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Art Beyond

Business Insurance: Yes, You Need It

I've already mentioned that you should treat your creative practice as a creative small business. Therefore, to protect your creative small business, you should definitely consider purchasing a business insurance policy. 


In general, small businesses need a business owner’s insurance policy to protect against liabilities, safeguard assets, and ensure that business operations continue in the face of unforeseen events. There are several different types of insurance coverage available for businesses and it is important that you find the right combination to protect you and your assets.


Types of Coverages


General Liability : 

Physical injury to another person on your business property

Accidental damage to a client’s property

Legal fees & defense costs

Reputation harm to a client 

Advertising injury (ex. someone sues you for improper use of their work in your advertising)


Commercial Liability : 

Business goods and gear

Inventory

Building

Equipment Breakdowns

Business interruptions 


Business Owner’s : 

The combined coverages of General Liability and Commercial Property Insurance


Errors & Omissions : 

Business Mistakes

Accusation of Negligence

Missed deadlines 



Who do we recommend?


Art Beyond’s insurance policies are carried through Next Insurance . Yes, I said policies. Because Art Beyond offers bookkeeping and business management in addition to strategy and consulting, we carry both general liability and error and omission coverage. We have very little equipment (basically my computer and monitors) so we did not opt for the additional commercial property coverage.


Types of Insurance Offered by Next

There are lots of other insurance carriers that offer business insurance as well: The Hartford, Travelers, Progressive, biBERK, Nationwide, State Farm, etc. You may want to check with your car, home, or renter's insurance carrier and ask if they offer business insurance. If they do, ask if they offer a multi-line discount a business insurance policy is added to an existing policy.


Cost of policy


Business Owners Insurance policies start as low as $28 per month. 

Art Beyond’s policies through Next Insurance currently cost a total $43.42 per month.

I know for some of you, especially in the current economy, you may need to justify this expense. 


Some questions to ask yourself are:

  • What is the value and the volume of the work you produce?

  • What is the value of the equipment you own?

  • Where is your work created (on job sites or in your own studio)?

  • Do clients come to your studio or workspace?

  • Do you need coverage for opportunities you are applying for (murals and installations)?



Other types of insurance to consider


Worker’s Compensation: often required for large projects with corporate clients

Covers Medical Expenses, Lost wages, Permanent Injury Benefits, and more to EMPLOYEES. This does not cover your subcontractors on a project.


Renter’s Insurance: covers the value of items in your studio or storage if you rent that space.

If the building housing your studio burns down, the building owner’s insurance generally does not cover your belongings.


Bottom Line

Every creative business is different but the right combination of insurance coverage can be crucial to protecting your work, your reputation, and your livelihood.


As always, I hope this information was helpful and if you have questions, please feel free to reach out.


❤️- Esther


Check out our classes HERE.

Have a specific question(s) for Elizabeth or me? Book a 15-minute "Ask us Anything" Consultation available HERE.


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