Art Studio Insurance
Running an art studio is no easy task. From curating collections and hosting workshops to setting up installations in other locations and managing the guests who walk into your studio, there are many moving parts. Although this can be exciting, it can also be risky. One unexpected event could leave you reeling – unless you have art studio insurance, that is. With art studio insurance, your business can be financially protected from many of the day-to-day risks that it faces, such as lawsuits, theft, property damage, bodily injury, and more. Learn more about art studio insurance below and how ALIGNED can help you find a top-notch policy at an affordable price.
Insights 101 | What is art studio insurance?
Art studio insurance is a type of commercial insurance policy that is tailor-made to mitigate the risks that art studios commonly face. More specifically, depending on the coverage your choose, your insurance policy can safeguard your studio against third party liability claims, a range of losses or damages, including theft, and much more.
What types of artists and art studios need insurance?
Art studio insurance is intended for a broad range of art studios and artists. For example, paint studios, pottery and ceramic studios, sculpting studios, digital art studios, textile art studios, tattoo shops, and craft workshops could all benefit from art studio insurance. In fact, even photographers, cinematographers, animators, and illustrators may find this type of commercial insurance worthwhile.
Art studio insurance coverage 101
What kind of coverage does an art studio need? We break down a few recommended coverage types below.
- Commercial general liability insurance: Commercial general liability insurance, or slip and fall insurance, can safeguard your art studio against claims of third party bodily injury, property damage, etc. For example, if a patron was walking through your studio and slipped and fell on some wet paint, they could sue you for bodily injury. But if your art studio insurance policy features commercial general liability insurance, your insurer may help cover any applicable legal fees (e.g. defence and settlement costs), medical expenses, and more.
- Product liability insurance: Product liability insurance is critical if your art studio sells products to customers (whether artwork or even other gift and souvenir items, including food and beverages). Product liability insurance gives policyholders protection if a product they sell (even if they did not have a hand in manufacturing it) causes bodily injury or property damage to another.
- Commercial property insurance: Commercial property insurance is designed to protect your art studio and any business-related contents from property damage that is caused by a covered peril. Such perils will be clearly outlined in your policy and may include water damage, fire, theft, windstorms, vandalism, and more.
- Installation floater insurance: An installation floater is a type of coverage that can be added on as a rider or endorsement to an existing art studio policy. It aims to cover the cost of any damage to your property (including your artwork) when it is being installed at a location outside of your art studio (e.g. an art gallery or public space). Installation floater insurance covers your property while it is in transit, before installation, and while it is being installed in another location.
- Crime insurance: Art studio owners may find adding crime insurance to their art studio insurance policies worthwhile as doing so can help mitigate the financial losses of employee or certain customer crimes or scams/frauds, like a customer buying a painting with a stolen credit card or an employee stealing art supplies from your inventory.
- Cyber liability insurance: If your art studio stores sensitive information online (such as payment or personal information about your customers or clients), then cyber liability insurance is a must. With cyber liability insurance, your art studio will be protected if its online system is hacked or breached and data is stolen. Specifically, cyber liability coverage can compensate policyholders for legal fees, credit monitoring, client notification, and more.
- Equipment breakdown insurance: As an artist, you rely on your equipment, but equipment can be expensive. That is where equipment breakdown coverage comes in. With this type of insurance, if a piece of your equipment has a mechanical or electrical breakdown, your insurer can help cover the cost of repairing or replacing it.
- Commercial auto insurance: Finally, if your art studio uses one or multiple vehicles for business purposes, such as to transport materials to and from installation sites or to transport children in your summer art camp, commercial auto insurance is vital. Commercial auto insurance varies depending on where you live, but your coverage options may include collision coverage, comprehensive coverage, third party liability coverage, accident benefits coverage, and more.
How is the cost of art studio insurance calculated?
The cost of art studio insurance depends on several factors, which is why premiums vary so widely. To assess risk, insurance providers will consider many factors about your art studio, such as those below:
- The size and location of your art studio
- Your art studio’s annual and projected revenue
- Your insurance claims history
- The services offered by your art studio
- Your years of experience in the art industry
- The number of employees that work at your art studio
- The estimated value of your art studio’s assets and property
In addition to the factors listed above, the amount of coverage you choose, along with the coverage limits and policy deductibles you select, will also dictate the cost of your art studio insurance policy. As you might suspect, the more coverage you choose, the higher your coverage limits, and the lower your policy deductibles, the more expensive your insurance premium is likely to be.
Please note that reputable insurance brokerages like ALIGNED do not set insurance premiums. Instead, insurance companies determine premiums. However, an official insurance broker can still walk you through the process of buying insurance, provide you with a quote on your art studio insurance policy, and even help you file a claim or renew your policy in the future.
Reduce your risk as the owner of an art studio with commercial insurance coverage
If you own or operate an art studio, then you probably have a good understanding of the risks that you face. However, as the owner of any business, it is your job to not only understand the risks you are up against but also protect against them. Art studio insurance lets you do just that. A comprehensive business insurance policy that includes the coverage listed above (e.g. commercial property insurance, commercial general liability insurance, equipment breakdown insurance, etc.) can provide you with peace of mind, as it ensures you are financially protected in a broad range of situations. Why bear the full cost of an unforeseen incident or event when you could purchase insurance that pays for it on your behalf? For more information on art studio insurance and how commercial insurance works more generally, contact ALIGNED.
Where can I purchase insurance for my art studio?
Purchasing insurance for your art studio is a piece of cake thanks to full-service insurance brokerages like ALIGNED. All you have to do is contact us, and from there, you will receive expert advice from a licensed insurance professional. The ALIGNED team will do everything they can to find you quality coverage that is within your art studio’s budget. For a stress-free insurance experience, look no further than ALIGNED. We can also provide you with a quote for your art studio insurance policy in minutes.
Please note that an insurance brokerage is not the only place where you can purchase art studio insurance. It can also be purchased directly from an insurance agent. If you need help deciding which option is right for you, get in touch with ALIGNED.
3 things to consider before you purchase insurance for your art studio
- Budget: Your budget is likely one of your top considerations when purchasing insurance. This is understandable as no business owner wants to overpay for insurance. Thankfully, ALIGNED’s team of insurance brokers is used to working within a wide range of budgets, which means whatever your ideal price range, we will dedicate ourselves to finding a policy that does not exceed it. Our brokers will contact leading insurance providers to obtain quotes before comparing them and determining which offers your art studio the best coverage at the best price.
- Where to purchase insurance: A second consideration when purchasing art studio insurance is whether to buy it through an insurance company directly or via an official insurance broker like those at ALIGNED. While both options have their perks, many business owners prefer to buy their insurance policies through brokers owing to the level of commercial expertise they bring to the table. For example, the brokers at ALIGNED have decades of experience in the commercial insurance industry.
- Coverage: Lastly, art studio owners will need to consider what type of coverage to include with their policies. Do they want to include basic coverage only (e.g. commercial property insurance and commercial general liability insurance)? Or could they benefit from a more comprehensive policy that includes the likes of commercial auto insurance, equipment breakdown insurance, or an installation floater add-on? You will need to carefully consider your coverage options and budget to determine your needs. An ALIGNED insurance broker can also offer a professional opinion on the best coverage for your art studio.
Is buying art studio insurance through an ALIGNED insurance broker for me?
If you aren’t sure whether to buy art studio insurance through an insurance broker, this next section is for you. We break down some of the key benefits of consulting with an ALIGNED broker on your insurance journey below.
- Brokers have knowledge and resources: First, ALIGNED insurance brokers are extremely knowledgeable about many different insurance products. They have existing relationships with leading insurance providers all over and will use their resources to find your business the best possible policy.
- Brokers provide expert advice: ALIGNED brokers are licensed insurance professionals, which means you can always trust them to provide you with expert advice you wouldn’t get elsewhere. They know the insurance industry better than anyone and strive to offer customers an objective opinion on the right coverage for their businesses.
- Brokers shop around for you: ALIGNED brokers make shopping for insurance easy by doing the work for you. If you are too busy to search for policies on your own, a broker is perfect for you. They will reach out to insurance companies to obtain quotes, compare the quotes they receive, and present you with multiple vetted options.
Purchase art studio insurance from an official insurance broker at ALIGNED
If you want to purchase insurance from an official insurance broker, then be sure to choose the leading insurance provider in the area: ALIGNED. ALIGNED can help your art studio find the insurance coverage it needs. Come to us for an art studio insurance quote, advice on which policy is right for your art studio, or with insurance questions you want answered. We can help with it all. Get started today by contacting ALIGNED or click here for a free quote.