Types of Business Insurance Coverage for Artists

• Liability — Liability insurance protects you if someone is injured while on your property or if your property causes damage to others.
• Umbrella — Protects beyond liability coverage, kicks in when all other liability coverage is exhausted, usually in increments of $1 million.

Keep in mind that basic business insurance policies cover risks to property like fire, lightning, explosion, windstorm or hail, smoke, riot, theft, water damage, vandalism, weight of snow, and so on. It may be called “all-risk” coverage, but will most likely have exclusions. Often times flood, earthquake and acts of terrorism are not covered in a standard insurance package so if you feel at risk for these, you may want to investigate additional coverage. Understand what the exclusions in your policy are. Also know the amount or limit of coverage (e.g., up to $25,000 for studio contents, $25,000 for work off-premise, in-transit, etc.) and make sure you get as much protection as you need.

• Extended Business Income — extends payment for losses of business income beyond Business Interruption coverage time limits.
• Extra Expense — pays for re-location of your studio, if necessary, due to a significant loss.
• Employee Dishonesty — covers losses due to dishonest acts of employees.
• Professional Liability — covers you if you teach, write, or perform some profession-related activity that is not covered by general liability.
• Product Liability — covers you in the event your product injures someone.
• Single Exhibit Liability — covers liability for a single event such as a craft show or single performance. These policies can often be obtained quickly to meet show requirements. In most cases it is more cost effective to purchase a general liability policy.
• Event Liability — liability insurance for a performance, show, or other event that is attended by members of the public.
• Workers Compensation — covers lost wages and medical costs for an employee injured on the job.