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I'm an amateur musician. I have motley collection of music equipment ($11K replacement value) and a dedicated room in my house for a project studio. I am usually involved in 2 or 3 different casual music groups at any given time. Once in a great while (2-3X annually) one of these groups will make a trifling sum of money (each member gets >$40). We also play at charity events, such as cancer fundraiser so or marathon running races. I also record/master/mix music at my house, sometimes for money, never very much. While talking to my insurance agent (house and auto) the other day he said that none of my activities or equipment are covered under my homeowners policy or personal liability coverage, since I have ever gotten paid for anything. In the event something goes awry during a gig or session, I would be personally liable and none of my equipment would be covered in the vent of thefts/fire/etc. What is the most economically efficient way to shield myself/wife from liability while undertaking these activities? Wife is telling me that I need to cease and desist. She is an attorney (but not in the field of liability/insurance/etc) and we are both very wary of risky behaviors. Do I need to have an LLC, business license and some kind of umbrella policy for the LLC? Is there a better ideas for this? I'm in Denver, Colorado , USA.
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Jul 24, 2014 00:38
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| # ? Apr 26, 2024 18:02 |
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Your wife is an attorney and telling you that? Maybe she doesn't like the instruments, I guess it would make sense then! Heritage Insurance will cover instruments without question (with the right coverage selected), but your homeowners should offer riders/endorsements for them, too. Just like any valuable, you need it listed and documentation retained. Maybe call a different agent. I don't see the need for an LLC here - LLC's do not change insurable interests.
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Jul 24, 2014 02:16
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I think she is worried about him Great Whiteing a venue full of people to death. Do you use pyrotechnics? Is your music so bad you feel you may be sued?
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Jul 31, 2014 22:27
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