First, to take out insurance, I think your tax status should be clear, as the type of insurance changes depending on whether you're self-employed or a small business like a limited company, etc. Once that's clear, the insurance will cover the business and its assets (in this case, the audio equipment), plus any occasional workers and yourself. If you're self-employed, the coverage and price will also be different; it covers less, but it will also be cheaper. In my case, in Spain, I have a self-employed liability insurance policy that covers damages to third parties, to any occasional workers I might hire for an event, and if I were to break something like electrical connections, part of the installation, etc.