Why Recording Studio Insurance Is Must For Every Owner?

In the business of music, recording studios are a vital clog in the wheel. Amateur and professional musicians and groups throng these studios to record their work and owning a state-of-the-art studio is surely a profitable venture. This is the reason such studios are mushrooming all over the world. As profitable and exciting this may sound, owing your studio and thousands of dollars’ worth of equipment and accessories come with their own share of risk.

Recording studio insurance is the perfect way of mitigating such risks and protects the interests of every studio owner and ensures complete peace of mind.

A Specialized Plan
   
Not long ago most studio owners would rely on general business insurance to take care of the risks associated with this business. When the same insurance plan applied to an electronic supplier in many circumstances the inherent risks of a recording studio weren’t covered. These days music insurance companies offer you specialized recording studio insurance plans that have been designed to address the niche needs (read risks) of owners. These plans are an outcome of years of research that has gone into identifying the common risks that studios and their owners face and help them deal with difficult situations with ease.

Secure Your Financial Interests
   
There is a lot of investment that goes into setting up a recording studio. From constructing a suitable structure or renting one to investing on the right kind of microphones, speakers, mixers, IT assets, software and other equipment you would have to incur lot of expanses in setting up a studio that attracts artists and helps you stay ahead of the competition. But the fear of theft or damage to the equipment owing to burglary, mishandling, fire and other kinds of disasters is quite high. Replacement or repair can often put you into serious financial burden and this is where these insurance plans would take care of all your financial concerns regarding your studio. They would cover cost of repair and replacement of your old equipment with new ones when they are stolen or have been damaged beyond repairs.
 
Cover Your Liabilities
    
As a recording studio owner there are many liabilities that you need to shield yourself from. An artist may suffer an injury while using your equipment or instrument malfunction can result in losses to your clients. In such cases liability coverage would come to your rescue as it will help you deal with all kinds of third-party claims arising out of injuries and other losses to your clients. Without liability protection you would be in serious trouble in such kind of unfortunate circumstances.

Since there are a number of companies which offer recording studio insurance plans you must devote time to researching on their background. You need to make sure that the company offers you a plan that suits your needs and one that can be tailored if required. Also take note of the rankings and ratings they enjoy among their customers as this is often reflects their professionalism when it comes to settling claims for the customers.

Insurance for Appraisers - Secure Your Profession And Mitigate Risks

The job of a musical instrument appraiser is surely very exciting. Like all kinds of appraising jobs, music instrument appraisers have to quote the value of instruments, accessories and others types of music memorabilia. Musical instruments especially those that have some vintage value or ones that have been used by celebrities are usually appraised when they are being traded or insured. While from the outside people may see appraisers using their discretion to arrive at a figure, it actually does involve close scrutiny of the instrument where a number of technical and non-technical parameters are used while quoting value of an instrument. With every instrument being unique in its own right and very few benchmarks to follow the challenges in this profession always magnify.

The fact that musicians and insurance firms take these quotes at their face value makes this job challenging. Naturally being an appraiser comes with its own set of risks and like all other human beings there may be an error in judgment or a small dent or scratch on the instrument that may miss your eyes. Such errors can mean difference of thousands of dollars in valuation and you may have to face litigations for even a minor error in your final quote. While you cannot undo the errors when your valuations have been used in a deal, you definitely need to keep yourself from harm’s way in such unfortunate situations. It is thus very important for you to mitigate such risks and secure your profession. Thankfully there are specialized insurance for appraisers which take into account the risks and the challenges in your profession.

Deal With Errors & Omissions
   
Errors and Omissions are a part of any appraiser’s life. While you would put in all the effort to come up with the most accurate value of the instrument there is always the chance of committing an error.  There are many reasons that can add up to an inaccurate quote. You may be appraising the kind of instrument for the first time in your life or may not be too aware of the popularity of the celebrity who is associated with the instrument. There are also chances that you aren’t updated with the latest price trends for certain kind of instrument in the market. Ignorance of events such as closing operations by the manufacturer or death of a celebrity may also result in huge price swings. Whatever be the reason an inaccurate quote can bring lot of trouble to your profession. In all such cases insurance for appraisers would come handy as it will allow you to mitigate the risks that come with the job. They would cover all the financial risks that come with errors and omissions.

There are a number of companies that offers these specialized insurance plans and hence it becomes very important for you to research about these plans in detail. Also you need to make sure that you get sufficient coverage for your needs. A good insurance company would help you choose the perfect plan for your need.