Purchasing Insurance
Found in: Studio Management
Kylie S. AU
I’m wondering if any of you purchase insurance each year – particularly in regard to professional indemnity.
Trying to decide if it’s worth the $300 per year.
Mark M. New York
I have a business liability policy. My premium is currently $425 a year. This is in addition to my homeowners insurance (I teach out of my home) and an umbrella policy we recently added. I hate paying for something that may never be used, but then isn’t that the point of insurance? Once you need it, you’re glad you had it and think it’s worth it.
Laurie Richards, Nebraska
My business liability insurance is $380/year. I operate in a commercial space, so I have to have it, but it’s a good idea to protect all of your personal assets when you teach out of your home by having liability insurance.
David B. AU
A lot of Australian teachers use AON Insurance. They have a special package deal for music teachers. It is currently $260.00 per year.
The package includes:
Public Liability
Professional Liability
Personal Accident
The Public Liability also covers teachers and students for concerts in any venue which is a real bonus. If you would like their contact details, please let me know.
Rebecca S. AU
Just a note. Those who teach from home studios, you should check your personal insurance to see if your current insurance will be affected by having a home studio. I have a separate policy for my studio which covers fire, theft as well as accidental and public liability. So, if someone is having a glass of water and spills it all over her Prada handbag, that’s covered. If my home is broken into, and they take my studio equipment, that’s covered. Make sure you ask specific questions as to what policy covers what. It’s worth the piece of mind.
Joan H. Canada
Seems this question may have country specific implications. I just started teaching out of my home (Canada) in September, and hosted an “Afternoon of Simply Music” (aka recital) in March at a different location away from my home, and had to explore insurance options for that event to be covered. In conversation with my insurance broker regarding that event, they indicated that I MUST have additional coverage on my home policy if I have students coming into my home every week for piano lessons. It was a small fee of $120/year which also covered my away from home event. So if you fellow Canadians are not already aware of this, now you know. In conversation with a few music teachers (not SM) in our area who have been teaching for 20+ years, it was clear that they never had any additional coverage.