I’ll be honest… until researching this topic, I thought
I didn’t need insurance. After all, my work is not valued at hundreds of thousands
of dollars. My studio is in my home. I sell my paintings through my website and
galleries, and on occasion send my work to exhibitions. Surely my homeowner’s
policy, the galleries’ insurance, the venues where I exhibit my paintings and
Fed Ex all have insurance to cover losses incurred by fire, theft, flood,
etc. Right?
Wrong. According to www.studioprotector.org, “Do not assume that the building in which your studio is located is covered [by your homeowner’s insurance], either. Operating a business in your home may violate the terms of your homeowners’ insurance policy, and in some cases may void your policy. Read your policy, and ask your insurance agent if you are covered (and get it in writing). If you are operating a business in a separate building on your property, the chances are very high that your homeowners' insurance will not pay to repair or replace that building - even if you have included its value in your insurance payments.”
OK, so the equipment, materials and paintings my home
studio may not be insured. How about my
work in the galleries?
None of the three galleries where I exhibit my work –
one in Colorado, one in Nebraska, and one in New York state – insure the work
that they have on consignment. All three point out that the cost of insuring work
is prohibitive, and that in order to bring costs down, they would have to opt
for a high deductible – in many cases the deductible is higher than the retail
price of the artwork. They each encourage their artists to obtain their own
insurance.
My research shows that most “blue chip” galleries do carry insurance. With artworks valued in the tens of thousands of dollars, having an insurance policy – even with a high deductible – is a necessity. But for small galleries, many of whom struggle just to keep their doors open, paying for an insurance policy isn’t an option.
What kind of policy do you need?
An “inland marine” policy will protect your artwork in
transit and while at the gallery or exhibition.
There are also policies that
cover your studio, whether that is in your home, in a detached building, or in
another location. These policies protect you against loss of your equipment,
supplies, and artworks. They also protect you if you have an open studio, or
give classes in your studio. A few companies offer “single event” policies –
coverage for travel to and from, and while you are exhibiting at an art
festival.
The website www.studioprotector.org
has a lot of useful information on insuring your art business, as well as links
to different art insurance companies. In
my research, two companies stood out – www.zncreative.com
and www.actinsurance.com. Both offer individual
event protection as well as year-round protection, averaging around $40 per
event or $275 per year for a full policy.
If you do decide to pursue getting insurance, make sure
you understand what the policy does and doesn’t cover, what the limitations
are, what the deductible is, and what verification they need when valuing your
work.
Have you had any experiences - good or bad - with artist insurance? We'd love to hear from you!
Have you had any experiences - good or bad - with artist insurance? We'd love to hear from you!
Kate
Dardine has been helping photographers and artists market their prints
for over 20 years. She is currently the newsletter editor and new customer liaison at Fine Print
Imaging, as well as a professional artist selling original paintings and
prints.Her website is www.katedardine.com
