Art studios give artists the space they need to create as well as a way to store their completed works of art, share their work with their community, and sell art from the studio. Many art studios are not run by artists at all, but art enthusiasts that have a passion for local artists, where they carry a variety of art such as paintings, sculptures, pottery, and jewelry. Due to the nature of the work in an art studio, art studio insurance is essential. Risk exposures such as natural disasters and unexpected events like fire, flood, earthquakes, and storms, can cause extreme damage to the building and contents. Other risks include a variety of liability related to customers purchasing items, employee dishonesty, and a number of other risks. Protect these risks by obtaining insurance policies such as the ones listed below:
Risks associated with owning and operating your own art studio include a number of liabilities, accidents in your art studio, and damage that can occur after a piece of art has been sold, or damage to artwork held for sale.
- Products Liability – Your art studio may be liable for bodily injuries or property damages as a result of products you sell your customers. For example, if a customer purchases a sculpture that has a sharp edge and causes them harm, that they were not warned about, they could turn around and sue you. Products liability helps pay for these costs.
- Premises Liability – Any time a customer is in your studio, you are at risk of the customer becoming injured. A variety of things can occur that cause the customer harm, such as tripping over artwork you left in the walkway that caused them to sprain an ankle. Premises liability offers insurance coverage for accidents that occur inside your studio.
- Completed Operations – The completed operations portion of the general liability policy covers any damages that occurred after items were sold to the customers, and they have left your art studio.
Art Studio Business Owners Policy
A business owner’s policy, also called a BOP, is an insurance policy that is customized with a variety of coverages based on the business’s expected risks. As an art studio owner, you have your own set of risks that you want additional coverage for. For instance, if you have employees, you may want employee dishonesty coverage in the case of theft or other dishonest practices. If you want additional protection from natural disasters or unexpected events like a fire or flood, you could add buildings and contents, business income, and electronic data coverage.
As the owner of an art studio, you may use your vehicle for business purposes on occasion, such as picking up supplies or dropping off a framed painting for a customer. While using the vehicle for business, as part of your art studio insurance portfolio, business auto insurance offers protection against bodily injury and damage from an accident, such as medical costs in the case of injury, or repairing damages made to your vehicle.
If your art studio has employees, then you need to obtain worker’s compensation insurance for each and every one of them. Worker’s comp will protect employees in the case of a work-related injury or illness, such as an employee who is opening a box of new artwork and accidentally cuts their hand on the box cutter. Medical expenses will be covered by worker’s comp since this is a work-related injury, as well as income loss while they are out of work.
All insurance policies have coverage limits, which could leave you paying for large expenses. Commercial umbrella insurance will fill the gap between what you owe and what your other Liability policies will cover.
These insurance policies will help to ease your mind and allow you to enjoy your art studio without the added worry of risks associated with this type of business. Obtain adequate art studio insurance to protect your business and financial assets.