Both agents and brokers can guide you through the insurance maze. They can also
help you develop a risk management strategy with a mix of products and special cover-
ages. Some questions to ask when choosing an agent or broker are:
Do they have the right experience for your needs? You may be tempted to use your
personal insurance agent for your band, but they may not have the proper background and
experience to offer the best coverage. Beyond liability, can they offer you a comprehen-
sive package that will also protect your business assets? Can you trust them to provide
you with sound advice?
Your relationship with your agent or broker should be more than simply buying a pol-
icy. If they seem more interested in their commission, you might try someone else. Your
insurance person should be part of your team, not simply someone you see only when
there’s a problem.
Business Banker
One of the first things you’ll do when launching your “official” band business is open a
business checking account. Here’s what usually happens. Let’s say the band is a sole pro-
prietorship. A band leader does a little research, checks some ads and websites, and set-
tles on a bank that looks just right. They stroll in and sits down with a banker. After ex-
changing a few pleasantries, the banker has them fill out some forms, choose their check
design and processes the musician’s first deposit. They shake hands and the business
owner leaves. That’s often the end of the relationship. Many small business owners, as
well as musicians, are on a first name basis with their bank’s tellers, but don’t have a clue
about the bankers.