Museums come in many forms, from the large art museums with priceless collections to the small ones hosting local historical artifacts & exhibits of great importance to communities. All such institutions operate for the greater good of society, showcasing artifacts and other cultural, scientific, and historical works and objects. Protecting these collections and organizations is of utmost importance, and that is where the ALIGNED team of insurance specialists comes in.
Why do museums need insurance?
Museums are similar to other businesses in that the public is invited to view their collections and displays, which comes with built-in risk. Also, they have extremely valuable and often unreplaceable property and must be protected from potential harm.
Museum boards are typically in charge of these institutions and run them so that they can exist in perpetuity. Board members also need to be protected from potential risks associated with running museums, even on a volunteer basis. There are myriad reasons why museums need to have comprehensive insurance coverage.
What are some of the risks museums face?
Here are some instances to think about when deciding on museum insurance coverage:
- A visitor to your museum is struck in the head by part of a display becoming dislodged and falling on them causing serious injuries.
- An area under construction in your museum is not properly cordoned off, and a visitor injures himself by tripping over an exposed piece of flooring.
- Your staff is transporting an exhibit back to your museum after it is cleaned and refurbished and your company van is struck by another vehicle. The exhibit is damaged and requires expensive repair work and your company vehicle is also in need of extensive repairs.
- Sewer back damages display cases, other furniture and drywall which all needs to be replaced.
What type of insurance coverage is essential for museums?
- Museums require General Liability insurance to protect against property damage and bodily injury that might happen during the museum’s operation, like slip and falls. This coverage can also include liability coming from libel and/or slander.
- If a board of directors governs it, whether volunteer or not, your museum requires Directors and Officers Insurance. This will limit directors’ and officers’ liability in the event of claims made against the institution and/or the board.
- Property Insurance will protect your museum’s physical location, as well as the content that is housed within it. Whether you run an art gallery or historical museum, this coverage is essential to protect both your building or structure and your exhibits and assets from perils such as fire, theft, vandalism, and other types of damages that are insurable.
- Your museum may wish to consider Umbrella Liability Insurance to protect against the unexpected and when other coverages reach their limits. This is mainly for unexpected and serious liability events.
- If your museum has vehicles used as part of its operations, you should also consider Commercial Auto Insurance as part of your coverage.
Other coverages to consider include Cyber Liability for cyber breaches and vulnerabilities, and Boiler and Machinery Insurance in case some of your building’s systems go down and cause you to incur losses.
Find the Right Museum Insurance from ALIGNED
ALIGNED works with Canada’s top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.