Art Dealer & Art Gallery Insurance
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What Insurance Do Art Dealer & Art Gallery Need?
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Frequently Asked Questions
Why do Art Dealers or Galleries need insurance?
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.
What risks do Art Dealers face?
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.
How much does Insurance cost for Art Dealers?
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:
- General Liability insurance costs at $400 in annual premiums.
- Business Owners (BOP) Policy is $900 in annual premiums.
- Commercial Auto insurance is $450 in annual premiums.
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