Music studios are mushrooming all over the world as it is a very lucrative business. With hundreds of musicians, bands and groups coming up with their albums and singles there is lot of money to be made by owning and running a music studio. Like all other movable and immovable assets in the music industry, there are a number of risks to this business and you need to protect yourself against these. Music studio insurance is one of your best safeguards against these threats. These are specialized plans that have been designed to cover you against third-party lawsuits and others risks protecting your assets and business. They offer you complete protection in many ways and here we shall take a look at some of these.
Damage To Equipment – Like all other music studios, yours too depends on variety of equipment to aid recording of music. From the wide range of microphones to speakers, mixing machines, computers, recorders and monitors, the list just seems to be endless. All these cost you thousands of dollars and any damage can leave you in a state of shock and warrant immediate repair. Moreover when you have different groups of people using your studio the risk just magnifies. Music studio insurance would take care of all the financial losses associated with damage to your equipment.
General Liability Protection – While injuries are rare in music studios with state-of-the-art equipment, they aren’t unheard of. When people suffer injuries due to your equipment even when they don’t adhere to the standard operating procedure, they can file a lawsuit. In such cases your insurance plan comes handy and helps you in dealing with such claims. They would settle all the compensation claims.
Burglary – Music studios often become easy targets for burglars because of the expensive equipment that they house. Studio insurance plans would offer you complete protection against such incidents and would take care of your needs in having to replace your equipment and accessories to ensure there is no loss of business and hassles in resettling your business.
Rented Premises Liability– If you are running your music studio from rented premises or if you have a special off-location mixing facility, you are liable for all the damages that are caused to the infrastructure where your studio is housed. This insurance plan would offer you necessary cover for the repairs and replacements carried out at the rented premises. Without such insurance plan it would be quite difficult for you to rent a suitable location to run your business.
Additional Protection – Apart from the above mentioned coverage, there are other add-on coverage that you can opt for while buying your insurance plan. These include auto liability insurance that protects your vehicles and liquor liability which you may need in case you serve alcohol to your clients inside the studio and it leads to damage of your equipment.
Music studio insurance protects you against many risks associated with this business. You need to buy plan from a reputable insurance company that deals in these products and offer you adequate protection.
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