My duo is required to have $1,000,000 liability insurance to play a gig?

Discussion in 'The Sound Hound Lounge' started by MJ Slaughter, Feb 18, 2020.

  1. T Dizz

    T Dizz Member

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    Is the other guy in the duo Joe Walsh?
     
  2. soulman969

    soulman969 Member

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    You should be able to purchase a $1 mil umbrella liability policy through your insurance agent that will cover you on top of what your homeowners and auto liability limits are.

    Looking at it that way it's not just for coverage for your duo for that gig only but something that will cover you in all areas. It's not a bad idea for anyone with assets to protect.
     
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  3. Peteyvee

    Peteyvee Premium Platinum Member

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    The AV company I work for carries a $10 million liability policy. it's part of the cost of doing business. Just raise your fee $59 to cover the gig...
     
  4. stratadp

    stratadp Member

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    Your personal insurance will not cover your professional liabilities.
     
  5. wilsonov7

    wilsonov7 Member

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    You beat me to up but yep what you said:)
     
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  6. stratadp

    stratadp Member

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    Or your gear fries an electrical outlet and starts a fire. Or, you are screwing around and break some furniture or art, or just smash a few things while loading in/out. Or, in one case, your singer decides to grab onto a pipe he sees hanging above the stage and causes an immediate and unstoppable water fall, destroying pretty much everything on/around the stage and in the room.
     
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  7. Silent Sound

    Silent Sound Member

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    Exactly. Corporate gigs pay a LOT more than bar gigs and festivals (assuming you're not the headliner at one of the major ones). Corporate gigs, outside of being a major rock star and selling out arenas, is probably the most lucrative outfit in the industry. Factor in the costs to get the insurance and get your tax stuff, DBA, business whatever you need to cash a big corporate check, and pass it on to them. You might not make much money off of this one job, but if you can work it so you don't lose any, and get yourself set up to do more jobs like it later on this year (it is only February), you might make a decent chunk of change this year.

    Of course if it really just feels like a one time thing, ask for an exception, and if they can't provide that, then pass. It could be a lot of work to get all of this set up. That and the taxes will be particularly difficult and expensive once it get's treated as a small business instead of just a hobby that occasionally makes some money. The income might not be much different, but the taxes and fees can be staggering.
     
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  8. Banditt

    Banditt Supporting Member

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    Had to do this to play a Historic old Hotel Ballroom. Think it cost like $100 and we worked it into fee and were re-imbursed by client. True that this is kinda going to be the norm for nice Hotels and Conference rooms doing Coporate gigs. In this league, you form Limited liability partnerships, etc. P.S. It was a great gig!
     
  9. unfunnyclown

    unfunnyclown Member

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    To be fair rock n roll is extremely dangerous.
     
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  10. sunkidd

    sunkidd Silver Supporting Member

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    Cute, pretty funny guy!:wave
     
  11. bruno_desmartass

    bruno_desmartass Member

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    Very standard and worth it. Most small clubs in my area are requiring tax id/SSN to play.
    File an IRS SS-4 to get tax id number, super easy.
    Have each member fill out a W-4, including subs (though if under $600/year you won't have to give them 1099-miscs at end of year.)
    Give members 1099s at end of year.
    With the tax ID, you can set up a bank acct, get a CC, etc.
    It's really not that hard and opens big buck gigs.
    Good luck.
    -Bruno
     
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  12. ToneDeVille

    ToneDeVille Supporting Member

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    1) raise your fee to cover that expense
    2) pass on the gig
     
  13. leftygeetar

    leftygeetar Member

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    the dangerous duo
     
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  14. shredmiyagi

    shredmiyagi Member

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    (Charge more for the gig to cover the cost)
     
  15. markjsmith

    markjsmith Member

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    A lot of hotels and resorts require that type of policy. Pretty standard. There is what is called event insurance. If there is an agent sometimes they'll cover it, but you can get a yearly insurance policy for around $200 IIRC. It's been a couple years so it may have gone up!
     
  16. fetishfrog

    fetishfrog Member

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    If you run a business, incorporate and have insurance. It’s a small amount of hassle that you’ll probably never need, until you really really do. It’s like a parachute.
     
  17. spencer096

    spencer096 Member

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    THINK OF ALL THE THINGS YOU COULD DESTROY NOW FOR $60!!!
     
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  18. EdFarmer

    EdFarmer Member

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    Yeah . . . I'm a wedding photographer and this comes up at several local venues. I get mine through State Farm and it's just under $200/yr. You're likely to see this more and more often at large venues and it's worthwhile if those are the gigs you want. Mine also covers my gear for damage and theft while I'm working.
     
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  19. dialectic

    dialectic Member

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    Most insurance companies that do musical instrument insurance will add on a million dollars liability for $50-$100 a year. I'm in Canada, and SOCAN have an arrangement with Front Row to provide discounted insurance to members. May be something similar in the US?
     
  20. ned7flat5

    ned7flat5 Member

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    There’s a local market that requires its buskers to have public liability insurance and to be able to provide evidence of same. It recommends this company https://business-insurance.aon.com....6WZm1fupjk3co59AZPgT0prquYYmCb6gaAnU0EALw_wcB

    I’ve got some notion that one’s existing home and contents insurance policy might already provide this cover for the individual band member/policy holder.

    I guess the market’s outlook is if one’s PA topples over onto a small child because one decided to bring their light weight stands to lessen the load, it’s on one and not them.
     
    Last edited: Feb 18, 2020
    texasdave likes this.

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