It is the dream of many people to be a professional musician, and it is easy to see why! As thrilling and rewarding as playing music for a living can be, this is also a career with many risks. This post will explore a few of the main risks musicians face and the types of insurance that can provide financial protection and peace of mind. Interested? Keep reading to find out more.
Common Risks Musicians Face
Instrument Damage or Theft
One of the main risks that musicians face is instrument damage or theft. Your instruments are your livelihood and are often high-value, so damage or theft can be costly in more ways than one. This can also be a common issue, especially when touring.
Performance-Related Injuries
It is often overlooked, but playing music can take its toll physically, especially when you are on tour and playing every night. Repetitive strain injuries (RSIs), such as carpal tunnel syndrome, can be common and interfere with your ability to perform. Hearing loss is also common from prolonged exposure to loud music, which can obviously impact your ability to play music and jeopardise your career.
Tour Cancellations
These days, musicians rely heavily on live performances for income, but there are many reasons why gigs and tours are cancelled. Weather-related issues, musician illnesses, and logistical issues can all stop live shows from taking place, which can be frustrating as well as hugely costly for musicians.
Income Loss Due to Illness or Injury
For musicians, if you are unable to perform, record, and/or teach, you are not earning money. This means that an illness or injury can be incredibly costly, and a medical issue could jeopardise your entire career.
Types of Insurance Every Musician Should Consider
There are a few types of insurance that can provide financial protection against the main risks each musician faces.
Instrument Insurance: Provides cover for damage, loss, or theft to your instrument(s).
Public Liability Insurance: Protection against third-party claims, including property damage or injuries caused by equipment - this is essential for those who perform live.
Health & Disability Insurance: Provides cover for medical expenses and lost income due to illness or injury.
Tour Cancellation Insurance: Costs will be covered for canceled gigs and tours, including lost income and travel costs.
Copyright Infringement Insurance: For songwriters and composers looking to protect their work with legal protection.
As a musician, it is important that you are aware of the risks to your livelihood. Playing music for a living can be exciting, but there are also many risks that can cost you money and potentially derail your career. This is why insurance is essential as a musician. Having comprehensive insurance in place can provide financial protection against each risk while also giving you reassurance, knowing that you are covered financially.
