Music Production Business Insurance

Music Production Business Insurance

Anyone in the music industry knows how expensive the music production process is. Throughout the recruitment, recording, manufacturing, and distribution process, there is a lot of room for uncertainty and unexpected events. From the recording studio to the sound equipment to the instruments used, even a small damage can result in huge financial losses and costly replacements.

Insurance for the music production business can be tricky. It can be hard to pinpoint exactly if your insurance covers your business assets, services offered, liability associated with having data of others and how much coverage is needed.

That’s why we have music production business insurance. Whether you have a home or commercial studio, find custom music production business insurance that fits your business.

Why is Music Production Business Insurance Important?

Your studio, equipment, and finances are the showrunners of your music production business. Protecting them from some of the following risks should be at the top of your priority list.

  • A fire, theft, or another uncontrollable event that causes property damage and financial losses to your studio or equipment.
  • Your sound equipment gets damaged in transportation.
  • You have home equipment or a home studio that is also used for professional purposes but isn’t protected under your current home insurance policy.
  • A client or visitor visits your studio and is accidentally injured, or their property is damaged.

With music production business insurance from ALIGNED, your valuables are protected in the event of something unexpected or uncontrollable.

What Does Music Production Business Insurance Include?

Commercial General Liability Insurance – Also known as CGL insurance, commercial general liability insurance covers bodily injury and property damage that clients suffer from the services and operations of your music production business or while on your premises.

Commercial Property Insurance – It ensures that the replacement and repair costs of your property and equipment are covered. You can also purchase business interruption insurance for extra coverage and compensation if your business is temporarily forced to close.

Umbrella Liability Insurance – It provides additional coverage that exceeds the protection limits of your primary policy. It also protects your music production business against certain claims that are not covered by your primary policy.

Commercial Auto Insurance – This is mandatory for all commercial vehicles in Canada. In a collision or car accident, commercial auto insurance provides coverage for medical, property damage, loss of income, disability benefits, etc.

What is Recording Studio Insurance?

Recording studios are common property for music production businesses. A large part of the music production business is spent in recording studios recording the music that needs to be manufactured and distributed.

Recording studios have a lot of very expensive and highly specialized equipment. From professional microphones, studio monitors, soundboards, acoustic panels, instruments, and more, a recording studio can have a value of tens of thousands of dollars or more.

Even damages that appear minor can cost thousands of dollars to repair, and bigger damages can put you out of business for several days. Not only do you have to worry about damages to your assets, but any of the artists that visit your recording studio can get injured by loose wires or obstructive equipment.

Recording studio insurance is designed to protect studio owners from third-party claims and lawsuits or the loss of property and physical assets. It covers medical and legal fees for injuries and property damage your studio causes to a third party, legal accusations of negligence or failure to deliver services, coverage for special events, liability for driving vehicles, and more.

There are many unique coverages of recording studio insurance, allowing you to build the perfect policy for your studio.

What Type of Insurance Do Recording Studios Need?

There are many types of insurance available for recording studios, so it’s hard to answer without knowing your operating capacity.

Generally, some of the common types of insurance you might need to consider include:

  • Commercial general liability insurance for injury or property damage that a third party suffers.
  • Product liability insurance for an injury that a customer suffers from a product you sell.
  • Commercial auto liability insurance for vehicles or fleets used to transport equipment to off-site locations or for business operations.
  • Commercial property insurance for your owned or rented studio building and the equipment you have.
  • Host liquor liability insurance for injuries and property damage at the recording parties you host that serve alcohol.

How Much Does Recording Studio Insurance Cost?

The cost of recording studio insurance varies depending on numerous factors, including:

  • Studio location
  • Whether you have vehicles or fleets
  • Size of your recording studio
  • The total value of your recording studio equipment
  • Services, operations, and products you offer

How Do You Insure Music Equipment?

Music equipment can be protected with the right insurance. You might not need a specific insurance policy to insure your music equipment. With insurance packages like commercial property insurance, your musical instruments and equipment are considered commercial property, and it will cover damages to your music equipment.

Otherwise, a commercial musical instrument policy might be advised by your insurance provider if you want specific coverage for your professional music equipment.

Find the Right Music Production Business from ALIGNED

ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have. 

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