What about insurance?  Am I covered?

Final Part continued from Part 1, Part 2 and Part 3.

As I mentioned earlier, if you think you’re covered under an employer’s business, personal business, homeowners, or a renter’s policy, make sure you call them immediately in order to get your claim started. 

This is one of the important reasons to be absolutely sure that you get a copy of the police report. You will need this in order to file any type of claim.  Without it your claim may be entirely rejected. 

If you’re lucky enough to be covered by an employer’s business policy, make sure that your own insurance company is aware of the claim, just in case unforeseen problems arise in the future.  You can always fall back on your own insurance company should you need to for any reason.

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This is when the value of good record keeping becomes an immediate blessing.

Keeping a record of sales receipts and serial numbers will help you in three ways:

1. Detectives will have an actual shot at recovering your property.  Otherwise, notta!

2. You can provide your insurance company with highly accurate information.  This will help to both speed up and validate your claim.  Usually, you must produce proof of ownership in order to file a claim!  Otherwise, notta!

3. Deductions at tax time every year (including depreciation).

If you’re not a homeowner or covered under a business or an employer’s policy, consider taking out a renter’s policy.  This is a relatively cheap way of covering your own personal property. 

It’s also a good idea to have “replacement value” added onto your policy, in order to avoid having to take significant losses in claim values due to depreciation over time.

Remember to consider your deductible versus the value of your possessions.  A higher deductible will lower your premiums and vice-versa. 

Ask the questions!

If you’re on a tour with an Artist or Act, ask your tour manager if you’re covered by your employer in any way, shape or form.   And if so, how? 

It doesn’t cost anything to ask.

Some of the questions you might want to ask your agent and/or yourself when considering a policy are:

What is my deductible?  What’s it going to cost me out-of-pocket?  Will it even be worth filing a claim?

Obviously, getting robbed sucks!  But you can do something to make it sting less.

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Protect your own assets.  Back up all of your digital stuff adequately and in multiple locations.  Keep records and receipts of all of your valuables. Always be aware of your surroundings and watch your own stuff carefully.  Watch your buddy’s stuff too.  Use every security measure at your disposal to minimize your risk of exposure to potential loss. 

While we are now well into the digital age, some things still require the old-fashioned analogue touch of common sense.

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Let’s be safe out there and watch each other’s backs!