Types of Insurance for Retailers and the Extent of Coverage

As a retailer, you’ve made a huge investment in hard work, time, and resources to see your business stand where it is now. Kudos to your creative and hardworking spirit that you’ve made your dream of having a retail outlet come true. However, while you’ve started with your new business front, a new episode of your life, there is something very important to it. And you should not ignore it. No, it’s not only about your business license, but the ultimate protection that you need for your store and other aspects and scenarios associated with it - it's Insurance for Retailers. After all, your hard work should not go in vain!

Finding an all-encompassing retailer’s insurance plan can be overwhelming, owing to the plenty of options available in the market. However, if you do thorough research about the available policies like, what these include and exclude, how much money you’ll have to shell out as premium, what amount of sum will be insured, etc., then you can easily find a plan tailored to your specific needs. To help you with the options you have in hand, here we’ve covered the types of retailer’s insurance you might need. Let’s have a quick look at them -

Property Insurance or shop insurance

As the name suggests, it is the insurance for your shop to protect its brick-and-mortar physical being, and the belongings against incidents of loss and damage due to fire, theft, vandalism, elements of nature, and other unforeseen mishaps. This kind of insurance covers the edifice, any outdoor signage, furniture, merchandise, inventory, and other belongings. So, while purchasing a retailer’s insurance plan, make sure to prepare a list of your belongings and their monetary values, plus, the value of your shop. It will help your insurance provider to get you the right and comprehensive coverage.

Liability insurance of customer protection plan

Misfortune comes uninvited and along with its kinsmen. And, it is not something to be taken for granted. Anything can happen inside the premises of your retail outlet. What if a customer gets injured by stumbling upon a piece of unattended equipment? What if something heavy falls over a customer leaving him/her in pain and injuries? The answer is very simple - you’ll be held responsible. However, with a liability insurance cover, legal fees, medical bills of the customers would be taken care of by your insurance provider.

Worker’s insurance or workman's compensation insurance

General liability insurance is less likely to cover employee damage or injuries. For covering issues related to your employees, you might need a dedicated plan known as Workers’ Compensation insurance. Only a reliable service provider can tell you about the exact options available to you when looking for Insurance for Retailers.

Income securing insurance

What if you had to keep your shop closed due to an accident? If you are looking for a cover to protect your business income with a rise-against-the-storm kind of feeling, then also you have some decent options to choose from with a good service provider. Income securing insurance along with your property insurance is a great idea to get reimbursed for the income that is lost due to an event of property damage due to a number of factors including fire, flood, theft, etc. 

Are your insurance needs getting addressed properly?

One of the best ways to ensure that the Retailer’s insurance policy you have selected will meet your unique business requirements, you need to talk to a reliable and customer-friendly insurance provider. Insurance professionals have first-hand experience of insurance policies and the scenarios they cover. So, you’ll get the right help with an experienced professional.

Music Studio Insurance - The Responsibility of Every Musician

A recording studio is that one place that has seen a musician’s dreams coming true, his/her success and failure, and the story of becoming a star and people’s favorite. A recording studio can be as small as a room in an apartment where local folks live their dreams or as colossal as a top-notch gig space that has witnessed some of the greatest stars. No matter what, a music studio holds a very precious space in a musician’s life.

Do you have sufficient music studio cover?

Do you own a music recording studio? Have you got it insured? Well, a majority of musicians focus only on the creative aspects of being a part of the music industry. However, they should also consider the other factors that are intricately related to this job and cannot be avoided. Yes, the legal and financial aspects of owning a recording studio. Get a Music Studio Insurance and take a sigh of relief from all the odds that might cross your way.

Whether you are a small home studio or a big one, getting personalized insurance coverage for your gid space can make a lot of difference.

Let’s have a quick look at the following tips for insuring your music studio -

Get a general liability cover

There are several scenarios when you’re held responsible for someone else’s property damage or bodily injuries if he or she happens to be present at your studio while the accident occurred. It can be a simple slip and fall accident or an instance of defective electrical wiring. Having a recording studio cover will help you protect your finances if stuck in such a situation.

Workers’ compensation is crucial

If you are operating a business, no matter from your home or any other place, you need to have Workers’ Compensation insurance. See, accidents can happen anywhere, anytime. If any of your studio members, teachers, sound engineers, or other employees get injured in the studio premises, you’re liable to pay for his/her medical bills because those injuries would be counted as on-the-job accidents. Having Workers’ Compensation insurance cover will pay for their medical costs on your behalf.

Ensure your music studio with a Music Studio Insurance

Always remember, property damages caused by the elements of nature, fire, faulty plumbing, defective electrical wiring, vandalism, etc. can lead to discontinuation of your business operation. If you have a home studio, then probably, your homeowner’s insurance will cover it with certain caps. However, if your recording studio is separate property, you need a standalone studio cover. Most importantly, your homeowners' cover is likely to provide you with partial cover. So, it's better to get a personalized and dedicated cover for your recording studio.

A bit more about insurance for music recording studios

Unfortunately, if you happen to find out that some of your employees are dishonest and have stolen a considerable amount of funds, or have damaged expensive musical instruments, there is nothing you could do other than firing them if you don’t have studio insurance. However, you are completely safe, financially and emotionally, if you are covered under a suitable insurance plan.

How can you ensure your music studio?

If you search the web, you will find many insurance providers operating in your state that specialize in recording studio insurance. Find some reliable leads, compare their policy inclusions, exclusions, eligibility, and other relevant details, and choose the one you find a suitable option for your recording space. Yes, it’s that easy. All you need to find is a licensed, reputable, and certified service provider for quality, on-time, and transparent services.

Is String Instrument Insurance Worth an Investment?

Daily care and maintenance are two of the integral words in the dictionary of musical instruments owners. If you are a musician or own musical instruments, like woodwind and string instruments, as a collectible, you should pin it into your mind that proper care includes many other aspects apart from cleaning and maintaining your strings.

The word care is an umbrella term, and it involves safeguarding your gears from unforeseen conditions such as damage and theft. According to industry experts, investing in a comprehensive String Instrument Insurance is worth it. And every musical instrument owner, whether a musician or non-musician, should go for it.

Musical Instrument Insurance Policy - Who should go for it?

You should consider investing in a string instrument cover, if -

You are a musician by profession - If your livelihood depends on your musical instrument, be it a guitar, a violin, or any other one, getting a proper insurance cover for your gear is imperative. There are many reasons that advocate getting one. Standalone musical instrument insurance covers your instrument if it is lost or broken. With a reliable and customer-friendly service provider, you are also likely to get the cost of replacement if your gear is broken or lost. Some companies also cover the accessories too.

You collect valuable musical instruments - If your hobby is to collect valuable instruments, then also it’s worth investing in a comprehensive insurance plan. See, accidents can happen anytime and anywhere. So, it is wise to be prepared for emergencies. If you have taken an add-on for musical instruments with your homeowner’s cover, make sure that it covers the entire replacement cost, if your gear is lost or stolen. In most cases, the homeowner’s insurance plans are less likely to provide you with complete protection.

You travel with your instrument frequently - Musical instruments are fragile and are prone to damage. So, if you travel with your guitar quite a lot, it’s better to get it insured. The reason is quite obvious. Your gears can suffer a significant amount of damage or even complete loss (theft) while in transit. In light of such unwanted scenarios, getting a musical insurance cover seems way more significant than thought.

Musical Instrument Insurance Policy - What to look for?

1. Public liability - If you think that musical insurance covers only include theft and damage, then you need to reconsider your facts. These insurance plans have more aspects to it. And, one such aspect is public liability cover. With a public liability plan, you can protect yourself in case of an accident caused due to your strings while performing in public.
2. The extent of coverage of homeowner’s plan - If your homeowner’s insurance plan already covers your home and its belonging, then also you should understand its limitations. Although theft and damage coverage is common with most insurance plans, even the best homeowner’s insurance plans have certain limitations when it comes to insuring high-value products. So, check it with your insurance provider in the first place.
3. Check-out the limitations - No matter how comprehensive insurance plans claim to be, every policy comes with a certain level of limitation. And, it entirely depends on the kind of damage that needs to be covered and the circumstances that led to the damage. Here’s an example for you - if your guitar is damaged accidentally, your insurance policy will come as a savior for you. However, if you willingly thrash it for some reason or the other, your insurer will take off its hand from the matter.
4. Monthly premiums - Every String Instrument Insurance policy is different. So are the ways different insurance providers use to calculate your monthly premiums. Therefore, you should choose an insurance premium that you’ll be able to pay without interrupting your budget.

Shop Around and Choose the Best

There is no dearth of insurance service providers in the market. Therefore, it is highly advisable to shop around and do some research before signing any agreement with a given service provider.

Brass Instruments Insurance: What Do You Need To Know?

Along with your dreams of becoming a star artist, your brass musical instrument comes along with a lot of responsibilities as well. Whether you buy a trombone, a euphonium, or a trumpet, you can have the luckiest advantage of actually being able to maintain it the way you want.

Compared to all those drums and cello players, holding and maintaining a small brass musical instrument seems to be a very good idea, doesn’t it? However, one thing you must be aware of is that brass instruments aren’t really that care-free.

Know A Little Bit More about Brass Musical Instruments

If you think that the brass family got its name because the instruments are made of brass, you’re correct! Like all wind instruments, these are also called aero-phones and them set themselves apart as the vibrations are caused by the player’s lips hence they are also called labor ones.

Traditionally these instruments were made of wood, bone or animal horn and now in modern-day, they are made of metal alloy. Such rare instruments are certainly very precious for the music lovers and enthusiasts.

Hence we can understand the importance of the safety of these precious instruments regardless of the the fact that whether one is a casual or professional player and how devastating theft, loss or accidental damage of the instrument can cause.

When Should You Start Looking For Insurance?

·         When you are a professional musician and make a living playing your instrument. Every theft or damage can cause a big dent in the pocket hence a Brass Music Insurance is the best way ahead.

·         When you collect high-value instruments and you would want to keep them safe at all costs you are in need of insurance.

·         When you frequently ship your instrument or travel with them chances of damage are considerably higher.

What to Look For In an Insurance Policy or Company

Musical instruments insurance often includes only damage or theft but we need to keep in mind that the insurance also protects you against damage you accidentally cause to your instrument while you perform in a public or private meeting.

·         Your Homeowner’s Insurance Might Already Cover You

Often insurance policy includes natural disasters and theft that harm your instruments but there might be a caveat that states only INR 10,000 may be used to cover musical instrument, hence we need to add a rider (additional layer) to the extent of financial coverage of your Instrument.

·         You Will Need An Appraisal Before Insurance

Some insurance companies require appraising your instrument before they extend coverage. In case of loss or damage, they will then write down a cheque for the replacement value.

·         Not Every Insurance Provider Insures Every Instrument

Like every pet, an insurance company does not cover every breed of dog likewise every insurance company does not cover every instrument. Easily damageable instruments like antique harps and string basses can incur a higher premium.

·         Group Insurance

Your musical group, the orchestra might have access to group insurance and can avail attractive discounts as well.

·         Concert Performer And Public Liability Insurance

There might be instances when your instrument might accidentally hurt someone or cause damage to the venue for such instances as well there are insurances that are available. Most venues do not allow performances without public liability insurance.

The Final Note

Lastly, each and every insurance company uses its own formula to calculate what you’ll pay as premiums and it’s possible to get three different quotes from three different companies.

Hence compare policies before you commit to the idea of getting a Brass Musical Insurance for your instrument. After all, this way you can ensure the safety and security of the instrument without any hassle or trouble.