Small Business Insurance for Artists and Crafters
Artists and crafters love to create new products. As an artist or crafter, you probably have loyal customers that love purchasing your art or crafts. Making the art is the easy part. What many artists and crafters don’t know is that they are also small business owners, and in addition to spending time creating art, they also need to take care of the business end as well.
Not too many artists are excited about this. After all, any time they have to spend working on the business end is time they can’t create new products for their customers. We can’t help you with some aspects of the business side, but one thing we can do is help answer a couple of questions you might have about art and craft business insurance.
Is liability coverage necessary for your business?
Insurance isn’t just another expense that you have to pay as a business owner. It is protection that can prevent a financial disaster for yourself and your business. Imagine attending a craft event and having a customer trip and fall while in your booth, and the injuries they suffer are bad enough that they have to go to the hospital. If you are held responsible and don’t have insurance, you are going to have to pay all of the customer’s expenses out of your own bank account.
What expenses are there? Hospital, doctor and medical bills are just the start. If the customer needs physical therapy, that’s your responsibility to pay. If the client has to miss work, you are responsible to compensate their salary for the time they couldn’t work. With insurance many, if not all, of these costs wouldn’t have to come out of your own pocket.
Is insurance too expensive to purchase?
If you find the right insurance company, you can get the coverages your business needs at an affordable price. For example, ACT Insurance offers general liability and other coverages starting at just $265 for an Annual Policy. But what if you are just attending an event that only lasts for one or two days? If you only need minimum coverage for that time, our Show Policy starts at only $49 and can give you peace of mind as you attend the art or craft fair. So not only does insurance not have to be expensive, but it also offers benefits for your business that you won’t find anywhere else.
While making arts and crafts is what you do best, it is also important not to neglect the business aspect, including having business insurance plans for artists or crafters. Doing this can make your business even more profitable.