I'm hosting an outdoor party and want to protect our DJ's equipment.
We have a 5000 watt generator that is pretty consistent and will far exceed our power needs.
I can't afford the battery bank/inverter type set up, what are some other options?
From my experience using a generator is no more dangerous than plugging in your equipment into mains power. Either way, best option is to get a surge protected power board.
So you'd have
Power Generator ->
Surge Protected Board ->
This will protect you from power surges that may occur. However - as with using mains power - it will not protect you if the power is interrupted while you are operating your gear (ie the generator gets switched off accidentally or runs out of petrol and shuts down)
In most cases loosing power while in operation shouldn't be a big problem but to combat this you can use a UPS (Uninterruptable Power Supply) which has enough battery to allow you to power down your equipment in the event of a power outage.