How Studio Coverage Protects You Against The Many Risks?

Most musicians dream of owning their own recording studio or starting with home music school. Owning a music school or recording studio is no easy job. Apart from the huge investment that goes into setting up such studios/ schools, you also need to work towards maintaining them. You also have to ensure that all instruments and equipment are work optimally. But the challenge of running a studio doesn’t end there, as you also need to protect yourself and your brand name against the many risks that are associated with this business. You need to choose an insurance plan that offers adequate studio coverage to help deal with various kinds of situations that you would encounter. A studio coverage plan would protect against your own losses or claims made by other people. Here are some of the ways in which studio coverage can protect you.

·    Damage Protection – Musical instruments and audio equipment are prone to damage and when you are setting up a professional grade studio, you will have to pump in thousands of dollars to buy state-of-the-art equipment that aids quality recording and music lessons. Damages can happen accidentally and also wear down with time. In all such cases, you would have to incur losses in terms of repair, costs and also bear loss of business. In some cases, the instruments and equipment are damaged beyond repair and need to be replaced. When you buy a studio coverage plan, it would cover the financial losses associated with the repair of the instrument. You can choose different types of plans that include ‘New of Old’ and ‘Valued at Basis’.

Independent Contractors Coverage –A good part of the music studio business involved renting it out to third party contractors who record their music. But this also increases your risks as you can be held liable for any injury or accident that happens to people who are using your studio. Same is the case with music schools where any injury to students attending your classes can be attributed to your negligence. In such cases studio insurance plan with liability coverage would save your day as it helps you deal with all kinds of third-party liability claims made against you and your studio or music school.

Burglary and Theft – Even if you run a home based music studio, your homeowners plan doesn’t offer adequate coverage. They don’t cover damages due to usage, retain the undamaged parts or offer you the right to repurchase. So in case of theft and burglary, you are at total loss and have to bear all the cost of replacement. However when you buy a music studio insurance plan it would cover all these risks and many others. These plans compensate you adequately to restart your business without much terms and conditions.

Studio coverage plans are a must for any individual or group that owns a recording studio.  You need to choose a professional insurance company that offers you tailored plans that protect you against all kinds of risks associated with your business.