Studio Insurance - What to do...

[russellnollen]

I had a music studio located in an office building, downtown - used mostly for teaching but also for music production. All of the equipment and gear I had there was insured with a replacement cost of ~$25,000 under a commercial renter's policy (or something like that - I can't quite seem to remember the exact term at this moment).
I have recently moved all of the gear into my residence. I will use a renovated bedroom as the new studio, but used exclusively for business. I still teach, although very few students any more. This will be used mainly for music production. Much of my studio inventory is the same.
What do you folks do for insuring your precious studios, gear, equipment, etc.?
Thanks much!

[hummingbird]

I would think your home insurance would cover some of your items if they are at home now. But it IS important to have commercial insurance if you are having students come in and out of your home. If one slips on the stairs or trips on a doorjam and injures themselves, you need coverage. Best to see an insurance broker for advice?

[shorttonpro]

I'm using Music Pro. Good rates and protection. Read good things from others who have had to file a claim, but fortunately I never had to. This is just for gear, but they do seem to offer an additional liability add-on for instructors. I don't insure plug-ins or sample libraries as this can be easily re-downloaded and registered with info on the cloud.

[elser]

Mine is covered under my homeowners policy. I made sure to read it to look for any exceptions but everything I own, 7 guitars, 3 computers, mic pre, mics etc... fall within the policy.

[andygabrys]

I'm using Music Pro. Good rates and protection. Read good things from others who have had to file a claim, but fortunately I never had to. This is just for gear, but they do seem to offer an additional liability add-on for instructors. I don't insure plug-ins or sample libraries as this can be easily re-downloaded and registered with info on the cloud.

that's the one that you can get through ASCAP right Scott?

btw - in the US, renters insurance doesn't cover gear used for professional uses.

If it can be shown that you make money off of it, you have to have a separate policy. OTOH if you don't make a cent from your music production then its a hobby and renters insurance probably would cover it.

[shorttonpro]

I see BMI and ASCAP both promote MusicPro, but don't see any actual discounts signing up through them.

One other thought I had regarding students (since they are few) is to have them sign some form of liability waiver. Enter the house at your own risk type of scenario.

[Paulie]

Find a plan that covers your gear. Insurance is one of those things that most folks hate to pay for until they actually need it. Annoying to have, but a Godsend when needed (as long as you have the right coverage).