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The Type Of Insurance You Need For Your Recording Studio
Setting up your own recording studio is really a big decision. The amount of money involved in its setup is no joke, an expensive career decision. But since there are many easy options to learn in music, your decision would not get wasted. This is the reason why even if you set up a recording studio you are liable to get a 100% profit and you dedicate more into the business, so sink in more money and time to be successful. And an insurance policy is always a wise decision.
So what does the Recording Studio Insurance cover?
Insurance of your building and structure:
If you own the building where your recording is located, be sure to see that the building is located in a safe place. Damages caused due to a fire breakout or natural calamities can let you go bankrupt and on top of that if you don’t have insurance covered for your studio no one can help you to recover the loses. In case, your studio is located in your house, you just need to cover the studio portion of your house. A business protection strategy you should include in your business plan.
Insurance policy for continuation of income:
If due to some unwanted incidents you need to close your studio for a certain period of time, this continuation of income insurance policy will include the continuation of income, enough to pay your bills and salaries of the employees. This is valid for a time period of 1 year.
Insurance policy for off-premises property:
If you are enlisted for recording music in an off-site area, there is insurance coverage for that too, typically included during the process of transfer to and from the off-site area. This policy provides compensation in case any of your instruments are lost or damaged on off-site. The policy is valid for a period of 90 days. Take the help of a music insurance company to guide you better.
Insurance of your building property:
This policy provides insurance to the things that are kept inside the studio in case of theft, fire, vandalism or damage due to natural calamities. So, your music instruments, microphones, soundboards and the furniture’s are protected.
Insurance policy in case of equipment breakdown:
Your music studio entirely depends on some important equipment’s which you cannot leave out- microphones, a digital audio workstation, audio interface, mixing consoles, studio monitors and MIDI keyboard controller. If any of these equipment’s get damaged, you have to halt all the work until they are replaced or repaired. So, with the help of an Equipment breakdown insurance coverage, you will be able to protect your equipment’s and get your business fully operational on time.
Insurance policy for employee dishonesty:
It means if an employee steals or causes damage, this policy will provide compensation for the loss incurred.
This type of insurance covers signage insurance support. In simpler terms, it means it will help people to locate your business easily from your signs and serve as a form of advertising. Since, most businesses insurance policy do not cover signs and contents of the building’s structure, this type of policy will let your clients locate you easily.
The best way to find out is to contact a music insurance company, who will guide you better and explain to you what type of Recording Studio Insurance policy you need. This will not only keep you at ease but also you will only have to pay the price you can afford.
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