Most artists are going to be considering three specific forms of insurance policies: the professional property, the general liability, and the errors & omissions insurance coverage. Several insurance companies will pack these three insurance coverages together into what is at times known as package policy, so as to deal with all your insurance coverage requirements with one settlement. Some insurance companies also provide special discounts if you get multiple insurance policies collectively.
Several insurance companies will pack these three insurance coverages together into what is at times known as package policy
Three types of policies for the artists
Professional property insurance.
This insurance policy covers your property which you use throughout your small business. Inside the world of art, that generally implies camera gear as well as related electronics, and other high-value gear of the industry. A camera that drops into the water could be covered by most common professional property insurance coverage, as would certainly equipment that could be lost or broken. If you utilize plenty of costly gear throughout your projects, especially devices which you may be unable to quickly replace by spending considerable cash, then professional property insurance is very important.
General liability insurance coverage.
At times also called commercial general liability insurance. This type of insurance addresses general liabilities that occur as you execute your business. An illustration, imagine a guest who slips on a wet floor in your art gallery premise. This is the kind that this insurance wants to cover. Another illustration could be a light stand accidentally falling on your employee’s head and causing injury. These are the sorts that this insurance covers.
The errors & omissions insurance coverage.
This insurance type offers protection for what basically sums to not being able to execute a task effectively, or performing tasks in a less competent manner. E&O insurance policies additionally include things like copyright laws and trademark violation, invasion of personal privacy, faltering to get a property release, and other related matters. As an illustration, E&O insurance will deal with the digital photographer who did not record key events or who misplaced or lost memory cards that stores all the details of a shoot. Note – the E&O insurance will cover claims by the client versus the photographer for losing the images, but the cards itself will be covered by the photographer’s equipment insurance policy.