Cover All Possible Risks with Insurance for Musical Instrument Repairers

Musical instrument insurance! We have heard quite a lot about such policies. How do such instrument-specific policies protect musical instrument owners, musicians, and music instrument enthusiasts from the financial apocalypse that could land after an event of loss/damage to the gears? Why do musical gear owners prefer it over their home insurance? And so many other things.

However, what about those professionals who repair musical instruments? Does musical instrument insurance protect music instrument smiths? Their work involves so much risk, after all.

Let's read on to get a clear insight into it and understand why Insurance for Musical Instrument Repairers is also crucial.

Insurance policies for instrument-smiths

The world of music and the music industry are unique. And, so are the requirements of the same. The point is - most business protection covers fail to meet the insurance requirements of the professionals integrally associated with the music industry. And, musical instrument repairers are one of them. Do you repair musical gears? Do you have a profession-centric insurance cover?

If yes, then nothing could be better than this. You are financially safe.

If not, then go through the following scenarios and give a second thought to not having sufficient cover.

Are you ready for a second thought?

Probably, your repair shop houses different types of musical gears and accessories from different customers. And some of them might be highly expensive. Right?

There might be many musical instruments that are already fixed and are ready to ship. You might be shipping instruments worldwide. Right?

Now, let's have a look at what could go wrong -

●        The ready to ship parcels might get stolen from your repairing shop.

●        Someone could torch your shop.

●        A natural calamity can destroy your shop and its belongings.

●        You could accidentally damage a musical instrument kept for repair.

●        A consignment might go missing on the go.

●        You could injure someone else's property.

●        You could cause bodily injury to your workers or a third-party

Unfortunately, what if something similar happens to you inside the premises of your workshop? It goes without saying that such accidents can be financially draining and land you in rough waters. However, if you have the protection of Insurance for Musical Instrument Repairers, you can take a sigh of relief.

Salient features of insurance plans for musical instrument repairers

With this profession-oriented insurance plan from a reliable insurance provider, you can enjoy the following features -

●        Protection of musical instruments in transit, whether the consignment is shipped domestically or to abroad

●        Worldwide cover in case of accidental damage, loss, fire, flood, theft, and similar events

●        Complete protection for instruments taken on loan

●        Cover for third-party loss or damage

When you choose a reputed insurance firm, you not only get to find the best insurance covers to choose from but also expert assistance, as and when needed. Always remember, you should select an insurance provider based on their merits and not because they sell insurance plans at low costs. The latter criterion may be enticing but could be deceiving.

As far as the merits of an insurance provider are concerned, make sure to check out the following -

●        A reputed insurance firm is licensed and holds all the necessary credentials

●        A customer-centric insurance company is transparent with pricing and terms and conditions. They will not hide anything initially and shock you later.

●        They offer seamless customer assistance.

●        They offer custom-tailor products according to the needs of their customers.

●        They showcase different types of policies.

So, these are some of the fundamental qualities of a reliable and client-oriented insurance company. Make sure to hire an insurance provider based on these pointers. Otherwise, you might end up choosing the wrong provider and wrong policy.

How can Secure Woodwinds Instruments with Music Insurance

Picture this - While recceing gig spaces for your next show, you parked your car outside a concert hall. You went inside, did the talking, and got back to your vehicle. However, what you saw shook you from inside - the rear window of your car was broken into pieces, and your valuable woodwind was gone. Yes, it was a case of theft in daylight. And soon, you realized that although your car was insured, your woodwind did not have separate Woodwinds Insurance. And that it was under your home insurance.

Your homeowners’ insurance might not protect you!

You called your home insurance provider to report the theft and file a claim. That is when a chill ran down your backbone. Your home insurance provider informed you that they would not be able to cover your gear because the accident happened outside the premises of the insured property. It is what usually happens with your home insurance, no matter even if you shell out a fortune on the premiums. You were clueless about what to do next because your musical instrument was not only dear to you but was also super expensive.

Dear reader, although the situation described above is hypothetical, unfortunately, what if you fall prey to such an accident? Instrument theft, loss, and damage are pretty frequent these days, after all. Therefore, industry experts advise all musical instrument owners and musicians to buy instrument-specific policies.

Home insurance policies are good enough. There is no question about it. However, you need to understand that you cannot harvest avocado from a lemon tree. Right? Similarly, your home insurance cover is to protect your home and its belongings. And the thing with musical instruments is you not always play it inside your home. An instrument-specific ensures the best protection for your gears and accessories. Therefore, you should overlook the importance of musical instrument insurance.

Third-party liability can break your bank!

Another scenario with musical instruments is - when someone else (third-party) gets injured, or you happen to damage the assets of a venue, a music recording studio, or a hotel room, you are most likely to be on the off-side of a possible lawsuit. And a public liability could be expensive and full of hassles if you are found guilty and are liable to compensate the third-party for their loss or damage.

However, you can minimize the risk of third-party liability by making sure to work with only those service providers and professionals who have insurance. Most importantly, you should make sure to get yourself suitable musical instrument insurance in the first place.

Musical instrument insurance ensures all-around protection!

Not just these, there are many scenarios that musical instrument owners could face at some point in their lives. However, the wisest thing to do is make sure that no unwanted situation can ever come between you and your musical gears while ensuring that your finances are well-protected. And, it is why musical instrument insurance exists. All you need is to understand your gear protection needs and the amount of money you are willing to invest in buying a policy.

Find a good insurance company and protect your gears!

Reliable insurance companies offer instrument-specific products, say Woodwinds Insurance, custom-tailor policies according to the coverage needs and budget of their customers. If you travel with your musical instrument, then you can also enjoy the benefits of worldwide coverage with a reputable musical instrument insurance provider.

Customer-oriented insurance companies offer quick, affordable, and hassle-free services to their clients. So, you can always count on their services. Always remember, when you know that your valuable gears are safe, you can give your best performance.

How to find a customer-centric insurance provider?

As there are hundreds of insurance companies operating in your state, it might find it difficult to choose any one from them. Don’t worries, the pointers given below will help you with this dilemma -

●        Go for a licensed insurance provider

●        Go for an insurance company that promises transparency with pricing and extent of coverage

●        Go for a company with all relevant certificates and accolades (these are the benchmarks of reliability and quality)

Last but not the least, stay safe!

Know the Importance of Music Studio Insurance

It’s no secret that new music will always stay in demand even when the entire world is dealing with a critical pandemic like COVID-19. Thanks to the continuous efforts of music composers, people across the globe have been able to enjoy fresh music while staying inside their houses.

To ensure safety and provide new music to the masses, many music composers have set up home studios that allow them to put their creative ideas into action anytime they want. In saying that, however, setting up a home studio costs a lot of money and like any other business, it is always vulnerable to different types of risks.

This is one of the major reasons why every music composer should purchase music studio insurance. It doesn’t matter if you’re a hobbyist composer or produce music professionally, insurance will cover the cost of your expensive equipment should it get damaged in any disaster.

To help you understand more effectively, we’ve shared a comprehensive insight into the importance of purchasing an insurance plan for your music studio, especially if you’ve recently set up a home studio.

What is a Music Studio Insurance and What Does It Cover?

Like any other insurance policy, music studio insurance is also a business policy that’s designed to protect music studio owners against property or asset loss. The insurance will cover every asset in your studio and help you file monetary claims in case they get damaged or stolen. It means that buying studio insurance can prevent you from bankruptcy as well.

Even though these types of insurance policies are tailored to meet the specific needs of the studio owners, they always provide two basic Coverages, i.e., liability coverage and property & asset coverage.

Music Studio Insurance for Liability Coverage

Liability coverage can benefit a music studio in many cases. For instance, if you’ve been charged with a wrong lawsuit, liability coverage will cover the lawyer’s fee and protect you from the unexpected financial burden. Apart from wrongly filed lawsuits, liability coverage will also protect you in several other situations.

Here are a few of the liability coverage options you might consider while choosing an insurance plan for your music studio.

1. General Liability Insurance - The general liability insurance will provide accidental damage coverage. For instance, someone has been injured or an instrument has been damaged and you’re liable for the loss.

2. Operational Insurance - This liability insurance will provide coverage to legal matters, mainly when someone has filed a lawsuit. This usually happens when you’ve recorded a track for a customer and he claims that it caused him a potential business loss.

3. Liability Insurance for Rental Properties - This type of liability insurance is suitable for people who run their music studios in a rented space. This insurance plan will provide coverage to any repair/replacement costs in case of property damage.

4. Liability Insurance for Worker’s Compensation - As per the law, if any employee gets injured inside the studio, you’ll be liable to pay for his treatment. Since medical bills can be highly expensive, it is better to choose a workers compensation insurance plan and use it to cover any medical expenses.

Music Studio Insurance for Property & Asset Coverage

In addition to liability coverage, music studio insurance will also provide property & asset coverage. As we mentioned earlier, setting up a music studio requires a huge investment, which means it would be quite expensive to get an instrument repaired/replaced in the case of damage/theft. Fortunately, if you’ve bought an insurance plan for your music studio, it’ll cover the entire cost, protecting you from a financial strike.

Conclusion

We hope that the above guide helped you understand the significance of buying an insurance plan for your music studio. Whether you run a home studio or rent a space to record songs, it’ll be better to invest in the right studio insurance plan so that you don’t have to face any unexpected financial situation.

Know the Difference between Instruments Insurance Appraisals and Valuations

instruments that exhibit magnificent craftsmanship and work for art, gain significance and value over a period of time. Propelled and positively-instigated by enthusiasm and love for music, many musicians, musical instrument collectors, and music aficionados are in a constant quest for musical gears that belong to or are designed by famous names in the universe of music.

Therefore, woodwinds, strings, keyboards, and other musical equipment that once belonged to prominent characters from the pages of history, never grow old or lose significance. Their values happen to increase instead.

Are you a music instrument appraiser?

If you are a music instrument appraiser, no one knows the importance of music instrument appraisal other than you. Moreover, appraising any musical instrument, whether it's a violin, guitar, piccolo, clarinet, or piano, or anything else, is not a child's play either, as there are many aspects associated. Therefore, Insurance for Appraisers is something you should not take for granted. No one should forget, at the end of the day, music instrument appraisers are also human beings, and mistakes do happen.

Musical instrument insurance appraisals VS valuations!

If you are a musical instrument owner, music instrument collector, or music shop owner, or music teacher, the concept of appraisal and valuations should be clear to you, or else, there might arise a lot of confusion in the future. Many people still have a dilemma when it comes to differentiating between musical instruments insurance appraisals and valuations. Here is how you can differentiate both.

Agreed Value

When you insure musical instruments, your insurance service provider will either assess it at the Agreed Value of the gears or Actual Cash Value of the same.

If your insurer accepts the instruments' appraisal, they will cover all the items under the Agreed Value Condition. So, what is the benefit of this clause/condition? This clause will allow you to get the full amount from your insurance company in case of a covered loss. And, the best part - your insurance provider is very unlikely to raise any question at the value of your musical instrument after an event of a loss.

Actual Cash Value

It is one of the most common valuation procedures for musical instruments. In case, for whatever relevant reason, if -

●        You are not able to produce an appraisal certificate, or

●        It is not possible to get an appraisal certificate at the time of issuance of insurance policy

Then, your insurance provider is more likely to cover your instruments under the Actual Cash Value condition. Now, what is that? When you don’t have an appraisal, you need to indicate the value of the items you intend to insure to your insurance service provider.

It means you have to declare the value of your instruments in the market to the best of your knowledge. Also, the amount of compensation you are ready to accept against an event of a loss should be declared.

Remember, you cannot put any market value just like that. The market values should be such that they should be within the range of reasonable market value. So, during claim settlement, your insurance provider will ask you to support the declared values at the time of policy issuance, or they will proceed with the process of valuation directly.

So, it is the main difference between instruments insurance Appraisals & Valuations in a nutshell.

Possible troubles that would bother an appraiser!

Now, let’s go back to musical instrument appraisers. As far as the situations that could go wrong when you are in this profession are concerned, there could be many.

For example - a client has kept his/her piccolo or guitar at your office to get the appraisal done. What if the gear gets damaged or someone steals it? Or, the appraisal did by you was not up to the mark and landed the client into rough waters. It would be you who would be held responsible for the loss of the client. That said, you will have to bear the financial expenses, as well.

A dedicated Insurance for Appraisers will come into play during such financially and mentally tormenting situations. So, before it’s too late, get in touch with a trustworthy insurance provider and insure yourself.

The Reasons Why Music Shop Owners Should Buy Music Dealer Insurance

So, you play musical instruments and also own some. Do you have enough insurance cover for your musical instruments? Every instrument owner and musician should make sure his/her gears are insured. Wait! Not only musicians and musical instrument owners but musical dealers and retailers also need the appropriate coverage to protect their businesses from unforeseen perils.

An Insurance Policy is more like a Sigh of Relief from Financial Issues

Buying extensive coverage from a reliable and customer-centric Music Dealer Insurance company is crucial for music shops for ruling out the adverse effects of mishaps that happen when due to the stroke of bad luck.

The Reasons Why Standalone Insurance Policies Are Worth the Investment

Whether you are a musician, a music retail shop owner, or simply a music enthusiast, if you own or have rented a musical instrument(s), it could be anything, right from the string, keyboard, woodwind, or any other sort, insuring the same is very important. Here are some reasons to support the above-mentioned statement. Let’s have a quick look at the pointers given below -

● If you own a music instrument retail outlet or shop and it is the only source of your livelihood, you must have sufficient protection for it. As music stores are no different from any other business, these also have their fair share of challenges and perils.

● It goes without saying that music shops have a host of expensive musical instruments, accessories, and related paraphernalia in there. All of these things are constantly at risk owing to shoplifters, thieves, and miscreants.

● Plus, you cannot rule out the risks associated with natural disasters, like rain, thunderstorm, flood, and of course, accidental fire, which could happen at any point in time.

● Another crucial scenario is risks associated with third-party liabilities. Things can get even worse if any loss or damage occurs to someone else's musical instruments kept with you for various purposes, including - servicing, repair, or maintenance.

● Also, any musical product dispatched from your showroom might reach the desired destination in a bad/damaged shape, thus incurring extra costs to you.

● However, all these perilous situations could be taken care of without any hassle, if you have the protective shield of a standalone musical instrument insurance policy.

To be precise, the right Music Dealer Insurance plan will share your financial liabilities and provide you with financial backup (related to your musical commodities), as and when needed.

The Types of Insurance Covers for Music Dealers

When it comes to buying an insurance plan, music dealers should go for custom-tailored policies, which are capable of covering all the crucial aspects of their business. Here are some of the best insurance coverage options that businesses delving into music should have. Here we go -

● Business property insurance
● Musical instrument insurance
● Third-party liability insurance
● Crime insurance
● Workmans’ compensation cover

All these insurance segments cover different aspects of a business. Therefore, you should assess your requirements and the scenarios that could go wrong, and then ask your insurance provider to tailor a plan for you.

For example - your music shop is small, and you love doing things on your own. So, you don’t have any employees. In this case, taking Workmans’ compensation cover will not make any sense, and therefore, you can easily minus the same from the list of cover you want. It will save you a significant amount on your policy and its premiums.

Choose Insurance Company with a Decent Market-Serving Expertise

Always remember, choosing the right and client-oriented insurance service provider is as crucial as choosing the right policy. Therefore, before selecting any insurance company, make sure to do a good amount of homework. And, choose a company that has knowledgeable staff and has sufficient market-service experience.