Insurance Plan For Music Instrument Dealers & Repairers

By Author: victor12johnson
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When we talk about musical instruments, it is not only the musicians who need to consider having all-around protection for their gears and finances. People from other walks of the music industry also have their shares of concerns.

So, whether you own a musical instrument store or a musical instrument repair business, you need to make sure to protect it from the unforeseen aspects of life which pop up out of the blue. And for that level of protection, you need to buy comprehensive Music Dealer Insurance that works equally well for dealers, makers, and repair professionals.

As far as the music industry is concerned, it does not only comprise musicians and artists. It also includes many other professionals, including instrument manufacturers, sellers, and repairers. Therefore, an ideal insurance plan should be able to address every professional’s coverage requirement.

So, what is the appropriate extent of coverage that you should choose if you are a musical instrument dealer or repairer? Well, that entirely depends on the range ...
... of insurance protection you want or avail. However, the standard coverage that almost always works may include the following:

General Liability Insurance for Musical Instrument Dealers and Repairers

Apart from the inventory of musical instruments that you have stocked at your dealership, you might have other gears in your possession. Yes, it is those gears that were brought to your shop for maintenance and repair. What if a customer gets injured or their property suffers damage at your shop's premises?

Some examples for you!

● A visitor enters your shop to buy something. And she gets toppled over a heap of wires on the floor while breaking his arm.
● You sent one of your employees to a customer's home to fix a piano. However, unfortunately, that employee happened to cause damage to the customer's property.
● A customer sent his musical instrument to your workshop to get the same repaired. However, instead of repairing it, you accidentally broke it or caused more damage than before.

Probably, you know it well that you could be held liable for such accidents. Most importantly, in most cases, the party at fault (in these scenarios, it is you) is responsible for paying for the medical bills incurred by the third party. Also, the party at fault is bound to bear legal expenses if the third-party files a legal complaint. Healthcare and legal services are expensive and could rip your savings apart.

An all-encompassing Music Dealer Insurance covers you against third-party liabilities and also takes care of the compensation part.

Workers’ Compensation Insurance

If you operate your business in the US, Workers’ Compensation insurance is necessary if your staff comprises one or more workers (employees). As you deal with different types of musical instruments, some could be small while others could be large, your employees are always at the risk of getting injured. Workers’ compensation insurance for musical instrument dealers and repairers ensures that if an accident happens, your finances remain untouched.

Property Insurance

Musical instruments are prone to suffer damage due to a plethora of reasons, including natural disasters, theft, fire, vandalism, extreme weather conditions, and so on. All these events are likely to cease the operation of your business. Moreover, your inventory is among the most valuable properties you know. Therefore, you would always want to protect it from all sorts of perils. Right? Property insurance for musical instrument dealers and repairers can save you from all types of risks and allow you to stay tension-free.

Crime Insurance

What if an unscrupulous employee breaks into your computer system, bypasses all security screens, and steals funds from your account? It is an evident case of crime. Isn't it? If something like this happens in your dealership, crime insurance for musical instrument dealers and repairers will protect you.

The Final Words

These are some of the vital insurance plans for music instrument dealers and repair businesses. If you have not got your copy of the protection plan yet, make sure to get it as soon as possible. Always remember, you cannot see what's coming in the near future. Right? Therefore, the key is to stay prepared in advance.