Art Gallery Insurance
Any art gallery, no matter how big or small, is a sizable investment. Like any investment, it’s important to protect it with insurance. Art gallery insurance typically covers the value of the artwork in the event of theft, damage, or destruction. It can also provide coverage for lost income if the gallery has to close due to damage from a covered event. In addition, many policies also include liability coverage in case someone is injured on the premises. Given the high value of the artwork typically found in galleries, this type of coverage is essential. With gallery insurance in place, owners can rest assured that their investment is protected.
Art Gallery Insurance
Different cultures have different art depending on their way of life. Art expresses an artist’s feelings about certain things in society. In some cases, art conveys a message to an intended audience depending on the artist’s mood.
Some art galleries offer art classes within the premises. They also provide transport and installation services of the art pieces for the customers.
An art gallery insurance will safeguard your facility against risks and hazards, costing you your business and your livelihood.
Cost of Gallery Insurance
The standard price of general liability insurance for an art gallery business depends on the gallery’s location, the type of art sold, number of employees, experience, and sales.
Type of Insurance for an Art Gallery
The art industry generates millions of dollars in the United States and its employees just as many people. Just like any other business, it has its unique risks and hazards. Depending on the type of art, some go for millions of dollars, making them prone to theft, amongst other damages.
It is essential to safeguard your art gallery with the following policies
Property damage
Disasters such as water or fire can damage art pieces. Hence it is vital to have this policy to protect your art pieces. To get this coverage as an art dealer, ensure your pieces are valued by a professional. The insurance policy should be flexible to accommodate new art pieces brought into the art gallery. However, it means the premiums could increase or decrease depending on the art pieces in the gallery.
Liability coverage
Suppose a client slips and falls while in your gallery; you will be held liable. The policy will protect you against such damage. However, this type of insurance policy does not cover earthquake and flood damage.
Flood and earthquake insurance
This type of policy protects your gallery if a flood or earthquake causes damage. If your gallery is located in a place prone to either floods or earthquakes, you should opt for this policy.
Business income insurance
This insurance policy ensures that there is a continuation of business if your gallery is affected by a disaster. It covers income that is lost due to a disaster while the gallery is undergoing repair or relocation.
Employee practices liability insurance
This type of insurance safeguards your gallery if an employee files a lawsuit against you. It could be due to discrimination, unfair work practices, or harassment.
Workers compensation
If an employee gets injured at the art gallery while lifting one of the pieces, the insurance pays the medical. The policy pays for lost wages while the employee is undergoing medical treatment. This type of insurance is mandatory in many states.
Employee dishonesty
If an employee steals an art piece, this type of insurance covers for the theft.
It is essential to speak to a professional insurance agent who will offer more advice on the coverage required for an art gallery. It will ensure that the show gallery is covered appropriately in the event of any unforeseen risks.