A music recording studio is a place where dreams come true. It is a haven for musicians, singers, and other artists who aspire to achieve name and fame in the industry. Many music studios also offer instrumental and vocal training sessions to their students. Do you also own a music recording studio? If so, you probably know what role your facility plays in the music industry. Right?
Did you know - according to studies, in the United States of America, the sound recording industry has been scaling by around 3.7% since 2018? Moreover, it is expected that the revenue of the sound production studios in the country is likely to reach nearly $ 1.002,5 million by the year 2014.
So, regardless of the type and size of your sound recording studio, you ought to make it all-peril-safe because it plays a crucial role in many people's lives. And how can you do that? A music recording studio is, after all, susceptible to multiple risks, such as property damage, general liability, workman's compensation, business interruption, and more. Isn't it? Well! You can do it simply by purchasing an all-encompassing and dedicated Studio Coverage for your recording facility.
Let's take you through how a studio insurance policy is designed to help studio owners navigate the possible risks without having to take financial pain. Read on!
Types of coverage options a studio insurance plan offers
Here is a list of coverage options a recording studio plan offers that you will benefit from:
All-risk coverage
As far as the all-risk coverage clause is concerned, an experienced and trusted insurance company offers coverage for all possible kinds of damage or loss your studio may face in the form of theft, fire, flood, vandalism, public liability, and any more. However, there are some exclusions, like any other insurance product. So, ensure reading your policy documents carefully before signing.
Worldwide coverage
It means exactly what it reads - WORLDWIDE COVERAGE! A dedicated studio insurance policy with a reputed dealer works and stays with you no matter where you go in the world.
General liability coverage
Did you know you may be held liable if someone - your students or clients - suffers property damage or gets injured while in your studio? Yes! That's true. Accidents can happen anytime and, most of the time - out of the blue. What if a client falls while entangled in a wire on the floor? What if a student's electric guitar burns due to faulty wiring at your studio? With the right amount of Studio Coverage by your side, it has your back covered, as your insurance provider will pay off on your behalf.
Workers' compensation coverage
Most of the states of the US require that business entities have workers' compensation coverage. Just like your students, the people who work for you may also suffer bodily and property damage. Right? So, without an insurance plan, you will have to pay out of your pocket. However, a standalone insurance plan will compensate for the medical or legal costs incurred for an on-site injury or damage to your employees and make you peril-safe.
Business interruption coverage
What if you need to close your studio or halt your operations for quite some time following an accident - fire, flood, or any other covered situation? It will lead to a loss of income for the time being. A good insurance policy will reimburse you in case of a loss of income scenario due to a covered damage or loss.
A note to remember
Not all insurance providers who claim to be the best in the market can live up to their claims. So, make it a point to study the market thoroughly to find the most reliable and customer-friendly insurance partner. Or else your insurance coverage may not be sufficient to extend proper protection during tough times. Therefore, industry experts always emphasize choosing a company that deals with music instruments and studios.
No comments:
Post a Comment