It can be all too easy to assume that when the time comes around to renew your insurance, things are still the same as they were last year, and that the cover you have now is still sufficient to protect your assets.
But have you underestimated the value of your equipment, especially if you’ve renewed a key piece such as a speaker stack or your decks? Naturally assuming that your insurance provision is enough to cover the cost of your new kit could leave you seriously out of pocket if the worst happens.
But I’ve got a warranty…
This won’t protect you from anything except the cost of replacing equipment because of a manufacturer’s fault. If you damage the equipment or have it stolen then your warranty will not protect you financially, and you’ll have to pay to replace your equipment out of your own pocket. That could run into thousands, so don’t simply assume that because you have a warranty, you’re protected.
I’ve put my kit in storage for a few months…
Again, that doesn’t automatically throw a magical blanket around your kit, protecting it from fires, floods or theft. Don’t let your DJ insurance lapse just because you’ve decided to take a break from DJ’ing for a few months. That kit is still worth money, and if you have plans to go back to work after your sabbatical then losing your kit could put your plans on ice for much longer than you thought.
What’s the cheapest way to pay?
The debate as to whether paying in one lump sum or spreading the cost of your DJ insurance over 12 months is better goes on. While spreading the cost by paying a monthly amount (usually by Direct Debit) is probably kinder on your wallet in the short term, you will pay extra for the privilege. As well as a higher premium you may also pay much more in administration fees too. So make sure you read the small print before you make a final decision, and if you’re still not sure which is best for you then talk to an experienced specialist broker, who will be able to give you impartial advice.