Acting Studio Business Insurance
Acting studios can be very busy places. As the owner of the company, you must meet the needs of many different people. You must keep your employees happy with their jobs, attract new students and potentially help those students get their first acting jobs. Through it all you must maintain a successful and profitable business. Protect all of the hard work you’ve invested already by making sure you have the right types of small business insurance coverage.
General liability insurance protects you when unexpected events happen. If an actor-in-training twists their ankle while stepping onto a stage, your studio may be held legally liable for their medical expenses. General liability can pay for all the medical and personal expenses claimed. GL also protects you in the event there is a problem with acts you have taught, or if you find that your studio advertising is accused of being harmful or false.
While general liability protects you from unknown events and hazards, a business owners insurance policy (BOP) provides you with all that plus specific types of protection for your business property and income. To prevent additional premium, a BOP can be tailored to provide just the selective coverages your acting studio may need.
- Buildings and Contents – If you are the owner of the building where your studio is operating from, you have the option to get building coverage under your BOP policy. For example, if your building is ever damaged from fire or vandalism, or other problems such as broken water pipes, a BOP can protect you from the financial losses of repairing or rebuilding the structure. It covers the physical building as well as the property you have inside.
- Business Income and Extra Expense – If your physical business assets are extensively damaged, you may have to temporarily relocate or close down your acting studio. The BOP can provide for loss of income or help with extra expenses or additional locations to continue the operation of your business.
- Electronic Data – Your acting studio probably keeps student records in digital format. You may use specialized software for teaching, money management, or other business purposes. Protect them from loss and data corruption through your BOP.
- Newly Acquired or Constructed Buildings – If you expand your acting studio, your BOP can provide coverage for the newly acquired structures.
- Employee Dishonesty Coverage – Employees are not always honest, and this can cost your studio a lot of financial losses. It is estimated that small businesses lose as much as six percent of their annual revenue due to dishonest actions by employees. Protect yourself from these losses with a BOP.
When you use vehicles for business purposes, you can protect yourself from expensive losses that may be caused by auto accidents. A commercial auto insurance policy can pay for damages to vehicles, and medical expenses to anyone involved in an auto accident while driving for business purposes.
When you employ other people in your acting studio, you must provide workers comp insurance for both your and their protection. This is a law in the United States. Workers comp provides financial protection for your employees if they are injured on the job.