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Canadian Insurance for Home Studio?!?!

Discussion in 'Recording' started by scjohnsons, Aug 15, 2008.

  1. scjohnsons

    scjohnsons Guest

    Here's something we are challenged with, but first, some background:

    Three of us have been saving up our $, we presently have around $10000 and growing, to invest in some recording gear to start a home studio setup. The studio location will be in one of our homes, in balmy, Saskatchewan, Canada.

    The pontial idea could be that we will eventual record and sell some of our "low key" music locally and if we become established enough, we might take on some other local recording jobs. However, we have no idea if it'll ever be a business, right now it's solely a hobby with the potential to one day be more.

    Our issue:

    The insurace compay wants us to take out business insurance for $1500+/year because of this setup. They said that even though we aren't a business yet, they couldn't cover it cause it's out of their "scope" or music teachers and video recording, to name a few others. Also, because three people are involved, that's more considered a business idea. We thought that if it was all in one name at the one home we could classify it as a personal hobby studio - which is technically what it is. They are also saying we need insurance for anything leaving the studio, anything in transit, anything we ever setup at another location and anything that other people bring in......

    Finally, they informed us that if we make ANY money in music- singing at a funeral and getting an honorarium or otherwise, we each should be taking out business insurance on our gear and we aren't covered otherwise.....

    YEASH!!! Insurace agents are beginning to be the biggest thorn in the flesh to me.

    Any suggestions or ways to ease this painful insurance thing.... I know, I know..... why did we even ask the insurance guy in the first place! :p

    What are others doing regarding their home studio's and insurance.

    PS - We also got the cheesy line, "Well, all that electrical gear could easily catch fire! There's greater risk involved!"
  2. Link555

    Link555 Well-Known Member

    Wow- well in my case I have biz insurance on my gear. I do make money with the gear in my basement, the insurance was $1200 for the year.

    If you are going to sell CD's I would get the biz insurance. You don't want any grey areas if you ever need to make a claim.
  3. Greener

    Greener Guest

    Shop around for an insurance broker.

    They want $1500pa for $10,000 worth of gear, in someones house, used mainly for a hobby by three mates... Either you live in a crack den or you're being stiffed.

    Shop around, there is no such thing as a local insurance company.
  4. Link555

    Link555 Well-Known Member

    Hey greener are you in canada? where abouts?
  5. Greener

    Greener Guest

    I live in the world. Australia to be pacific. How broad is the commonweal?

    Your dollar pegs to mine.
    I get your point though.
  6. Link555

    Link555 Well-Known Member

    No sorry I was not making a point just curious if you were a canuck.

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