room or a speaker falls on someone? A room where the dance floor is packed with partying people creates a lot of potential for accidents. Lights are another problem with heat and electricity combined. You want to carry liability coverage. 4. Errors and Omissions: Error and omissions covers you in case you fail to deliver or leave something out. For example you booked a wedding and in the contract is the song for the first dance and other traditional dances. If you don’t play them, that’s subject to errors and omissions. Can you be sewed? Yes. Is it likely to happen? Probably not. Chances are you’ll be asked for a partial refund and your reputation will suffer. But in the event they hire an attorney claiming their forty thousand dollar theme wedding was ruined by your negligent, errors and omissions will cover you. With all-inclusive business policy theft, vandalism, liability and errors and omissions are covered. If you are out there gigging all the time, think twice about taking out a business insurance policy.
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Insure Your Business
Many bands do not carry insurance, why? It’s an added cost, you think the chance of having your instrument stolen or vandalized is slim and the chance of being held liable is unlikely. What type of coverage should you look for? Your home owner’s policy doesn’t cover business equipment. If they do, a rider will cover your equipment if it stolen, but may not cover vandalism and liability. A rider is inexpensive compared to an individual policy. There’s the deductible to consider for any policy rider or individual, usually around five hundred dollars. Premiums are an added expense but can be used as a tax deduction. Individual businesses policies typically cost around eight hundred to a thousand dollars a year. All have payment schedules. There are two options; each member buys their own individual policy in which case each will bear the full cost. The other is the band establishes itself as a business and one policy covers everyone. A partnership or LLC will be sufficient. The four categories of coverage are: 1. Theft: You may not think it will happen to you but thieves are good at snatch and grab. In the blink of an eye a healthy person could pick up a head or guitar when you’re unloading or packing up, especially outside in a dark area.What about a club where you leave your equipment set up? The chance is unlikely something large will be stolen, but small pieces like effects boxes and microphones are prime targets. The club is not responsible and a hotel lounge is worse where employees have access. There are a lot of professional thieves employed as maids and butlers in hotels who are members of organized rings. Again the hotel is not responsible. 2. Vandalism: You’re set up in a club or hotel lounge and some small minded creep thinks it’s funny to spray paint your equipment. There are a lot out there especially when they’re drunk. The chance of it happening isn’t great, but it can happen. 3. Liability: What if someone is injured by tripping over a wire running to a set of speakers located in another part of the room or a speaker falls on someone? A room where the dance floor is packed with partying people creates a lot of potential for accidents. Lights are another problem with heat and electricity combined. You want to carry liability coverage. 4. Errors and Omissions: Error and omissions covers you in case you fail to deliver or leave something out. For example you booked a wedding and in the contract is the song for the first dance and other traditional dances. If you don’t play them, that’s subject to errors and omissions. Can you be sewed? Yes. Is it likely to happen? Probably not. Chances are you’ll be asked for a partial refund and your reputation will suffer. But in the event they hire an attorney claiming their forty thousand dollar theme wedding was ruined by your negligent, errors and omissions will cover you. With all-inclusive business policy theft, vandalism, liability and errors and omissions are covered. If you are out there gigging all the time, think twice about taking out a business insurance policy.