When you open an art studio, you assume responsibility for the well-being of both employees and customers. Your business activities have the potential to affect these stakeholders in serious and costly ways, and business insurance protects you financially from some of these consequences. Since 1906, Muller Insurance has proudly served small businesses in New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states, with excellent coverage to protect you and your business. Here, we describe various insurance options that are suitable for art studios.
Small Business Insurance
Your art studio needs business insurance because it helps cover the costs associated with property damage and liability claims. Without business insurance, business owners may have to pay out-of-pocket for costly damages and legal claims against their company. Depending on the incident, this could be a financially devastating scenario for business owners. A business owner’s policy (BOP) is the most common policy for small businesses, typically including three basic types of coverage to help protect a business:
- Business property coverage: The property coverage in a business owner’s policy helps protect your business’ building and its contents against covered perils. For example, if there is a fire at your business, a BOP may help pay for building repairs (if you own the building). This coverage also helps replace business property, such as office furniture, computers, or machinery.
- General liability coverage: A business owner’s policy usually includes general liability coverage (sometimes called commercial general liability, or CGL). If a customer or visitor is injured at your business, and you’re found liable, general liability coverage may help pay for the injured party’s medical expenses. It may also help pay for legal costs if you’re taken to court over an accident that occurred at your business.
- Business interruption coverage: Sometimes called business income coverage, business interruption coverage is also typically part of a business owner’s policy. This coverage helps replace the lost income and extra expenses if your business is affected by a covered peril. For example, say a tropical storm or fire makes your office uninhabitable, business interruption coverage may help pay for rent costs at a temporary office while repairs are made.
Additional Business Insurance Coverages
There may be additional coverages you can add to your business insurance policy. Some available coverages may include:
- Errors and omissions insurance: This helps protect your art studio if a client holds you responsible for losses based on mistakes or erroneous advice supplied by the business.
- Data compromise coverage: This can reimburse your business for certain expenses after a data breach.
- Employment practices coverage: This may help pay for legal costs if your business is sued by an employee or contractor.
- Equipment breakdown coverage: This can help pay for the costs of repairing or replacing damaged or broken-down equipment inside your art studio after a covered incident.
- Outdoor property coverage: This covers your art studio beyond the front door. Whether a customer slips and falls in your parking lot, outdoor furniture is stolen, or your exterior sign is damaged in a storm, you are covered.
Protect Yourself and Your Art Studio
If you’re the owner of an art studio, Muller Insurance is here to help you find the right business insurance coverage. Contact us today to learn more about protecting your art studio in NJ or the other states we serve.