Insurance for Integrated Record Production and Distribution
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What Insurance Do Integrated Record Production and Distribution Need?
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why do Integrated Record Production and Distribution businesses need insurance?
These establishments are involved in sound recordings (audio tapes/cassettes and compact discs) release, distribution, and promotion. They may produce master recordings or obtain the rights to reproduce and distribute recordings produced by other companies.
Your business needs insurance because it helps cover the cost of any known or unknown risks that your business might face. Insurance is useful, particularly when defending against claims and lawsuits. This is because they could drain not only your business but personal assets without insurance.
What risks do Integrated Record Production and Distribution businesses face?
Below are some risks integrated record production and distribution face:
- Most commonly, your talent is sued for a copyright claim and you will be at least partially liable.
- Your record and distribution equipment suddenly malfunctions.
- Your office flooded due to a pipe burst causing your computer, your clients' data and everything in the office to be destroyed.
- Your employee became sick because of his or her job.
How much does insurance for an Integrated Record Production and Distribution business cost?
The cost of insurance for integrated record production and distribution businesses depends on the size of your business, the number of employees and the coverage required. Without taking these factors into account, below are the average cost of the frequently bought insurance policies for your business:
- Commercial Property insurance costs $600 in annual premiums.
- Business Interruption insurance costs $700 in annual premiums.
- General Liability insurance costs $500 in annual premiums.