Providing entertainment or entertainment support is not only fun and creative but a business component must also be thought of. You must invest in trusty pieces of audio equipment. The thing is music shops rarely sell A-rated pieces of audio equipment cheaply.
Have you thought about if something destructive happens and you don’t have the equipment anymore and, therefore, no income? Audio equipment are electronic devices that can short-circuit. A wrecker can damage the audio equipment you own during a concert. Avoid losses when such things happen by purchasing audio equipment insurance.
Who Will Need Audio Equipment Insurance?
Anyone who owns, sells, rents, or uses audio and sound equipment knows how expensive these can be. And if you rely on these valuables for your business to thrive, covering repair or replacement costs using your own reserves when damage or theft occurs is not an option. So let’s look at the types of businesses that would benefit from sound equipment insurance.
Recording Studios
Audio equipment is essential for studios to operate. Even the most basic recording studio has expensive equipment, such as:
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Laptops or desktop computers
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Microphones and stands
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Mixing board
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Headphones
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Studio speakers
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Musical instruments
If any of these pieces of equipment got damaged through fire, theft, or vandalism and you don’t have enough money to replace them, that would become a problem for your recording studio. Sound system insurance would come in handy should these events occur.
Musical Instrument and Audio Equipment Stores
Selling and renting musical instruments and audio equipment may be the basis of your income, so having a destructive event wipe out your inventory can shut down your business for good. However, if you have coverage, the financial compensation can restore your inventory, and your business can thrive again.
Audio/Visual Equipment Suppliers
Businesses that supply and install AV equipment for events must also protect their equipment with audiovisual equipment insurance. The protection needed is especially true if customers using it are more tech-savvy. In addition, accidents can happen at these events that damage your equipment, making av equipment insurance essential.
Musical Performers
The musical instruments and audio sound equipment that musical performers travel with from gig to gig can suffer bumps and bruises along the way. So when it’s time to set up the instruments and equipment for the performance, but something is broken or doesn’t work, how will you get a replacement at a moment’s notice? You would be able to if you have audio visual equipment insurance.
Get all the best quotes from leading providers in a click of a button!
What Kinds of Policies Would I Need to Cover Audio & Sound Equipment?
General liability, commercial property, tools and equipment, inland marine, and business owner’s policies are what you can use as sound equipment insurance. The sections below discuss how these can help.
General Liability Insurance for Audio Equipment
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
General liability insurance is useful if you make money by renting or leasing audio equipment to studios, performers, and other related businesses. This policy will cover costs if audio equipment causes bodily injuries or property damage. Use the table above to see which insurance company offers the best general liability insurance for audio equipment.
In Which Situations Can You Use General Liability Insurance?
Here are some example situations where general liability insurance can help you sort things out:
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A client got electrocuted by the audio equipment that was leased or rented from you
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While in the possession of the client, your audio equipment caused someone to trip and fall. The person is demanding compensation for pain and suffering
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Your audio equipment has faulty wiring. It suddenly burst in flames and damaged the property of the client
How Much General Liability Coverage Should You Carry for Audio Equipment?
You will do fine having a $1 million general liability policy. However, if you’re worried about not having enough when it’s really needed, it’s not bad to invest in a $2 million-$3 million general liability insurance.
Commercial Property Insurance for Audio Equipment
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $60,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Commercial property insurance comes with a contents coverage. This contents coverage allows a commercial property policy to cover the value of speakers, microphones, headsets, and other audio equipment you own.
But note that coverage only applies when damage or loss happens, while covered pieces of audio equipment are on your business premises. Use the table above to see which insurance company offers the best commercial property insurance for audio equipment.
What Exposures Does Commercial Property Insurance Cover?
Commercial property insurance covers your audio equipment against the following exposures:
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Fire
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Theft
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Vandalism
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Impact damage
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Lightning
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Sprinkler leakage
Does Commercial Property Insurance Cover Rented or Borrowed Audio Equipment?
You might need to borrow or rent other pieces of audio equipment. So if something happens to them while in your business property, can commercial property insurance help? Coverage can’t apply. It’s because you can only schedule owned audio equipment in the terms of the policy.
Audio Tools and Equipment Insurance
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance is a stand-alone policy, which you can also avail as an add-on to commercial property or general liability insurance. This will cover repair or replacement expenses if the damage or loss of audio equipment occurred outside of your business premises due to fire, theft, vandalism, electrical surge, and other covered perils. Use the table above to see which insurance company best offers this type of audio and AV equipment insurance.
Business Owners Policy for Audio Equipment
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $330,000 | $25,000/$500,000 | $60,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
Recording studios, audio equipment retailers, av equipment suppliers, and musicians can benefit from BOP because this comprehensive policy covers just about every financial loss a business could, especially regarding audio equipment. Some examples include:
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Commercial property insurance
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General liability insurance
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Equipment breakdown insurance
Equipment Rental Insurance
You want to protect audio equipment against damage or loss while they’re in the possession of others. Equipment rental insurance can reimburse the value of audio equipment you own that got lost or damaged due to the following perils while they’re in the custody of the client:
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Fire
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Theft
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Vandalism
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Mysterious disappearance
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Breakdown
Personal Musical Instrument Insurance
Personal audio equipment insurance falls under your homeowners or renters insurance. This is because homeowners and renters insurance have a personal effects coverage where you can schedule audio equipment.
Note that coverage only applies if loss or damage is caused by a covered peril that happened while your audio equipment is at home. In other words, homeowners and renters insurance can’t be used to cover owned audio equipment that’s not in your house.
Inland Marine Insurance for Audio Equipment
You might need to transport the pieces of audio equipment on your own or with the help of a shipping carrier. Consider purchasing inland marine insurance in this situation. Inland marine insurance will reimburse your losses if audio equipment gets damaged or lost during the trip because of fire, theft, vandalism, negligence of the shipping carrier, vehicular accident, upset, and other covered perils.
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Audio Equipment Insurance Cost
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $32 | $384 | $0-$500 |
| Commercial property insurance | $39 | $468 | $1,000-$2,000 |
| Business owner’s policy | $59 | $708 | $1,500 |
| Equipment rental insurance | $47 | $564 | $500-$1,000 |
| Tools and equipment insurance | Depends on the value of items to be covered | Depends on the value of items to be covered | $500-$1,000 |
| Inland marine insurance | Depends on the value of items to be covered | Depends on the value of items to be covered | $500-$1,000 |
The average audio equipment insurance cost is $32 per month or $384 per year for a $1 million general liability policy. Some factors that affect premiums are location, claims history, the value of items to be covered, and deductibles. Here’s another table showing the cost of a $1 million general liability insurance for audio equipment as underwritten by the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $15 | $180 | Best overall; Fastest general liability insurance for audio equipment |
| CoverWallet | $17 | $204 | Audio equipment insurance online quotes comparison |
| The Hartford | $20 | $240 | Audio equipment rental businesses |
| Tivly | $23 | $276 | Comparing audio equipment insurance quotes over the phone |
| Thimble | $25 | $300 | On-demand audio equipment insurance |
| Hiscox | $27 | $324 | Audio equipment insurance that automatically renews every year |
Get all the best quotes from leading providers in a click of a button!
Best Audio Equipment Insurance Companies
Here are the best audio equipment insurance companies. Read some of the reviews below to know their pros, cons, and rate for a $1 million general liability policy.
Next Audio Equipment Insurance
Pros
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Best overall
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Issues an online proof of insurance instantly
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Fastest audio equipment insurance
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Great customer service and reputation
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Excellent rates
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Outstanding value for money
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Get a 10% discount if you buy two or more policies
Cons
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Couldn’t find any
NEXT delivers less expensive small business insurance online by eliminating the middleman. This company’s audio equipment coverage is included in its insurance package for DJs, music shops, recording studios, and other related businesses. Here’s a quick look at the available audio equipment insurance policies from this company:
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$1 million-$2 million general liability insurance
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$35,000 contents coverage in commercial property insurance
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Business owner’s policy
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$3,000-$10,000 tools and equipment insurance
Best for: Best overall; Fastest general liability insurance for audio equipment
Average cost: $15 per month
Our rating: 10/10
CoverWallet Audio Equipment Insurance
Pros
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Cancel a coverage anytime with no charges
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Convenient online quote comparison tool
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Live chat with insurance agents as advisors
Cons
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A lengthy questionnaire is required
CoverWallet is an online insurance platform that offers accessibility to versatile, affordable business insurance policies that are easy to manage in one place. Available audio equipment insurance policies from this company are as follows:
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$1 million-$2 million general liability insurance
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$50,000 contents coverage in commercial property insurance
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Inland marine insurance
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Business owner’s policy
Best for: Audio equipment insurance online quotes comparison
Average cost: $17 per month
Our rating: 10/10
The Hartford Audio Equipment Insurance
Pros
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Tools and equipment insurance comes with debris removal coverage
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Higher limits are available upon request
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Has a vast experience in writing business insurance solutions
Cons
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You might need to contact an agent for a quote on tools and equipment insurance
The Hartford is a good choice if you’re running an audio equipment rental business. It’s because this company underwrites flexible coverage for old and newly acquired sound devices. Available policies for your audio equipment are as follows:
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$1 million-$2 million general liability insurance
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$40,000 contents coverage in commercial property insurance
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Tools and equipment insurance with debris removal coverage
Best for: Audio equipment rental businesses
Average cost: $20 per month
Our rating: 10/10
Tivly Audio Equipment Insurance
Pros
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Responsive customer service
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Compare audio equipment insurance quotes over the phone
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A partner of many reputable insurance companies
Cons
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You need to call to get a quote
Tivly can connect you through partners who underwrite an audio equipment insurance policy. That said, this is another company that allows you to get the needed coverage without contacting different carriers. To compare quotes over the phone, you need to call Tivly a representative and provide some details.
Best for: Comparing audio equipment insurance quotes over the phone
Average cost: $23 per month
Our rating: 10/10
Thimble Audio Equipment Insurance
Pros
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Versatile length of time of coverage
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Easy to use and cost-effective
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Excellent customer service
Cons
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You can’t reach customer service by calling
Thimble insures 120+ small business types, professions, and fields. It grants coverage to DJs, independent musicians, and other small businesses in the music industry. You can purchase the following policies for your audio equipment from this company:
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$1 million-$2 million general liability insurance
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$25,000-$500,000 contents coverage in commercial property insurance
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$2,500-$5,000 tools and equipment insurance
Best for: On-demand audio equipment insurance
Average cost: $25 per month
Our rating: 9/10
Hiscox Audio Equipment Insurance
Pros
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High Feefo reviews rating
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Automatic policy renewal
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Worldwide coverage
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Fast to process claims
Cons
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Not accredited by BBB
Hiscox’s commercial property and general liability policies come with upgrades that can be used to cover your audio equipment. Moreover, you can also decide to call a representative who will find any other insurance policies available but not offered online through the Hiscox site. Consider working with this company because it earns a high rating from Feefo reviews.
Best for: Audio equipment insurance that automatically renews every year
Average cost: $27 per month
Our rating: 9/10
