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Recording Studio Business Insurance. Suggestions?

Discussion in 'Recording' started by Dizzi45Z, Oct 26, 2009.

  1. Dizzi45Z

    Dizzi45Z Active Member


    I couldn't find any info on this here.

    I currently run a small home based recording studio that earns my living for my family. It has been successful and is my bread and butter. The studio runs on about $60 K worth of equipment/Software.

    I have been insured for the past 3 years, but my insurance for this next year is due and I am noticing things in my insurance packet that don't seem to accommodate my studio needs. I seem to be paying for stuff like employee fraud (I don't have employees) and etc. and the insurance doesn't cover any data processing equipment which I would assume would void coverage on my Mac Pro/Pro Tools HD rig.

    I was just wondering if anyone was aware of any business insurances that are really good for Recording Studios. Of course, I am not looking to spend a ton on it, I have been currently paying about $500/year for my current insurance. I would like to find something similar.
  2. MadTiger3000

    MadTiger3000 Active Member

    You will be hard-pressed to find a company willing to "unbundle" that standard policy, and give you a LOWER rate. You have a very good (great?) rate right now.
  3. Link555

    Link555 Well-Known Member

    You don't mention where your from, but in canada I pay $780 a month for my insurance. That covers musical instruments, recording hardware and office PC's.
  4. Dizzi45Z

    Dizzi45Z Active Member

    Oh, yeah. I am from Utah. So far I have found a place called Music Pro Insurance. They seem to be a pretty good deal, but I am waiting to discuss the plan with them.
  5. MadMax

    MadMax Well-Known Member

    Try a Traveler's agent....

    MPI was over twice the cost.

    My rate is about $1600/year for complete coverage from Traveler's. With MPI, I was looking at well over $3800/year for all the coverage I can get with Traveler's...

    MPI's premium just for the gear was $2200, then another $600 for property add-on and $1000/year for Studio Liability.

    Other than the composer's insurance, the Traveler's policy is twice the coverage amount. Although, there is a deductible... but $500 in deductible should be doable in most cases.
  6. Cucco

    Cucco Distinguished Member

    You guys are getting RAPED!
    I pay $700 a year from Erie Insurance!
    That's for $100K of property ($25K of which is all-risk) and $1MIL of liability!
  7. MadMax

    MadMax Well-Known Member

    I dunno... I'm at $500k on the gear and up to $250k on the building.... $2mil liability/all peril.

    It covers guaranteed income in case of loss of use, and all the gear, including computers, backups and remote data loss/recovery.

    So, it's about double your policy... for a bit over double the premium.

    But I will definitely look into Erie!
  8. Cucco

    Cucco Distinguished Member

    yeah...it sounds like yours is just fine...but $780 a month for Link makes me cry!

    I forgot - mine actually does have $2mil liability - I had to up it to 2 for a certain concert hall in the area and never bumped it back down...maybe I can save a few bucks and knock it back down. Although, if I remember right, it only bumped it up a few bucks to go up to 2 mil.
  9. Cucco

    Cucco Distinguished Member

    One other thought -
    I purposely didn't cover all of my gear. My logic was simple -
    It is very unlikely that I would suffer a complete and catastrophic loss. If I did, I would easily be able to recoup all of my desired property for the 100K limit. Afterall, gear is constantly getting cheaper and more powerful.

    To me it was deciding a threshold of risk acceptance.

  10. MadMax

    MadMax Well-Known Member

    Since I didn't want to write specific riders between the mobile and the studio, it covers me just in case something like a hurricane wipes out the roof of the studio and takes the rig for a ride down the hill.

    Additionally, during your first coupla' years of operation, you're liable to be shuffling gear in/out. I'd sure hate to have a hurricane (real threat around here) wipe out a bunch of rental and/or loaner gear... and I do have hopes (and dreams) of snaggin' a Legacy or a short framed 8088.

    It seems to be a fairly routine policy for Traveler's... It fits more of a manufacturing facility than a retail store. There's a lot that comes with it that I'll never use, but it's under one of those famous "package plans" that gets me all the computer and computer based technology covered.
  11. AEX-Labs

    AEX-Labs Active Member

    Ouch,,, unless you have some really rare instruments and mics or some aspect that could validate the premium, that seems out of line to me,,, I'd shop around link555
  12. audiokid

    audiokid Staff

    Same ... Insurance in Canada is outragous. For professional insurance its even worse. Its alway been 10% of the value for me (no matter whom I use back in my touring days). 10 years without it, you can replace it all over again. 1 year without it and it goes bad for you, you're finished.

    Back to renting crap.

  13. princyjoshu

    princyjoshu Guest


    thanks for sharing :)

    Health Insurance tx
  14. bent

    bent No Bad Vibes! Well-Known Member


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