Types of Insurance Plans That Music Insurance Company Offers
Music insurance has become a necessity for everyone in the music industry. Whether you are an amateur or professional musician, arrange events, appraise instruments or own a recording studio, there are some inherent risks that you need to be protected against. In the last few years a number of music insurance companies have come up offering comprehensive coverage to the customers. Their plans have been designed to meet challenges and risks associated with this industry. Let us take a look at the different types of plans that a music insurance company would offer you.
# Instrument Insurance
This is the most popular coverage that most musicians look for. These plans offer financial compensation in case of loss or damage to your instrument. A good music insurance company would cover the actual cost of replacement of the instrument when you lose the instrument or it is damaged beyond repairs. Some plans would also offer cover the cost of hiring an instrument to perform at a pre-scheduled event in case of loss or damage.
# Recording Studio Insurance
If you own a recording studio you would have invested in costly recording equipment and recording studio insurance is a must for you. This not only covers damage to your equipment but will also protect you against all liability arising out of trips and falls in the recording studio that may lead to bodily injury for your clients.
# Music Studio Insurance
If you own a small music studio in your home and provide music lessons to students you must be prepared for the risks. One of your students may suffer an injury and this can lead to liability and lawsuits. This risk can magnify when you have small children among your students. Music studio insurance would protect you against such risks.
# Insurance for Appraisers
Music instrument appraisers like all other people in this world are bound to make error in judgement. These errors and omissions not only lead to financial losses but can also hurt their brand image. When we talk about old musical instruments and those played by celebrity musicians these errors and omissions can mean difference of thousands of dollars. Insurance for appraisers takes care of the unique challenges that appraisers face in their daily job.
# Event Liability Insurance
If you are organizing a musical event, you need take into account that things may not work according to the plan. Violence and stampede aren’t unheard of things at such events and this is where an event liability insurance becomes vital to keeping your from harm’s way. Not having one can mean third-party liability claims and also litigation in case of damage to the property or bodily injury to any of the participants at the event.
There are a number of other types of insurance plans that have been designed keeping in mind the needs of people engaged in this industry. What you need is to find the right music insurance company that offers you the kind of plan you are looking for.
Video Rating: / 5