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When you also have equipment or operate from a gallery
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
Business Owners Policy (BOP) is great for startups with a limited budget. It combines the protection of all the major property and liability risks in one package. It contains Commercial Property and General Liability. Business Income insurance is a typical add-on.
Every business owner has the responsibility of making sure that their employees are cared about. Workers' Compensation is a type of insurance that provides workers with health benefits and lost wages when they become sick or injured on the job. By offering this coverage, employees are not allowed to sue for employer negligence.
This is an absolute necessity, regardless of your business size since most can become victims of crimes like theft, burglary, robbery and other related events. Crime insurance will protect your business from loss of money, securities, inventory or properties resulting from these events.
Business Interruption protects your business against loss of income or profits after a covered peril. The insurance will cover a loss of income when your business has to close after a covered incident. It also covers extra expenses that your business would have paid for if it was operating. For example, employee salary and the expense of moving to a temporary location.
Art dealers or art galleries require insurance to help manage risks. The insurance offers protection from liability loss, property damage, business interruption and other less known incidents. It protects your investment by minimizing the risks associated with unexpected events.
Art dealers face a lot of unique risks. As a business owner of an art gallery, you are assigned to sell someone’s works of art. Meanwhile, you are liable for any damages during an event or transport. This is a risk every art dealer must take seriously, as each piece of artwork is very valuable. Customers could slip and fall in your gallery and sue you. Also, while artwork is in transit the truck could be involved in an accident and the art could be destroyed. Your business is liable for all damages to the artworks and to other automobiles, passengers, and property if your driver is at fault. Your property and all the artwork inside could also be destroyed by fire or flood. These are some of the expensive risks that art dealers face and insurance helps to provide financial relief if they were to take place.
The cost of insurance varies for art dealers based on the services you offer and the coverage your business needs. Here are some common insurance policies a business has to buy and it's median cost:
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