Recording Studio Insurance

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After spending all this time and effort building your studio and your business, are you insuring it?

This thought crossed my mind as my wife and I were going through our insurance for cars, home, health, etc. Those members here that are beyond "home studio" and have crossed over to professional recording facilities, or even have a substantial home setup, must be protecting themselves.

Studios really aren't like most standard businesses, and their insurance really shouldn't be a boiler plate policy of other businesses. There is not only buildings and people, there is also gear, expensive gear and technology to be protected. Instruments, not only yours but your clients as well if they are in your space for many days, so is their gear. There is also the media they are being recorded on, their intellectual property, the recordings themselves.

If you are running your studio in your home, and have a moderate setup, typical home insurance will suffice. For your own best interest you should take pictures, itemize your gear, record models, serial numbers and and receipts or values of each piece of gear. This list should be updated frequently and should be filed with your insurance agent as well.

If your studio is in your home, and exceeds what would be considered standard home electronics, the insurance company may well recommend you add an addendum policy to cover the studio.

If you are considering getting specific recording studio insurance, there are now many insurance companies that offer policies specifically for such a business, you should seek one out.

Any agent experienced in insuring recording studios will understand that many times what is in your studio is not yours, it's borrowed, rented or belongs to the band that hired you. They understand your recording studio has people that are not employees going through it all the time and the possibility of theft exists from break ins, and from the people that are being recorded. It sucks to think about, but you have to, you must think about yourself and protect your business.

When talking to the agent be sure to find out exactly what is covered, how much is covered, the value of the gear, or the cost to replace. What about coverage from fire, storm damage, earthquake, flood or any other disaster of that nature. What about computer viruses and their possible impact on your business? What are the deductibles (the amount out of your pocket before insurance money kicks in)?

Lots to consider, be sure to be fully informed, in order to be fully protected.

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