A studio owner is one who has more liabilities than assets. Don’t laugh! It is true. If there are studio owners reading this, they are already nodding their heads. If you think the property or the music you are composing is your asset, then think again! You are actually owning a liability; if something happens to it, then you have to pay to compensate the damages.
So, is there no way to keep your life as a studio owner protected and stress-free? Well, you won’t be completely stress-free; however, a music studio insurance can always help you stay protected and keep your assets secure. Let’s see why music studio owners should invest in the studio insurance.
1) What is your biggest fear as a studio owner? You think you might lose your assets to the next fire or human rioting? Don’t deny this! This is what most studio owners think most often, and it intensifies when they get to hear a similar news. Well, the good news is that with a studio coverage, you can easily protect your assets. So, when the next fire blows up your place, you just need to produce the insurance, and get the money for the repairs. This will save your expenses. Never said it would actually make you happy. You will still feel sad that you lost the space that you had built so painstakingly.
2) A music studio has a lot of assets which includes instruments, audio equipment and the console. They cost a bomb, and you don’t want to shell that kind of money again. You would rather protect the instruments and take care of them. A small scratch can also cause a heavy dent in your pockets. The best way out is to invest in a music studio insurance. It will pay for the instrument repair costs, and make sure you don’t need to put a hole in your pockets. It will even take care of the rental and replacement costs in case your instrument or equipment does not work at the right time.
3) Bands at the studio work hard to create music. If your music is not copyrighted, you may find a lot of copies of the music, which can cause losses for you as well as the band. Sometimes, the compositions are stolen too. To avoid the losses caused by these issues, you should ideally protect your bands and the studio with the apt insurance. You can even get compensated for the law suit with this insurance
4) When the bands are involved, you need to protect the interests of the people involved. There could be days when the bands are a no-show for the composition. Such days can prove to be a loss for you, and in extreme cases you may have to pay out the salaries, despite the delay in getting out the album. This means you need insurance that can protect both your band’s and your best interests.
With the right music studio insurance, you are actually protecting the rights of your business, and ensuring nothing stops you from getting ahead.