Studio Insurance - Things That Are Covered Under Studio Coverage

If you own a music studio you would have invested thousands of dollars into setting up all the infrastructure and buying equipment. Whether you rent out the studio for recording purpose or simply run a music school you need to buy insurance to shield yourself and your business against the risks. One of the common misconceptions with home studio owners is that their homeowners plan would help them deal with any losses or financial liabilities in case of mishaps. But this isn’t quite the cases as homeowner’s plan doesn’t offer you protection against inherent risks associated with your business and neither do they offer you complete financial coverage. What you need is a specialized music studio insurance plan. Studio coverage would not only help you cope up with financial losses but also protect your brand name.

What Does It Cover?

·    Equipment – As stated earlier you would be investing thousands of dollars on various kind of musical and recording equipment when you run a studio. Most musical instruments tend to be very delicate and same applies to state-of-the-art equipment making them prone to damage. This can happen due to negligence or due to regular wear and tear. While some cases may call for repair, severe damage to the equipment may demand total replacement. Studio coverage would offer you protection in such cases and compensates you for the repair and replacement costs for your equipment. This also includes loss of equipment to burglary, incidents of hire or other such event.

·   Liability – As an affluent music studio owner you may be able to deal with financial losses from loss or damage to your equipment but there is no way you would be able to deal with the liabilities. When you have musicians or students in your studio, you are responsible for their safety. In the event or any accident or bodily injury you are liable to be held guilty of negligence. And this would be followed by third-party claims and you may need to compensate them for their medical bills, loss or income and any other compensation that may be attached to the claims. Your studio insurance plan would protect you against all such risks.

·      Infrastructure–You may own the premises where the studio is housed or may run it at a rented location. Running a music studio requires special physical infrastructure where the building needs to be soundproofed.  Like your instrument and equipment the physical infrastructure is also at risk and any damage may call for thousands of dollars’ worth of repair. With a studio insurance plan you would have no reasons to worry about the damage to the infrastructure.  In fact you may not be able to rent a building to house your studio without a plan that protects the asset in suck kinds of cases.

Studio insurance isn’t optional for a music studio owner; it’s one of your basic inputs into the business. With a number of companies offering you insurance plans you must buy one that offers you maximum coverage.