Choosing The Best Insurance To Protect Music Studios in New York
As one of the aspiring music studio in New York, you need to list out your risks and keep a tab of the liabilities that you can possibly face. It is not just about a single instrument but about the whole studio. Protecting the studio requires a good insurance. A good studio insurance will help you manage the assets and tone down the liabilities.
When we are talking about liabilities, there are many concerns surrounding you. What are the exact type of liabilities that you might face? Here we will take you through the liabilities that you are most likely to face and how the insurance can protect you.
- Protection Against Theft: You need an insurance against theft so that you don’t end up putting a hole in your pockets, while someone else has already taken away your precious instrument. As a music studio owner, you are constantly under the threat of your instrument or, other audio equipment getting stolen while you are away. Despite the zillion security measures, you always need an insurance to protect your best interests
- Accidental Damage: If you are involved in an accident, there are always chances of your instrument getting damaged. It could be an instrument-only accident, wherein your instrument is damaged while you are on the road. This could also cause a permanent damage to your instrument, under which case you need to replace it with a new one. Either ways, you can save money with the apt accidental insurance
- Protecting the Premises: The property where you have your studio needs protection against attacks and disasters. What if an earthquake hits your premise or, someone pelts a stone at your property? Facing this damage can cause a heavy dent in your pockets, and it is always good to avoid it. That’s precisely why you need an insurance which will cover the damage costs perfectly
- Worker’s Compensation: As a studio owner, you probably have people working for you. In case, you are a music teacher who owns an academy alongside, there are other teachers working for you. This might call for worker’s compensation. In case, your worker falls sick or, is hit while on the way to work or, there is some other medical issue, you may need to compensate for the health. An insurance includes worker’s compensation as well, which can possibly help you compensate your worker’s medical issue without affecting your own pockets
- Other Liability: There would be other liabilities such as loss of payday etc. which may not be included in the above mentioned points. Studio insurance also accounts for these needs, which is why buying it is a sensible decision
When you are investing in insurance for your music studio, you need to understand your basic requirements, the premium you can afford, and the valuation of the instruments in your studio. Among the points mentioned here, a lot of it won’t be applicable to you, in which case you can forego them when buying your insurance. It is important to research well on what insurance suits your needs, and the provider before investing in a particular studio insurance.