You may well be proud of your studio as a source of revenue and or inspiration but it could also be a source of financial catastrophe unless you have studio insurance.

Studios and people tend to go together and wherever you have people you have the risk of accidents and problems of many different sorts. Unfortunately somebody that trips over a chair or cuts themselves badly on a projection from a wall may not be inclined to just shrug their shoulders and get on with life – they may look to you to ‘pay up’ in terms of compensation.

Then you have your studio and its contents. Perhaps you have expensive equipment or the results of your labours around – whichever is the case you probably won’t be amused if it goes up in smoke due to fire or is written-off due to a flood etc. Natural disasters can happen anywhere at any time – including to your studio.

If you are producing things in your studio for your customers to purchase, remember that if it is considered to be a ‘product’ you may equally be liable if it is faulty or causes customer injury post-sale.

All things considered, your studio creates risks for you that may involve you in very significant cost – and that is where studio insurance may be able to help.

This form of protection comes from a range of individual policy cover providing:

Employers’ liability insurance (if required);

contents cover;

product liability insurance;

public liability insurance;

professional indemnity insurance.

If your premises is your own, then you will need to consider what type of commercial buildings insurance you will need, too. These type of policies are often bought independently from a business insurance policy.

It may be useful to remember that your liability for people working on your behalf is not limited to formal ‘employees’ with a contract of employment. Under some circumstances if you are using temporary or contract staff, or even friends acting as unpaid helpers, you may be liable for any injuries they sustain while progressing work on your behalf.

So, if you don’t like taking huge risks, studio insurance may be for you. If can’t stop an accident or other problem from happening but it may protect you from the worst of the financial consequences.

Jason Hulott is editor of Studio Insurance, a new and exciting website offering pertinent studio insurance information to those who run a small business, whether they are a one man band, a husband and wife team (like us!), or a small to medium business enterprise with a number of staff.