The Canvas: Mandatory Insurances
Legal requirements – you have to have them…
1. Workers’ Compensation
Insurance against your liability to employees for injury or illness arising from the work they do for you. [NB: freelancers, art fair staff?]
2. Third Party Auto Insurance
Mandatory if you use vehicles on the road in the USA on company business.
The Base Coat:
Critically important - clients & suppliers often require you have them:
3. General Liability Insurance - for injury/damage claims against you
4. Errors & Omissions Insurance - in case you screw up
5. Employment Practices Liability (EPL) - ‘limited liability’ is a misnomer!
6. Property Insurance – for physical assets including buildings, equipment, computers & data, systems breakdown [NB: Terrorism Insurance is separate – covers terrorist acts AND THREATS]
7. Consequential Loss Insurance - protects your income streams where there’s an unexpected interruption to business operations. Masterstrokes of Colour and Texture
8. Fine Art Dealer Coverage
• Stock, inventory, Reference Library @ location
• Bailee Legal Liability – loaned consignment property
• Transit, Art Fairs, Exhibitions, Shipping
9. World Wide Coverage
• Art Work
• Private Views, Receptions, Readings
• Event Cancellation
10. Group Travel and Personal Accident
Top Tip: Check your contracts – some contracts require specific types of insurance!
Quote within 24 hrs
ur in-depth understanding of the unique risk exposures in the art world means we speak your language - and we can save you time and hassle in the event of a claim. Our expertise is backed up with efficient and highly personal service and our wealth of experience spans over 50 years.
Whatever your specialism, we’ll take a creative and innovative approach to structuring your Fine Arts insurance programme and select for you an insurer who demonstrates understanding and experience of your field. We’ll support you with great advice - helping you manage your risks and make good decisions to protect your organization or collection.
At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective.