Music Studio Insurance - One Complete Protection Plan

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.

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. 

Why Audio Equipment Insurance Is Must In The Music Industry?

If you own a recording studio you are no stranger to the amount of risks involved in this profession. As the popularity for different genres of music rise sharply around the world, recording studios are acting as nerve centers in this industry. Many studios serve as instructional schools where people of all age groups come to take music lessons in different instruments ranging from guitars to flutes. These studios are also thronged by amateur and professional musicians and groups for recording their music or for mere mixing purposes. It is no surprise that to run a modern studio, you would have to invest on state-of-the-art audio equipment as this will help you stand ahead of your rivals. You will need to pull in a huge financial investment to start a studio that can be used by professionals.

Music Is Serious Business   
There was a time very long ago when music was considered merely to be an expression of art that had a soothing effect on the listeners. While it has still retained its entertaining factor and mesmerizes people, you cannot deny that it is also a serious business today. This is a multi-billion dollar industry and like all similar industries, it has its fair share of challenges and risks that you would need to mitigate. This is why home or commercial studios and those who rent out equipment should take precautionary measures to protect their interests. Audio equipment insurance protects you against this challenge and helps you overcome the financial risks associated with the loss and damage of these instruments. These are specialized music insurance plans that have been designed to cater to the needs of people whose profession revolves around handling audio equipment or who rent these out to various musical groups.

Protection Against Damage& Loss of Equipment   
These equipment being delicate require careful handling and storage and you would personally do the needful to prevent any kind of damage to your costly audio equipment. But when you have so many people using the audio equipment, it is easier said than done. There is always the risk of damage and it can involve thousands of dollars in repair and also the loss in revenue when audio equipment goes for repair. Apart from accidental damage to the equipment, there is always the risk of burglary of your equipment and we have heard of such stories many times. Equipment has been stolen from venues or while in transit. An insurance plan would protect your interests in such cases.

Liability Insurance      
Music studios and agencies that rent audio equipment also stand to be held liable in case there is injury to the students, recording artists, fans or the musicians arising out of audio equipment. While some cases may emerge due to negligence, in most other cases there is little that you can do to prevent such incidents. Whatever be the case you would have to deal with third-party claims and even in such cases insuring your equipment would help you deal with any liability claims that are made against you and your equipment. 

Performance Insurance Helps You Deal with Mishaps and More

Are you planning to organize a musical tour or an outdoor festival? You would want a jam packed event where the performers woo the crowd. This guarantees you success as an organizer and lets you earn healthy return on your investment. But when large crowd gathers at a venue there is always the risk of something going wrong. If you keep a tab on the events in the music and glamour industry you would have come across numerous incidents in the last few years when fans have gone violent or a musician has suffered injuries due to stage equipment.

Recall the Sugarland Concert in 2011 when 7 people died and dozens others were injured when a stage collapsed. While you would take all precautionary steps to prevent such ugly incidents you still need to prepare for all the eventualities. This is where you need to buy performance insurance as this will protect you from different kinds of risks associated with organizing large musical and entertainment events. These insurance plans aren’t only meant to safeguard you financially but also protect your brand name. As an event organizer you surely wouldn’t like to earn bad press that highlights your negligence.

The Odds of Mishaps Are High       
The odds of mishaps are much higher than you would imagine. As we have already mentioned when there are large gatherings, the chances of incidents and accidents magnify. You would have little control over how the fans react to the performance on stage or when a few unruly fans get into a brawl leading to injuries to others. Add to it the fact that you would need to arrange electricity and sound equipment which are both expensive to hire and can result in injuries to fans. When musician perform on makeshift stages, you are always seconds away from a mishap. Performance insurance would come to your rescue as this will help you deal with all third-party liability claims resulting out of such incidents. In fact many venues make it compulsory for you to have such insurance protection before letting you organize your event.

Protection Beyond Mishaps           
As an event manager you shouldn’t equate performance insurance with something that merely protects you from mishaps as there are many other risks associated with an event. To start with musicians pulling out of concerts due to illness or failing to arrive at the place of their performance isn’t unheard of. The weather gods may also not be kind to you and the event may need to be cancelled due to bad weather. Though these things are beyond your control, they can result in huge financial losses after you have invested lots of money in organizing an event. These are situations where insuring the event proves to be useful as these shield you against all financial losses that can arise when an event needs to be cancelled.

Before you buy a performance insurance plan, you need to read through the details and make sure it covers all your risks. Some companies offer you optional add-on packages which offer added protection and you should discuss your needs with the company before buying a plan. 

How Can Flute Insurance Help You With Different Scenarios?

Do you play the flute? It is one of the most musical of all instruments that are played by human beings and has mesmerized people for thousands of years. As a professional or an amateur musician there are a number of risks associated with your profession in the modern day. Apart from the financial side of the risks, you will also have to deal with third-party claims in a world where a thin line separates musicians from other professionals. Thankfully there are a number of music insurance companies that offer you plan to deal with these challenges. It is important that you buy a flute insurance plan to shield you against all challenges risks. Here we take at different scenarios where a flute insurance plan would come handy.

Loss of Instruments       
As a musician you always need to be prepared to deal with such kinds of eventualities. There are different scenarios that can lead to loss of instruments. You can lose it when burglars strike your home or when you it is stolen from your vehicle in the car park. Many musicians have lost their instruments during transit where it is stolen or misplaced by people who are handling the equipment. Though you may take precautions to minimize such unfortunate occurrences you also need to stay prepared for the bad days. Flute insurance plans have been designed taking into account all such scenarios that can result in the loss of instrument and you are compensated well to buy a new instrument as per the prevailing prices in the market. If you have a vintage flute, the insurer would offer you compensation based upon the actual market value of the instrument.

Cost of Repair  
Flute being a delicate instrument is vulnerable to damage and repairing a flute especially if it is of vintage category can cost you a lot. A good insurance plan would take care of the entire cost of repair and ensure that you can get it repaired by seasoned repair service provider. Also these companies cover the cost of hiring an instrument for the interim period when your own instrument is being repaired so that you are able to fulfill your prior commitments.

Music Instructor’s Protection    
Not all flutist earn their living by playing live on stage or working in recording studios. In fact there is a huge tribe that runs home schools offering students lessons in playing the flute. While a harmless flute may pose no danger to your students there are other types of mishaps that can cause injuries to your students in your premises. Without insurance there is always the risk that you would need to deal with such as third-party claims surrounding your negligence leading to injuries. A flute insurance plan would take care of these needs.

A flute insurance plan offers you complete peace of mind and helps you deal with unfortunate circumstances. You need to find the right company and choose a plan with add-on coverage based on your needs.

Why Performance Insurance Is Crucial For The Music Industry?

If you are organizing musical events or concerts, you are aware of the risks involved with such events. In the modern world there is more to such events that soothing music. There is a large commercial interest involved in organizing such events as you source capital from different quarters and work on a model that offers you healthy return and fans some entertaining music. Since they are money spinners, you would be able to pocket a healthy reward on successful completion of an event. Despite all the hard work and planning that you put into these events, there are many things that can go wrong. While most musicians would take care of their interest with instrument insurance what you as an event manager or organizer need is performance insurance.

As the name suggests, this insurance plan would help you in mitigating all the risks associated with a musical performance. These are specialized plans that have been designed to meet the needs of event organizers. It is a broad term that is used for various types of musical insurance plans and can be called orchestra insurance when you buy a plan that has been special designed for orchestra events. Irrespective of whether you are organizing a small event or one of a mammoth scale, you need to insure the events. You can choose to insure a one-off event or purchase a plan for a series of performances that are a part of a tour. 

Why You Need Performance Insurance?

·       Theft & Damage To Instruments – While all musicians insure their instruments, as an event organizer you can offer them additional coverage with your insurance plan. This will protect their instrument from loss and damage that occurs while they are taking part in your event. These plans would also cover their instruments while it is in transit during the event. In fact many musicians stress upon this kind of coverage before playing at any event.

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          Dealing with Uncertainties – Insurance plans offer you peace of mind and help you in dealing with the uncertainties surrounding an event. There are a number of things that can go wrong such as artists not turning up at the event due to unavoidable problems or the weather turning bad leading to cancellation of the performances. An insurance plan would help you in overcoming the financial losses in such cases. 

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         Handling Liabilities – As an event manager you can be held liable and accountable for everything that happens during the event. These include damage to the venue where the performance is being held or injuries to some of the fans attending the event. Without an insurance plan you would go bankrupt dealing with third-party claims that are so common these days. A good insurance plan would keep you at bay from such risks.

There are a number of companies that offer you performance and orchestra insurance and thus you need to carefully review their plan before you buy one. If you are having trouble in choosing the right plan, consult an insurance expert. 

Drum Insurance - Make an Informed Choice While Buying a Plan

As a drummer you have an emotional connection with your drum kit. It is this collection between you and the drum that allows you to create the right beats and make music. When there is so much emotion attached to the kit, any loss or damage can be quite difficult to deal with. But as a professional you need to take such unfortunate situations in your stride. There is little that can be done to console your emotions but drum insurance plans help you deal with the financial loss. Here in this article we shall take a look at some of the ways in which you can choose the right insurance plan for your kit.

Choose A Good Insurer
To find the right insurance plan for your drum kit or any other musical instrument you need to find a reputable insurer. There are a few companies in the world that cater to your needs and hence you need to make your choice carefully. Start by researching on the credentials of the company. While most companies make lots of promises few take care of your interests in times of need. You can read through the review of other customers and this will help you zero in on a good company. Next you need to take a look at the drum insurance plans that they offer you. The plan should take care of all the risks associated with your profession.

Read The Finer Lines     
This is one of the common mistakes that people make when buying musical equipment insurance as they look at the cover and make a decision without going into the finer details of the plan. Your need an insurance plan that extends much beyond compensation for loss or damage to the instrument and it lies in the various terms and conditions. For instance does the company offer you worldwide coverage for any loss or damage to your instrument? If it doesn’t the benefits of the plan would be restricted within a limited geography and may not offer you the protection that you really need. Also on what basis do they decide on the compensation? Do they offer you ‘New for Old’ plan or offer you compensation based on a previously agreed amount. Both these have their pros and cons and so you should decide on a plan carefully. Never hesitate to ask a question while buying a plan if you are in doubt about their coverage.

Public Liability 
As someone who plays at different venues you should never choose a plan that doesn’t offer you public liability coverage. It anything went wrong during your performance you can easily be held liable and might need to deal with numerous third-party claims which would also affect your reputation as a musician. Public liability coverage would deal with all claims regarding physical injuries and damage to property when you are performing at an event.

These few considerations will help you buy the right plan and build a protective wall around your professional career.