Disaster Insurance for Artists
Business insurance is an important tool you can use to transfer unacceptable risks to an insurance company. It should be considered as an important part of your Career Protection Plan.
- Loss of property like tools, supplies, and artwork from risks like fire, natural disasters, lightning strikes or theft (business personal property)
- Loss of a studio building you own.
- Loss of tools, display equipment, or artwork away from your studio, such as at an art show, doing an installation, or in transit.
- Liability incurred as a result of your art practice such as injury to others caused by an artwork, performance, display, teaching, or a slip and fall by a studio visitor.
Homeowner’s and renter’s insurance usually does not cover losses related to your art business. Most homeowner’s insurance policies also exclude buildings that would normally be covered by homeowner’s insurance if they are used for business purposes. This would include a studio in a garage or separate building. You are operating a business if you offer goods or services for sale – even if you have never actually sold anything. Do you have a website promoting your work? That would probably be proof that you are in business.
Investigate business insurance options for studio contents, studio building, liability and consider disability insurance:
- An in-home business owner’s policy or rider on your homeowners’ insurance
- A separate business owner’s policy (you can do this even if your studio is in your home)
- Specialty insurance for performances, pop-up galleries, or other group activities.
Understand what your insurance does and does not cover.
- Read your policy, especially the exclusions! Ask questions!
- Special insurance is required for flood and earthquake. This is true for both business policies and homeowner’s insurance.
- If policy exclusions represent an unacceptable risk, ask about the cost for special coverage (called endorsements or riders).