Insurance companies underwrite musical instrument insurance and musician insurance for hobbyists and music professionals. Insurance can help when a lawsuit is filed or when the instrument you bought from the music shop needs to be repaired or replaced. In this guide, we’ll talk about what these two insurance products are, their costs, and the best companies.
Musical instrument insurance is an insurance product that protects musical equipment against damage, theft, and destruction. This insurance policy allows you to cover the cost of repairing or replacing your music instruments.
Consider getting musical instrument insurance if you’re a hobbyist who owns expensive musical instruments such as piano, violin, french horn, saxophones, etc.
Of course, musical instrument insurance is absolutely useful if you’re a professional musician. With the policy ready and waiting, you can avoid incurring heavy losses and be able to resume work in case something happens to your instruments.
Musical instrument insurance is also beneficial if you’re a collector of musical instruments. By having the insurance, you can recoup some of what you spent in the event of the damage or loss of the musical instruments.
Musical instrument insurance can be sold in two forms-personal and commercial. Let's discuss how these two differ.
Personal music instrument insurance is a coverage included in homeowners/rented insurance. This covers repair or replacement expenses if the covered musical instrument becomes lost or damaged within the premises of your house, condo, or apartment. Coverage doesn’t apply if something happened to the covered musical instrument while it’s away from home.
Commercial musical instrument insurance provides comprehensive coverage and is useful if you’re utilizing musical instruments to make money as a musician or musical equipment rental business.
Coverage applies even if the musical instrument got lost or damaged during a trip, during a performance, or while it’s being rented by someone. Moreover, some insurance companies allow you to add a liability policy to commercial musical instrument insurance to have protection against third-party claims.
The following are the instruments commonly covered by the musical instrument insurance underwritten by different companies:
Drums and percussions
Piano and keyboards
Musical equipment such as amplifiers, mixers, midis, and more
You can claim your musical instrument insurance policy when a covered musical instrument got lost or damaged due to the following:
Damage caused by humidity and changes in temperature
Damage caused by floods or water
Damage caused during shipping
Damage due to a collision
Baggage check during air cargo transportation
Consignment and entrustment
Poor workmanship during repair
There might be other perils covered by your musical instrument insurance. That said, we suggest you always read the fine print of your coverage.
Here is a list of things not covered by your musical instrument insurance policy. While this list is not exhaustive, it will give you a good idea of what you should not expect:
The government seizing or confiscating your musical instrument(s)
Loss due to war or insurrection
Damage due to dry or wet rot, mold, or rust
Deterioration of the instrument due to time and wear and tear
Damage caused by insects, vermin, etc.
Illegally trading in or transporting musical instruments
Inherent defect in the instrument
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Musician insurance is a tailored coverage that grants a shield against the associated exposures of working as a musician (e.g. teaching and performing). The following policies are the common inclusions:
General liability insurance
Professional liability insurance
Workers compensation insurance
Commercial property insurance
Insurance companies include a general liability policy in musician insurance so that you’re protected when any of these happens:
A commotion happened because of your performance and people got injured. Those who sustained injuries want you to take responsibility
You injured someone with your musical instrument during a performance. The person wants you to pay for his or her medical treatment
You unintentionally caused injuries to a student while teaching music
General liability insurance can help you in many ways. Here’s a quick summary of its functions:
Pay the medical treatment of the person who sustained bodily injuries because of you
In case you caused property damage, general liability insurance will reimburse the losses of the claimant
Cover the cost of the settlement demanded by the claimant
Cover attorney fees, defense costs, investigation fees, and other legal expenses in case the claimant refuses to settle
Insurance companies allow you to include additional coverages to the language of general liability insurance so that it becomes more comprehensive. Such add-ons are:
Advertising injury coverage-Advertising injury coverage takes care of settlements or attorney fees, investigation fees, administrative costs, and other legal defense expenses if you’re sued for slander, copyright infringement, or libel
Hired/non-owned auto liability coverage-If you caused an accident while driving a rented or borrowed vehicle, this will cover the medical treatment or reimburse the damaged properties of the victims. Hired/non-owned auto liability coverage will also pay for defense costs
General liability insurance provides $1 million-$2 million coverage for each claim. But still, you can find insurance companies underwriting a general liability policy for musicians that offers $500,000 in coverage.
Some carriers that cover musicians underwrite a short-term general liability policy. A short-term general liability insurance provides protection for hours, days, weeks, or months. Consider getting this if you take part in gigs occasionally.
You can overlook important things while performing or teaching music. And if this resulted in economic or financial losses for the person who hired you, expect a claim to be filed.
Insurance companies don’t want to leave you vulnerable to such a peril. And so, they allow you to avail a professional liability policy from their specialized musician insurance plans.
Professional liability insurance allows you to cover expenses without incurring any losses if someone sues you because:
You performed poorly and the business that hired you lost a lot of money
You didn’t give appropriate advice while teaching and the student got injured as a result
You didn’t follow your end of the contract signed between you and a client
You misrepresented your musical background in order to get hired for a gig
The professional liability insurance for musicians has a $1 million-$2 million per occurrence limit with a $2 million aggregate. Also, it’s usually underwritten as a claims-made policy.
Commercial property insurance can be included in the terms of musician insurance if you own a music studio. This insurance will recover losses if your music studio is damaged or destroyed by:
Commercial property insurance will also reimburse your investments if musical instruments and equipment got lost or damaged while in the premises of the studio due to the perils we mentioned above.
The limits of commercial property insurance vary from carrier to carrier. But expect to get a minimum $10,000-$25,000 building coverage and $5,000-$15,000 contents coverage from the policy.
Always keep in mind that commercial property insurance will not take care of costs if your music studio and its contents got lost or damaged due to floods, landslides, mudslides, and earthquakes.
Workers' compensation insurance is a coverage for you and employees (if there are any). This kicks in when you or employees sustain a work-related injury or disease. The policy covers the following costs:
Medical treatment and ambulance fees-Workers compensation insurance reimburses or covers the expenses for treatment and ambulance fees in the event that you or an employee needs medical attention after sustaining a work-related injury or disease
Hospitalization-You or an employee might be required to stay in the hospital after sustaining a work-related injury or disease. In this case, workers' compensation insurance will help by covering bills
Medication-Workers compensation insurance provides the money you or an employee can use to buy the medicines that the physician prescribes for a work-related injury or disease
Rehabilitation-In case of impairment, workers compensation insurance can help you or an employee get enrolled in a rehabilitation facility in order to find a new job or adapt to the impairment
Lost wages-Workers compensation insurance covers lost wages if you or an employee can’t work due to a work-related injury or disease. Coverage for lost wages is a weekly allowance equal to two-thirds or 67% of the average weekly wage
Death benefits-Funeral expenses and allowance to dependents are covered by workers' compensation insurance in case you or an employee dies due to a work-related injury or disease
In this section, we’ll discuss some insurance products related to music insurance.
Concert insurance, also called music event insurance, is an events policy that offers ticket coverage, cancellation coverage, and liability coverage.
The liability coverage included in concert insurance covers performers and you as well against claims for bodily injury or property damage filed by attendees.
Concert cancellation insurance coverage reimburses what you spent for non-refundable costs such as food, lodging, equipment rental, and more.
As for concert ticket insurance, this is a coverage that will reimburse what you spent for travel and other expenses in order to attend a concert as a performer. Note that this is also included as a coverage in concert promoter insurance.
If you plan to hold a music festival, then insurance companies can provide coverage through festival insurance. This is also an events insurance policy that offers festival cancellation insurance coverage, liability coverage, and more.
Musician insurance costs $34 per month or $408 per year for a $1 million general liability coverage. Note that your actual rate won’t be the same. Location, number of gigs, claims history, and other factors determine the premiums each customer pays.
To give a better idea of rates, we’ve made this table showing the premiums of the best musician insurance companies:
|Cost per Month||Cost per Year||Best for|
|NEXT||$16.67||$200.04||Best overall; Fastest general liability insurance for musicians|
|CoverWallet||$19||$228||Musician insurance quotes comparison online|
|Tivly||$20||$240||Comparing musician insurance quotes over the phone|
|Thimble||$38||$456||BOP for arrangers and independent musical directors|
|Hiscox||$47.65||$571.80||BOP for musicians that offers a crime insurance policy|
Get the best musician insurance at the most reasonable rate by comparing quotes. See the rates of different carriers by clicking the “Get Quotes” button on this page.
You can insure your musical instrument for as low as $15 or as expensive as $130 per month. If changed to yearly rates, premiums will be $180 and $1,560 respectively. Take a look at this table that shows the price of the recommended musical instrument insurance companies:
|Cost per Month||Cost per Year||Best for|
|ASCAP||$12.50||$150||Easy and fast musical instrument insurance|
|Clarion||$16.66||$199.92||Musical instrument insurance with no deductible|
Always compare musical instrument insurance quotes to find the best deals. Start by clicking the “Get Quotes” button on this page.
There are many factors that influence the cost of insurance for your musical instrument. While each insurer will have their own criteria, here are the most common factors that they keep in mind when calculating the cost of insurance:
The Instrument Itself
The most important factor that influences the cost of your insurance is the instrument itself. Musical instruments come in a range of values, so the cost of insuring one instrument may be dramatically different from the cost of insuring another.
For example, it may cost only per year $300 to $500 to insure your guitar, but it may cost more than $3,000 to have your piano insured!
Usage And Condition Of The Instrument
Another factor that insurers take into consideration when calculating the cost of insurance is how frequently the instrument is used and what its condition is at the time of getting it insured.
An instrument that is not in very good condition to begin with will have a lower value than a brand new one. And a more frequently used instrument will be more expensive to cover than a seldomly used one.
Gear You Need Covered
The cost of insurance will also depend on the amount and kind of gear (accessories) you need covered. The more numerous the gears are, the higher will be the cost of music gear insurance.
Is It Used Professionally Or As A Hobby?
A professionally used instrument is more expensive to insure than one which is used as a hobby. Of course, professional musical instruments are also usually more expensive than those that are used by hobbyists.
As mentioned earlier, this is just a short list of factors that are taken into consideration when your insurance cost is calculated. To find out the exact details, it’s best to have a detailed discussion with your insurer.
When you are deciding on which musical instrument insurance to buy, here are a few factors that can help you with your decision-making:
If you travel to other locations for performances, then you need to make sure that your insurance policy covers damage, loss or theft during these times. There are many insurance policies that will not offer coverage for musical instruments if you travel since the chances of them getting damaged, lost, or stolen are higher.
This is a tricky subject. Regular insurance policies such as homeowners' or renters' insurance will have a cap on how much they will pay out for such valuables.
Specialized policies will use different methods to value your musical instrument. The calculation will depend on how you wish to have the value of your musical instrument calculated:
Do you wish to be paid based on the value of the instrument at the time of loss?
Do you wish to be paid based on the value of the instrument at the time that you got insured?
If the cost of the policy is more than the actual value of the instrument, then getting a specialized policy may not be the way to go. Instead, it would be a better idea to go for an add-on in your homeowners/renters policy.
Just because an insurance company offers musical instrument insurance doesn’t mean that you pick their policy. While such policies may work for regular musical instruments, it may not be a good idea to settle for such coverage if you own a rare or expensive instrument.
If you do have a very valuable musical instrument, it is best to find a specialist. There are insurers that specialize in musical instrument insurance and therefore will be able to evaluate your property much more accurately than regular insurers.
If you use your laptop or computer to create music, then it would be a good idea to check with your insurer whether this piece of equipment can be insured. Most insurers will not insure computers as part of their musical insurance package. You may have to ask for an add-on to cover your state-of-the-art laptop and music software.
It is never a good idea to settle for the first musical insurance policy you come across. It is best to get quotes from multiple insurers so that you can compare the costs, the benefits being offered and the amount of coverage you will get.
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Let’s take a look at the best musician insurance companies. Know their pros, cons, and rate for a $1 million general liability insurance.
Issues an online proof of insurance instantly
Great customer service and reputation
Outstanding value for money
Get a 10% discount if you get musician insurance as a BOP
Couldn’t find any
NEXT offers its music entertainment insurance to musicians. It offers general liability and professional liability insurance.
NEXT’s general liability insurance has a $1 million per occurrence limit with a $2 million aggregate. Also, it doesn’t have any deductibles. Terrorism coverage is included in its terms.
As for this company’s professional liability insurance for musicians, it has a $1 million per occurrence limit with a $2 million aggregate. Though quite comprehensive, it has a $2,000 deductible.
Best for: Best overall; Fastest general liability insurance for musicians
Average cost: $16.67 per month
Our rating: 10/10
Compare musician insurance quotes online
Cancel a policy anytime
General liability insurance can have non-owned/hired auto liability coverage and terrorism coverage
No hidden charges
Not an insurance company but a broker
CoverWallet’s musician insurance allows you to avail professional liability and general liability policies. The general liability insurance of this company has a $1 million-$2 million per occurrence limit with no deductibles. As for professional liability insurance, it has a $2 million per occurrence limit.
The way this company sells insurance is very smart. To get covered, you must use its online quotes comparison platform that shows you the rates of other companies that underwrite musician insurance. In other words, CoverWallet helps you find the best coverage at the most reasonable price.
Best for: Musician insurance quotes comparison online
Average cost: $19 per month
Our rating: 10/10
Compare musician insurance quotes over the phone
Create your musician insurance policy from the ground-up
Provides you with highly tailored coverage
Responsive customer service
Takes you to partners if your profile doesn’t match its underwriting appetite
Doesn’t issue a quote online
Tivly (formerly CommercialInsurance.NET) allows you to create a custom musician insurance policy from the ground up.
You’re free to choose what business insurance products will be included. Types of insurance this company offers are general liability, commercial property, commercial auto insurance, and many more.
Tivly enables you to apply for a quote online. However, a representative will be the one to provide the pertinent details of your policy and the rates as well. That said, call Tivly now and compare musician insurance quotes over the phone.
Best for: Comparing musician insurance quotes over the phone
Average cost: $20 per month
Our rating: 10/10
Offers general liability and commercial property insurance for musicians you can bundle in a BOP
You get to choose how much deductible to have
ACORD 25 certificate of insurance
Doesn’t offer professional liability insurance for musicians as a stand-alone policy
You can get Thimble’s musician insurance if you’re an independent musical director or an arranger.
This company’s musician insurance offers general liability and commercial property insurance that you can bundle in a BOP. Thimble’s general liability insurance offers $1 million-$2 million per occurrence limit.
Also, Thimble underwrote its professional liability insurance for musicians as a coverage in general liability insurance. Professional liability insurance you get from this company has a $1 million per occurrence limit.
As for commercial property insurance, Thimble allows the policy to give $25,000-$500,000 building and contents coverage.
Best for: BOP for arrangers and independent musical directors
Average cost: $38 per month
Our rating: 9/10
Upgradeable BOP for musicians
Numerous options for general liability and commercial property insurance limits
14-day money-back guarantee
Naming additional insureds on your policy isn’t free
Hiscox calls its coverage for musicians artist insurance. This is a business owner’s policy that has general liability and commercial property insurance as primary inclusions.
Hiscox’s general liability insurance for musicians comes with a $600,000-$2 million aggregate limit and a $300,000-$2 million per occurrence limit. Additional insureds can be named at an additional cost. No deductibles apply.
On the other hand, this company’s commercial property policy that’s included in its musician insurance provides $10,000-$100,000 coverage for business personal property.
Upgrades to your policy are available such as non-owned/hired auto liability insurance, crime insurance package, and terrorism coverage.
Best for: BOP for musicians that offers a crime insurance policy
Average cost: $47.65 per month
Our rating: 9/10
These are the best musical instrument insurance companies. Read to know their pros, cons, and monthly rate.
24/7 insurance application, payment of premiums, and claims filing
Coverage is underwritten by SterlingRisk
Insures computer hardware and software
Only available to ASCAP members
Created by the American Society of Composers, Authors and Publishers in 2000 in partnership with SterlingRisk to provide cheap and friendly insurance for all music professionals, including musical instrument insurance for students, music teachers, recording studios, sound engineers, temporary musical instrument insurance and even hobbyists and collectors.
ASCAP Music Pro Insurance is the music industry’s main choice, and has around 7,000 customers, from music students to very popular musicians and bands that have over $2.5 million music gear value.
ASCAP MusicPro insurance coverage cost starts at $150 per year and it covers your instruments around the world.
ASCAP Music Pro Insurance has a very user friendly, fast, and easy sign up process which can be done fully online, from quote to payment. Once your application is submitted and paid for, it is normally approved and processed on the very same day.
Best for: Easy and fast musical instrument insurance
Average cost: $12.50 per month
Our rating: 10/10
Provides coverage for common musical instruments used by professionals and hobbyists
Doesn’t have a lot of excluded activities and perils in its musical instrument insurance
Includes an inflation guard in its insurance for musical instruments
Services aren’t available all the time
Clarion music insurance is an insurance brokerage that assigns music insurance with an insurance company as per your needs. Clarion is very user friendly for musicians and has industry expertise, which means that it can cater to the special needs of each customer.
Its average cost is $200 per year for a $35,000 coverage (including accessories) with no deductible. As long as each musical instrument of yours does not cost over $5,000, they don’t require much paperwork and documentation.
Best for: Musical instrument insurance with no deductible
Average cost: $16.66 per month
Our rating: 9/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow