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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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# ¿ May 17, 2024 00:33 |