As a professional artist, you’ve dedicated a lot of time to perfecting your craft, but is your work protected? Instead of putting your small business at risk, give yourself peace of mind by buying insurance for artists. Doing this allows you to spend more time focusing on what matters, creating more art. Whether you are new to commercial insurance or just want to add a few new pieces to an existing policy, here are all the things you need to know.
Why Do I Need Insurance?
In short, because business is risky. Let’s say you are a wedding photographer and your camera malfunctions causing you to miss capturing the most important moments of the wedding leaving you with angry clients. Those clients could sue you for failure to deliver on your promise. Or, let’s say someone slips and falls in your gallery, leaving you responsible to pay for the medical bills.
Each of these cases could result in huge financial losses from legal expenses, crippling your art business. However, the right kind of insurance will protect you from these unfortunate scenarios.
In addition, you don’t just need insurance to protect your business against accidents, it’s also likely clients or venues will require you to have a certificate of insurance. This document proves you are insured and lists the venue as a beneficiary, loss payee, or an additional insured on the policy.
What Types Of Policies Do I Need?
As an artist, here are the main policies you should be aware of.
Commercial Property insurance This policy protects the physical assets of your business such as your studios as well as your equipment. For example, if a fire damages your studio this policy will help pay for the damages to get your studio back up and running. Even if you operate your studio out of your home you may need Commercial Property insurance as most home owner’s or renter’s insurance policies will not cover property that is used for commercial purposes.
General Liability insurance This covers the major risks you’ll face as an artist, such as bodily injury and property damage.
Inland Marine At some point, you’ll most likely have to transport your art to a gallery or to a client, but this increases the risk of your work being damaged in transport.
Media Liability This is a form of Errors & Omissions policy which will protect your business against claims of copyright infringement or defamation.
Insurance policies aren’t exactly exciting, but you need to read them carefully. Take your time to read all of the fine print so you fully understand what’s covered; if you come across something you don’t understand make sure to contact your insurance agent. Before you read your policy, also make sure you think of the possible bad things that could happen to your business. Do you live where a hurricane or flood could happen? Is it possible that your art gets ruined in transit? Once you have thought this out, make a list and be sure that your insurance covers them all.
Insurance may be the last thing on your mind, but think of it this way, it’s a necessary investment in the growth of your business and, if something unfortunate ever happens, you’ll be happy you have it.