What Coverages Are Offered by Music Studio Insurance?
As mentioned, music studio policies normally come with multiple coverages. Many of these coverages can be categorized as either liability protections or property protections.
Liability protections primarily guard against lawsuits where a business may be held financially responsible. Some of the liability protections that music studio policies frequently offer are:
Property protections mostly guard against damage to studio-owned assets, such as facilities and equipment. Some of the specific property protections that policies often offer include:
- Building and Structure Coverage, which usually insures a studio-owned building
- Tenants Betterment Coverage, which usually insures studio-made improvements to a leased space
- Signage Coverage, which usually covers exterior signs advertising a studio
- Building Personal Property Coverage, which usually insures equipment kept at a studio’s facility
- Property Off-Premises Coverage, which usually insures equipment that’s not at a studio’s facility
- Equipment Breakdown Coverage, which usually insures necessary equipment in the event of malfunction
- Continuation of Income Coverage, which usually insures against revenue losses that follow certain disasters
Studios sometimes also get dishonesty coverage, which typically covers employee theft and sabotage.
An insurance agent who specializes in these policies can explain the above coverages and any other available coverages.
How Much Do Music Studio Insurance Policies Cost?
Premiums for music studio policies vary, as they are based on many different considerations. Some of the factors that insurance companies frequently take into account are a studio’s location, annual revenues and past claims history.
An independent agent can help studios compare policy options from different insurance companies. Independent insurance agents aren’t obligated to promote any one insurer, which allows them to objectively compare options from various companies.