Whether you paint watercolor portraits, create custom jewelry, or craft handmade home décor, accidents can still happen in the creative world. That’s why you decided to get liability insurance!
It’s one thing to buy insurance and it’s another to understand it. There’s a lot of nuances and jargon that can be hard to understand, so today we are going to break down the ins and outs of the ACT Annual insurance policy.
![[Column 1: If you…] --Attend events, festivals, or shows --Sell your work to customers --Advertise your business or events --Rent your own studio space --Ship products, use special tools, or transport inventory --Teach skilled classes or host live demonstrations --Take electronic payments or store business info online [Column 2: You risk…] --Trips, slips, and falls in your booth --Choking, allergic reactions, or cuts --Copyright infringement and lawsuits --Property damage you have to pay for --Broken products and stolen tools or inventory --Accidents in class or unhappy students --Losing online funds and identity theft [Column 3: That’s covered by…] --General Liability --Product Liability --Personal & Advertising Injury --Damage to Premises Rented to You --Tools, Supplies, & Inventory Coverage (Inland Marine) --Professional Liability (Errors & Omissions) --Cyber Liability Insurance](https://www.actinsurance.com/u/2023/01/09142211/ACT-Welcome-Chart-1Asset-3.png)
Aggregate: This is the total amount the insurance carrier will pay for a claim during a policy period (the start date through the end date on your policy).
Each Occurrence: Also known as per occurrence, this is the maximum amount the insurance carrier will pay for each claim you make. Each occurrence limits help prevent you from maxing out on all of your insurance coverage with a single claim. It allows you to have a cushion of coverage in case you need to file another claim later on.
When you see each occurrence limits on an insurance policy, the number is typically lower than the aggregate limit. $1,000,000 / $2,000,000 means the insurance carrier will only pay up to two million dollars total for all claims combined in one policy period, and up to one million dollars on each claim you make during that time until you hit the two million cap.
Year-round Coverage In The Studio, Online, & On-The-Go
Don’t have an annual policy with ACT yet? Grab a complete protection plan for your creative business in 10 minutes or less today!
