Recording studio insurance: what type of cover do I need?

Recording studio insurance

Recording studio insurance: what type of cover do I need?

Setting up your own recording studio is not a decision to take lightly. The sheer level of investment (both in time and money) makes it an expensive career choice. In all honesty, there are much easier routes to take into the music industry. Which is why if you do set up a recording studio then we can pretty much guarantee you’re 100% committed to the venture and ready to sink in as much time and money as it takes to make your business successful. Perhaps one area where you can save money is on your insurance, but let’s take a look at what you’ll need to do first before you call up your broker and buy yourself some affordable recording studio insurance.

 

Setting up in your back bedroom

Some of the greatest recording studios in the music industry started life in a back bedroom. Unlike some businesses, a recording studio can be done on a small scale first, giving you a chance to get that all-important reputation as an engineer or producer that will catapult you into the big time. Then, you can scale things up and start attracting the stars. Even if you’ve only just graduated or have limited experience working in the industry, all you need is some basic equipment, plenty of drive and determination, and a clear vision on how to push your business forward.

 

This is purely business…

If you’re going to make a success of your recording studio then you have to remember that first and foremost, it’s a business. You have to treat it as a serious and full-time commitment, and not just a rather expensive hobby. That means things like recording studio insurance are going to be an essential part of your business plan, especially if you want to ask an investor to finance your new venture.

Just like any other business, you need to make sure you’re covered professionally. So you’ll need basics like Public Liability Insurance if you have members of the public visiting your studio. Why? Well, if someone trips over a cable and injures themselves while in your recording studio (and especially if you have registered it as a business), then they are perfectly within their rights to make a compensation claim against you. And that could run into thousands of pounds and sink your business before you’ve even broken into the charts.

If you have set up a recording studio in your spare bedroom, then be aware that your home contents insurance will not necessarily cover the cost of your equipment. In fact, running a business from home could negate your home contents insurance altogether, so you will need to talk to your provider to make sure the rest of your home contents are still covered. To protect your investment, you may need to take out separate commercial property insurance.

Need a quote for your recording studio insurance?  Call us on 0117 955 6835.

Protecting your assets – Recording studio equipment insurance

If you’re serious about your recording studio business, then you’re going to be investing a lot of money in some very expensive equipment. Even the basics are going to set you back possibly thousands of pounds. So it’s essential that you protect these business assets. Ask yourself – if anything happened, could you afford to replace everything like-for-like, out of your own pocket? Even if you were talking about second-hand equipment? The answer is probably no, so what is referred to as ‘All Risks Recording Studio Equipment Insurance’ has to be an absolute essential. If your equipment was damaged or stolen, then your recording sutdionn equipment insurance would enable you to replace it without having to go to the bank manager for a massive overdraft or loan.

 

Protecting your artists

Other types of insurance that you’ll need to think about are specialist Loss of Recordings insurance. If, for example, an artist records tracks at your studio and they are accidentally wiped, Loss of Recordings Insurance protects you financially from the costs of any subsequent legal action the artist may bring against you.

It’s also worth remembering that any vehicle used as part of your business operations will not be covered under normal car or van insurance, so you may need to take out specialist car insurance too.

 

Should recording studio insurance be at the top of my list?

If we’re honest, we know your priorities are going to be hardware-focused, so good mics, preamps, room treatment, preamps and monitoring are going to be at the top of your list, not insurance packages. But once you’ve got everything in place, and especially if it involves presenting a professional business plan to an investor (including the bank), you’re going to need to show that you’re serious about protecting your artists, your assets, and your business.

The best way to demonstrate that is to talk to a specialist recording studio insurance broker, who will be able to put together a recording studios package that not only gives you the peace of mind you need but at a price you can afford too.