Operating an art gallery business offers you the unique ability to work at a job you are passionate about while also running a lucrative business. Your art gallery may include local artists, masterpieces from around the world, or a selection of different mediums, like paintings, pottery and ceramics. Regardless of what you sell, your risks can be higher than that of other businesses. Theft and vandalism are among top business risks of an art gallery business as is expected, though you have others to be concerned about. Protect yourself from these risks with art gallery business insurance.
Types of Art Gallery Business Insurance
With so many different risks of owning an art gallery or studio, you should also be aware of the different art gallery business insurance policies available. Here are the most important ones:
General liability is an important policy for your art studio to have because of how much it covers. All customer accidents, medical and legal costs and other unexpected events in relation to your customers or clients are covered according to the terms of your general liability policy. Under premises liability, any customer injuries sustained while visiting your gallery are covered, such as a customer slip and fall on a wet floor when entering the gallery. Products liability is for the products you sell. If you sell a painting that is framed and that frame has a protruding nail or wood piece that damages their wall, you can be responsible. Lastly, if you provide services, such as classes and through those, they cause injury or damage, general liability will cover it.
If you use your own vehicle for delivering, business errands or picking up supplies for your art gallery business, business auto insurance is a must have. It covers property and vehicle damage, bodily injury, theft and vandalism. For example, if you have a piece of artwork in your car when visiting the bank and it is stolen, business auto covers the loss.
Art Gallery Business Owner’s Policy (BOP)
To make it easier, you might like to choose a package policy, such as business owner’s policy (BOP). This includes multiple coverages including general liability and others you choose, like employee dishonesty, newly acquired or constructed buildings, business income or extra expensive, buildings and contents, and electronic data.
Art Gallery Business Employee Dishonesty Insurance Coverage
Employee dishonesty coverage is for any crimes committed by your employees, such as theft of money or artwork, giving away discounts to their friends, or vandalism of your art gallery business. With this coverage, any impending loss is covered by the employee dishonesty policy.
Unexpected events are bound to occur and because they aren’t expected, they can’t be prevented either. This includes fire or some severe weather storms. The damage caused by these events is astronomical, as well as the dent it makes to your business assets. With business property insurance, you have coverage if there is a fire that destroys your paintings and other artwork, which makes it a highly recommended type of art gallery business insurance.
If there is an unexpected event like a heavy rain, snowstorm, or fire, there is a likelihood that your company’s valuable papers get destroyed. If you have authentication papers for a valuable piece of artwork, this could be devastating for your business and your assets. With valuable papers protection, you have extra protection against these instances.
Your art gallery website also needs to be protected, and since other insurance doesn’t include cyber crimes, make sure you have a cyber liability insurance policy. This covers any type of crime having to do with your website, your online identity and that of your customers, fraudulent activity and viruses of your website. The damage caused to you or your visitors is covered with this policy.
Protecting your employees is also important, as they are at risk for work-related injuries in the art gallery. If an employee is setting up a new display and it topples over, it can cause a serious injury. The medical costs and missing income is covered by workers’ compensation.
Art Gallery Business Crime Insurance
Since crimes are among your largest risks, you need to have a good crime insurance policy. As an art gallery, you are at risk for your artwork being stolen, as well as money from your cash register, vandalism, and goods paid with stolen credit cards. If you experience a loss as a result of such crimes, this policy will provide coverage. For these reasons, crime insurance is an essential art gallery business insurance policy to have.
Protecting your art gallery business is essential to being successful in the long-term by not having to deal with significant loss because of an event you could not have anticipated.