[Harp-L] Music Biz Questions

["Bill Kumpe" <bkumpe@xxxxxxx>]

Mike R. said:  I have liability insurance, which I carry through our LLC.  .
It runs about $200 a year and covers a million dollars.

 

LLC.  Smart if you're running your career like a business.  Might shift some
liability away from your personal assets if you have formed and maintained
it properly.  A mil liability insurance seems to be the magic number.  It's
the minimum required to book a public performance some places.  Great White
tried to settle out of that disaster at their policy limits of one million
about a year ago.  Should have been enough for that band's typical two or
three hundred person gigs.  Who was to know?  Don't know if the settlement
offer was accepted or not.  All plaintiffs had to agree and one mil split
200 or so ways after attorneys fees ain't much. But, it may be enough to get
the band off the hook since both Anheuser Busch (that helped promote the
concert) and the radio station that promoted it on air (Clear Channel
Communications) both settled in excess of twenty mil each. 

 

Bill Kumpe

Tulsa, OK