Homeowners and renters insurance is a great place to start, but it’s not going to cover your arts practice. Insurance companies consider arts practices to be businesses, even if you’re not making any money at it. You’ll need business insurance policies.
Insurance is there for the times when even your best-laid plans are no match for a disaster. If you have items that would cause a financial hardship to replace, you should consider insurance.
Here’s a quick rundown of what you may want to consider:
General liability insurance: protect yourself from lawsuits. Can be bundled with coverage for business personal property (furniture, telephones, etc.).
Property/Equipment coverage: protect your specialty equipment, props, instruments, costumes, and the like. This can include protection for negatives and data.
Artwork coverage: property coverage for fine artwork.
Flood insurance: if your policies exclude floods, you can purchase flood coverage separately.
How do I know I’m getting a good insurance policy? What should I look for in a policy?
I don’t have any lists of what I would want to insure. How do I take inventory? It’s not hard! Take Inventory