What does recording studio insurance include?
This very much depends on the kind of recording studio you are operating. The covers included in a recording studio insurance package are tailored to your specific risks. So, if you’re running a studio at home with one or two clients, the insurance policy you take out could look quite different from that of a big commercial studio with multiple contracts and employees.
Having said that, these are some covers most typically associated with recording studio insurance:
- Equipment breakdown. Technology is the lifeblood of your business. But as you’d be the first to know, it has a habit of letting you down just when you need it most. From microphones to mixing consoles, if anything causes a delay to your work, you may end up with a heavy bill. Equipment breakdown cover will compensate you for loss of time and the cost of hiring replacements.
- Contents insurance. This covers the property kept inside your recording studio, providing repairs or replacements if it is lost, stolen or damaged. Included are: musical instruments, microphones, cables, soundboards, furnishings and IT equipment.
- Liability covers. These are very important, as studio projects involve a broad range of risks. They include:
- Public liability – for if a visitor to your recording studio is injured or suffers damage to their property
- Employers liability – required by law for almost any studio employee, even someone working on a temporary and/or voluntary basis
- Professional indemnity cover – this is a kind of liability cover that relates to your work. It protects you if a client feels that your professional short falling or error has led to their loss of income
Who needs recording studio insurance?
Once upon a time, if a musician wanted to make a record, he or she would have to have gone through a big, commercial recording studio. Times have changed radically though, with ever more possibilities for producing quality music on a personal computer, with minimal equipment.
This has effectively meant that there are more and more places which would be considered to be recording studios. Let’s say you’re an artist who has self-produced a record, investing in audio interfaces, microphones, studio monitors and so on. You offer to help some upcoming musician friends with a project, charging them a small amount to hire your home-based studio, or in exchange for a percentage of their profits.
In the above scenario, where money is changing hands, you have effectively become a recording studio. Your home insurance is insufficient to cover your contents, and you’re suddenly vulnerable to various liabilities.
For advice about the legal definition of a recording studio, call us on 0191 649 8689 and we’ll be happy to help.
Why use JM Glendinning for recording studio insurance?
Professional brokers since 1972, we pride ourselves on offering a specialist and personalised service, finding the most robust insurance solution at the best price. Buying insurance through a broker has many advantages. Not only do we know how to navigate the fine print and filter out insubstantial policies; we also have extensive experience with helping our clients through the claims process.
This means that, if you have to seek compensation on your recording studio insurance, we can negotiate with your insurer to settle your claim promptly and to your satisfaction.