Because something is eventually going to go wrong, everybody needs insurance. Car insurance. Health insurance. Property insurance. And if you’re working in the world of rock, you need all kinds of insurance.
So many things can go wrong. A performer might get sick and have to cancel a tour. Someone may get hurt at a show and decide to sue. Equipment might get stolen or damaged and have to be replaced. The tour bus may be involved in a crash. A pandemic might break out. In all these cases, money will have to be paid out. If you don’t have insurance, you’re screwed.
Now consider this: since album sales started falling 25 years ago, artists have had to stay out on the road longer. That means higher insurance costs. This is a large part of why the price of concert tickets has skyrocketed and why a lot of music festivals have been canceled.
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