You’re constantly exposed to the chance of something happening while you’re crafting. Whether it’s a fire, theft or injury, many risks come with being an artist. That’s why it’s essential to get craft insurance coverage for your business! We’ll go through some common mistakes people make when they craft and see how insurance can help protect their work in the event of an accident.
If you would like to read more information or learn more about the pricing of business insurance, you can do so here.
Types of Craft Insurance
1. Employers’ Liability Insurance
Employers’ Liability is a compulsory form of insurance for any business owner. It covers you against claims made by your staff, customers or even visitors to your premises (such as in the case where someone tripped over and sued because they hurt their ankle).
However, it doesn’t cover every eventuality – if an employee slips on water and sues you, employers’ Liability insurance won’t help. You’ll need to take out additional cover if you want to be protected from every eventuality.
2. Public Liability Insurance
Public Liability is another must-have for any business. It covers you if someone is injured or their property is damaged due to your business. It’s essential to get this cover alongside Employers’ Liability because it can help you minimise the amount you have to pay if someone claims you!
3. Fire Insurance
If your equipment or studio catches fire, then Fire insurance will be able to protect against any physical damage that occurs and compensate you for the loss of your work. It’s important to remember that most standard home insurance policies won’t cover you for business activities, so make sure you get a policy specifically tailored to your needs!
4. Theft Insurance
If someone breaks into your studio and steals your equipment or materials, Theft insurance will be able to help you replace them. Again, it’s worth bearing in mind that standard home insurance doesn’t usually include business activities, so make sure you get a policy specifically tailored to your needs!
5. Stock Insurance
Craft stock Insurance can help protect your business against loss if you’re working with stock. This insurance covers any damage or destruction to the goods before they reach their final destination – if a flood washes away half of your supplies, then Stock Insurance will be able to compensate you for that lost profit! It’s also worth remembering that this type of policy covers you for any loss of stock from natural disasters and if someone claims to have bought something that they didn’t.
6. Legal Expenses Insurance
Suppose you’re ever taken to court due to your business activities. In that case, whether it’s because you’ve been accused of copyright infringement or just someone suing to claim they tripped over and hurt themselves in your studio, Legal Expenses insurance can help with the costs related to defending yourself.
7. Personal accident insurance
If you’re injured while working and can’t work for an extended period, then personal accident insurance will help cover the costs associated with your injury. It’s worth remembering that your employer’s liability or public liability policies will only cover you if the injury was a result of an accident, not due to negligence.
Why Do Craftsman/Craftswomen Need Craft Insurance?
Craft insurance is essential for several reasons. Not only does it protect you from the risks associated with crafting, but it can also help to minimise any financial losses you might suffer as a result of an accident or theft. It’s therefore essential for any crafter – whether you’re self-employed or run a business! It’s also worth bearing in mind that standard home insurance policies tend not to cover you for business activities, so make sure you get a policy specifically tailored to your needs.
If you rent a flat or business premises for your crafts business, Landlord Insurance can help protect your investment. This policy covers the building itself and any expensive equipment inside – if something were to happen, it would be able to compensate you for that loss of profit.
If you have expensive equipment – say, a multi-thousand-pound camera or a computer worth thousands of pounds – then Equipment Insurance will be able to help if something happens to it. This type of policy covers any damage that might occur while the item is in use and when it’s being transported from one location to another.
Find out more about the importance of insurance here.
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