What Type Of Insurance Will You Need To Carry As A Ny Recording Studio Owner?

By Author: victor12johnson
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Examples derived from real-life experiences make it easier for people to understand certain situations or the importance of something they have been ignoring so far.

Dedicated Music Studio Insurance is one of them. Until and unless an unexpected event occurs with financial and mental repercussions, most people do not give much attention to insurance policies.

Here we have rounded up some real-life scenarios to help you understand what type of insurance you will need to carry as a NY recording studio owner and how important they are.

Imagine what if:

Scenario 1: You have a new consignment of new recording equipment coming into your music studio, and it arrived. You asked one of your crew members to take the delivery while you were busy discussing your next gig with a client. That guy accidentally dropped the boxes on the foot of a guest while taking them inside the recording studio. The guest got furious and decided to file a legal complaint against your business.

Consequence 1: What if you do not have general liability insurance cover?

You will be held responsible for the loss/damage ...
... to the guest. Most importantly, you may have to pay out-of-pocket for medical bills of the guest, legal fees, etc. An expensive ordeal for sure!

Consequence 2: What if you have a dedicated music recording studio cover that includes general liability insurance?

Again, you will be responsible for the loss/damage to the guest. However, this time, your specialized Recording Studio Insurance is likely to cover all the expenses. A profitable deal. Right?

Scenario 2: Humans have no control over the acts of nature, including earthquakes, fire, floods, thunderstorms, heavy rainfall, and similar situations. Isn't it? What if your entire musical paraphernalia got damaged/lost due to flooding in your area? What if the mixing consoles, audio workstations, recorders, musical instruments, microphones, etc., breakdown due to earthquake tremors?

Besides the acts of nature, your business might suffer due to various unscrupulous activities, such as theft, robbery, vandalism, intentional torching, among others.

Consequence 1: You do not have a separate insurance cover for your studio because you already have home or renter's insurance.

In such cases, you are most likely to hit a rough patch that might cripple your entire financial setup.

Consequence 2: You have sufficient equipment breakdown, property, and crime coverage under your music recording studio.

You are a fortunate one, indeed. Your Recording Studio Insurance will protect you by covering the costs of replacements or repairs so that you can get back on track at the earliest.

Scenario 3: You have got an urgent musical concert in a couple of days. So, you and your team members are completely into it when a team member suddenly strangles his leg in a cable on the floor and breaks his leg. Although he could have been a little more careful, the accident happened. And, he asked you to compensate for his medical bills.

Consequence 1: You do not have Workers’ Compensation cover.

You have to make all the expenses on your own. Needless to mention, it can be an expensive affair.

Consequence 2: Your music recording studio cover includes a Workers’ Compensation cover.

This cover will ensure that if an employee gets injured at work, the Workers’ Compensation cover will compensate for the medical bills and lost income until he resumes work. Also, although not a legal norm, a majority of states may need you to carry Workers’ Compensation cover if you have employees.

Final words

So, the types of insurance cover you are likely to need as a NY recording studio owner include - General Liability Insurance, Equipment Breakdown Coverage, Property Insurance, Crime Insurance, Workers' Compensation Insurance, to mention a few.

These will ensure that no hindrance, whether natural or staged, will come between you and your business of music-making.

Therefore, no more delays. New York is a place where you are likely to find some of the best insurance firms that offer a range of insurance policies for musical instrument and recording studio owners. Go get one for your den right away.