Friday, July 6, 2012

Know What to Insure in Your Studio Business

Studio based businesses are one of the common businesses that account for a significant portion of the UK's small and medium sized business category. Different types of businesses like music studios, recording studios, beauty salons, tattoo parlours, etc. are included in this category. Because of the small size, any unanticipated events like natural calamities, fire accidents, compensation claims, etc. can cause major financial loss to these businesses.

If you are one among them and would like to safeguard your business from all such unexpected events, get a right insurance cover for your business. Following are few covers which are commonly and equally important for every studio business.

Premises and equipment
Businesses like music studios, photo studios, beauty salons, etc. are often well furnished with attractive interiors. Many of these studio businesses also use expensive and professional equipment. Any damage to the equipment will affect the work and results in financial burden. Moreover, interiors furnished with wood ceiling or flooring are more prone to damages in the events of fire accidents. Natural calamities like flood, earthquake, tsunami, etc. also cause significant damage to the premises and equipment.

Such damages interrupt your business until the repairs are done, burdening you with repair costs as well as the loss of income during interruption. So, to stay safe and stable in all such circumstances, you need to insure your premises as well as your equipment. Proper insurance enables you to claim for the repairs, damages, and also for the loss of income incurred to your business.

Public and product liability
Any injury to a third person or your own customer in your business premises will make you accountable for the damage. A badly fitted carpet can make someone trip and fall from the stairs and can result in a severe back injury. The victim may sue you for compensation. Having public liability insurance provides protection against all such claims filed by the third parties.

Product liability is applicable to the businesses that manufacture and sell their products to the public. If the products cause any injury or harm to the consumer, he may sue the company for the damage. Product liability insurance policy saves you from all such risks.

Employees in case of on-job injuries
Despite of the safety precautions taken, your employees may get injured or die while handling the job responsibilities. In such cases, the injured employee or his family can claim for workers' compensation. You need to give financial assistance, which can be a huge burden on your small business. So, getting yourself ready with workers' compensation insurance helps you in taking care of employees in such events.

Studio insurance offers a comprehensive cover
Every insurance cover mentioned above seems to be equally important for any kind of studio business. But taking them individually is not worth. Here comes the role of studio insurance policy, a comprehensive package, which covers all the insurances required for your studio business under one umbrella. Depending on the specializations of your business, the policy also includes some additional covers, which suit your business requirement.

Approaching an insurance broker always helps you in getting a right policy. A reliable broker often analyses and identifies all the risks associated with your business and suggests a tailor-made policy that best suits your needs.

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