Behind the success of every music album, there is a well-equipped recording studio where the artist had spent countless hours to make his or her dream come true. As the demand for new music is never-ending, setting up a recording studio always sounds like a lucrative venture. But just like any other business endeavor, it comes with its own risks and boundaries. Hence, paying for a recording studio insurance policy is essential to protect the property and assets present inside the studio. From small studios working with local artists to large multi-room facilities producing grand albums, all have their unique business exposures that result in distinct coverage concerns. Only a stand-alone policy can turn out to be the perfect safeguarding measure for these businesses in the worst-case scenario. Here is everything that you need to know about insuring your studio and shielding your investment.

Insurance for Recording Studios – an Overview

Insurance specifically designed for recording studio owners is a fully customizable business policy that can meet individual studio needs efficiently. While providing various music-related services like sound recording, music mixing, instructional classes, etc., a studio can experience many probable as well as unexpected occurrences. Whether it is an accident on the premises or major damage to the property, it can impact the business negatively and even force it into bankruptcy. A comprehensive insurance package can combine all necessary coverage required by a recording studio to deal with the losses and run again. Liability coverage and property coverage are the two most significant components of any studio insurance policy.

Types of Coverage to Protect Studio Property and Assets

Music studio insurance provides excellent ‘all-risks’ coverage for business property and assets so that you do not need to shell money out of your own pocket during the times of mishap. Following are the most common options to consider:

  1. Building and Structure Insurance

No matter whether the studio building is owned or rented by you, it should be properly covered. This coverage ensures complete protection of your finances even if the studio building gets damaged by an accidental fire, severe weather conditions, or natural disasters.

  1. Building Property Insurance

Besides the structure of the studio, its assets should also be protected against theft, vandalism, fire, flood, etc. The building property insurance is designed to cover the costs of replacing the expensive musical instruments, recording equipment, and furnishings kept inside the studio.

  1. Property Off-Premises Insurance

With off-premises insurance in hand, you can stay assured about your instruments and equipment even while recording music in an off-site location. It usually covers your assets during transit to and from that location.

  1. Equipment Breakdown Insurance

Recording studio houses equipment like digital audio workstations, multi-track recorders, mixing consoles, microphones, and so on. If any of them breaks down, this coverage can enable you to get the item repaired or replaced quickly so that there is a minimal halt in operations.

  1. Continuation of Income Insurance

If you are ever forced to stop your studio operations temporarily due to unforeseen events, this insurance coverage will make sure that your earning is not stopped and you are able to pay for all your business-related liabilities.

  1. Employee Dishonesty Insurance

When it comes to protecting your studio property and assets from dishonest employees, this coverage is the ultimate choice. Even if your assets are stolen or your business is sabotaged, you will get compensated by it.

So, if you are concerned about your studio property, find the right provider, compare multiple quotes, and invest in the best recording studio insurance. However, do not forget to go through the policy thoroughly before purchasing in order to know the scopes as well as avoid the holes in the coverage.

Author

Clarion Associates, Inc. is a third-generation privately owned family business. While we trace our roots back over 50 years, we have spent the last 25 years concentrating our efforts on providing the best insurance products for musicians and the Music insurance company. The insurance market has been volatile over the last 25 years and Clarion has always prided itself on being committed to providing a market for musical instrument insurance even when others were abandoning the market.

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