COVID-19 How Do We Prepare For The Future as Musicians

Hello everyone

thank you for your support.  Today's blog post goes out to all the independent music business operators out there.  Some of you are really feeling the pinch of being a small business operator.

First off we want to state this blog is NOT LEGAL OR TAX ADVICE  it is our opinion on how musicians can avoid (in the future) the issues that many of  you are going through right now because all your gigs dried up.

There are a few basic business tactics that we see a great many music business operators fail at.  the first two are these...

1. Protecting their Assets
2. Protecting their income streams

Let us face it most creative persons are terrible at business.  Its okay.  Business is much easier to learn than music.

Protecting Your Assets
You have read multiple times how some musician lost all of his/her equipment to theft, fire or natural disaster.  An then they have to set up crowd  sourcing to replace thos lost tools of the trade.

What we propose is four different methods.
1. Homeowners Insurance
2. Renters Insurance
3. Commercial Building Insurance
4. Instrument Insurance

Homeowners or Renters Insuance... check with your agent to see if your instruments are covered when used outside your home for a COMMERCIAL purpose... if they are not you may need to use one of the following:

Commercial Insurance - this the insurance that you purchase from an agent to cover liability tools building and contents used in a commercial endeavor.  When insuring look at your insurance coverages as a music teacher, Musician, recording studio/service or sound reinforcement company.  Have your agent figure out the best rates based on your business situation.  If you operate out of your home  you may want to switch to a commercial policy

Instrument Insurance:  this insurance is specifically issued by underwriters thay specializes in instrument insurance... in our experience it is more expensive than standard commercial business insurance.

Policies can range from a $100.00 a year to $10,000 its all dependent on your individual situation.

But that costs money?  Of course it does.

The issue is not whether is costs money... but whether you have the resources to replace your gear in a catastrophic event...such as a theft, flood, tornado or fire.

Also if you are operating as a business reporting income to your revenue authority then that entire premium amount is a tax deductible business expense.


Next Post... lets talk about income & revenue stream protection

Thanks for reading.
John-Paul Jones Group is a heavy blues artist produly based out of Southeastern Iowa for the past 30 years.  The band leader Jp Jones as a life long learner is a consumate student and promoter of artists learning music AND business.  

For more information visit: https://www.johnpauljonesgroup.com