Music studios, also called recording studios, provide a variety of music-related services. They may offer instructional classes on instruments like the guitar, piano, or saxophone, or offer sound recording and mixing services. Many music studios help inspiring recording artists to record music for their albums by mixing and recording the muscian’s work. Music studios also offer instructional classes in instrumental work as well as vocal instruction often have recitals and concerts to show what they have learned to friends and family. Owning and operating a music studio includes a number of risks, including legal liabilities relating to the services you provide and potential accidents on your business premises, as well as crimes and property damage cause by unexpected events. To protect these and other risks your business is exposed to, you should consider music studio insurance.
Types of Music Studio Insurance
You have several business insurance policies to choose from that will fully protect your music studio from various risks. When you want to offer your business the best protection available, consider one or more of the following music studio insurance policies:
General liability insurance is an important business insurance policy for music studios. It included premises liability, products liability, and completed operations. Products liability will cover any damage caused by products you sell such as musical instruments that have sharp edges which cut the customer’s hand. Premises liability will offer coverage against accidents occurring in your music studio; music stands or instruments could fall from their proper place and injure someone while they are in your studio. Completed operations is for any legal accusations that come up after you have provided services.
Your music studio relies on the instruments and equipment used for recording music including the mixing consoles, multi-track recorders, digital audio workstations, and microphones. If they were to break down, you would not be able to function as a music studio and would lose income until they could be replaced. As part of your music studio insurance selection, equipment breakdown coverage will help you make necessary repairs or replacements to get back to work as soon as possible.
Faulty wiring and some of the materials used to make musical instruments can raise the risk of a fire in your building. Other risks to the property and its contents include flood from a heavy rain or hail storm, as well as natural disasters which can’t be prevented. Protect your music studio from these events by getting a property insurance policy. This gives you the opportunity to get necessary repairs and replace damaged instruments or other equipment without dipping into your business account.
You undoubtedly use a company vehicle on occasion for picking up new instruments or supplies for your music studio, visiting the bank, or going to a recital. For these company-related trips, the vehicle should be covered by a business auto insurance policy. This helps protect your business assets in the event of a motor vehicle accident by covering damage and bodily injury, as well as overage for theft or vandalism.
If you have employees, you should protect them with worker’s compensation insurance. Most states in the U.S. require you to carry worker’s comp for your employees, but even if it’s not legally required, it is still recommended. If an employee suffers an injury at work, such as a repetitive motion injury or tripping over a drum set, they can be covered by the worker’s comp policy. It will help pay for medical costs as well as lost income until they fully recover.
Music Studio Crime Insurance
Due to the expensive instruments in your music studio, you have a high risk of crimes such as theft, shoplifting, and dishonest employee acts. To protect against these crimes, you should get crime insurance. A crime insurance policy will ensure the protection against many types of crimes so that you are not responsible for the money lost as a result of the crime.
You have worked hard to build your music studio and make it a successful business. Protect it from unexpected events by choosing the right types of music studio insurance policies that will offer coverage for probable and surprising occurrences.