Why Having a Music Studio Insurance is a Must for Every Studio Owner?

Owning a recording studio is not all about producing good sound and celebrating the creative spirit. It is also a responsibility that gives way to more music as well as the people associated with it. If you focus only on the creative aspect of your job and ignore the risk it brings to all your equipment and accessories, you are doing it wrong. Whether you record music at your small at-home studio setup just out of a hobby or make money by working as a professional studio owner, you need an insurance policy to cover all your gear. You may have not considered purchasing music studio insurance yet but it is high time to think about one for protecting the assets and liabilities. Let us explore why having the right coverage is essential for all recording studio owners.

What is Recording Studio Insurance?

As the name implies, recording studio insurance is a certain kind of business insurance policy that is exclusively designed for music studio owners. It usually covers the entire recording space while protecting it from third-party lawsuits during unexpected circumstances. It also insures the valuable musical instruments from damage and loss when the owner is traveling. You can always get customized coverage options for recording studio insurance based on the specific requirements of your studio.

Why Should You Insure Your Studio?

The most common question asked by studio owners is "why do I need to insure my recording studio?" Well, we have listed down the reasons which make insurance a must for every person having a professional or at-home recording studio:

• Even if your home recording studio is simply a room in your house or property, the musical and electrical equipment used there need to be insured for the optimal safety and security. While you may think that a homeowner’s insurance policy is enough for it, such policies mostly cover your assets on-premises. For off-premise protection, you have to opt for recording studio insurance only.
• As a professional studio owner in the industry, you can either purchase a studio space or rent it out. However, it is crucial to insure the place either way. This will ensure that you do not need to spend money in case of unwanted happenings, which could have a negative impact on your investment.
• When you have a recording business, you cannot leave the physical assets in your studio on fate. From musical instruments to electrical equipment, everything can be protected by insurance from unavoidable damage or loss.
• A studio owner is also deemed responsible for taking the greatest care of the bands he would be working with. Having insurance is necessary to protect them from all sorts of accidents and injuries that can occur while they are in your studio property.
• You may even need to deal with copyright infringement and other legal issues as a studio owner. Only recording studio insurance can give you the required protection from these.

What Does Recording Studio Insurance Cover?

Recording studio insurance policies can shield you from all common risk factors with some of its most obvious components. These include:

1. Liability Insurance Coverage

The first in this list is the liability coverage, which can save you big time if you ever find yourself on the wrong end of a lawsuit. While there are general liability coverage and product liability coverage both on and off the residence premises, you can also expect insurance for liabilities like completed operations, damage to rented premises, special events, host liquor, commercial vehicles, workers' compensation, etc.

1. Business Property Coverage

Studio insurance also takes care of the business by covering the damage to the building, its structure, and the assets inside it from fire, flood, theft, vandalism, loss, etc. Property off-premise insurance and equipment breakdown insurance are parts of it too.

1. Optional Coverage

It also provides optional coverage choices for money and securities, additional insured coverage, garage keepers coverage, identity fraud expense, a continuation of income, employee dishonesty, signage, etc.

Getting a comprehensive Music studio insurance is certainly one of the most significant aspects of being successful in your recording business. Once you evaluate your needs the right way and choose the right policy to cover your bases, you can feel safe and stay protected with your studio. So, pick your insurance carefully and make the most of your recording endeavors every time.

Author is an insurance agent who has a vast knowledge on the various types of music insurance such as string instrument insurance and brass musical insurance.