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Risk Management
Risk management is critical to running your business safely and responsibly. It involves lessening your exposure to risk by employing safety precautions particular to your business while securing protection against catastrophe through adequate insurance coverage. It's taking the offensive rather than wishing you had put something in place after the disaster strikes. We all have a strong desire to preserve what we have. If you want to protect your studio equipment and materials as well as your ability to earn an income, you need to have a risk management plan and business owner's policy in place.
Safety Precautions
Having proper insurance coverage for your business doesn’t lessen the importance of having safety precautions in place to reduce the likelihood of a loss and the size of a loss, if one should occur. A complete review of the subject is beyond the scope of this paper, but below is a list of risks that art businesses are commonly exposed to. A complete risk management plan includes taking all reasonable steps to reduce the potential loss from these risks, whether at your studio, in transit, or on location.
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Personal injury (self, employees and customers)
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Property (structure, inventory, tools, supplies, records, etc.) loss from fire or natural disaster
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Theft
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Store Copies of Records in an “SOL.” Another vital precautionary step to take for your risk management plan is to have up-to-date records of you assets in a SOL (Safe Off-site Location someplace 50-100 miles away from your studio that would be unlikely to be affected by the same disaster). If you do experience a property loss, these records, along with a visual and written record of losses, will prove invaluable. Records usually include photos, videos, recent backups of computer files and copies of important documents.
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Document the contents of your studio and store in an “SOL.” Open drawers and photograph everything with a digital, film, or video camera. If you are using video, talk about what is in the picture. This documentation will be invaluable if you need to file a claim and provide evidence of what you lost. Do not trust it to your memory, you probably have a lot more things than you will be able to remember. The Studio Protector Blog has a how-to piece on doing a studio inventory.
Insurance Resources
 CERF+ maintains a listing of nationally-marketed business insurance plans that have been designed for artists, and resources to assist artists in making informed decisions. If you find a listing that is no longer up-to-date or fail to receive a reply, please send us an email.
Business Insurance Plans
The following organizations and companies offer business insurance to artists. We provide this as a resource only, and do not endorse products offered by any company or organization. If you know of other organizations or companies who have plans specifically designed for artists please contact us at: insurance@studioprotector.org
Please note: Insurance companies do not monitor these listings - please contact desired companies directly to obtain quotes.
To filter the listings select the criteria that apply to your search and press the "filter" button. The clear filters link will return the entire list and clear your filter selections.
 Business Insurance Guidebook for Artists
A Studio Protector® publication by CERF+, this pocket-sized booklet contains the essential information you need to assess your business insurance needs and to purchase a business insurance policy for your studio — all in easy to follow checklists and tips. It is available for $3.00 including postage from the CERF+ Store.
A printable pdf version is also available for free download.
Insurance Resources
The following companies and organizations may be helpful in researching business insurance and in checking out specific insurance companies and underwriters. Also, see other pages in this section.
A. M. BEST COMPANY, INC.
A. M. Best Company does independent ratings of insurance companies. Register with them to access the financial stability ratings for your current or potential insurance carrier.
Ambest Road
Oldwick, NJ 08858
Phone: 908-439-2200
E-mail: customer_service@ambest.com
www.ambest.com
FIGHT BAD-FAITH INSURANCE COMPANIES (FBIC)
FBIC compiles ratings from state insurance agencies and from individuals who have made insurance claims to establish good and bad faith ratings for insurance companies.
E-mail: MyBadFaithStory@badfaithinsurance.org
www.badfaithinsurance.org
INSURANCE INFORMATION INSTITUTE
This insurance industry supported site has information about a wide variety of types of insurance, news items about insurance industry trends, and a variety of consumer-oriented brochures that can be viewed online or downloaded (http://www2.iii.org/store/index.cfm?section=Online - scroll down to find listings).
10 William Street
New York, NY 10038
Phone: 212-346-5500
www.iii.org
STANDARD & POOR'S
Standard & Poor's does independent ratings of insurance companies. Register with them to access the financial stability ratings for your current or potential insurance carrier.
55 Water Street
New York, NY 10041
Phone: 212-438-1000
E-mail: questions@standardandpoors.com
www.standardandpoors.com
STATE INSURANCE DEPARTMENT LISTING
Through your insurance commissioner’s office you can find out if an insurance company is licensed to do business in your state. Some states also maintain complaince rankings for insurance companies doing business in their state. Your insurance commissioner's office may also be of assistance if you have a claims-related dispute with your insurance company.
National Association of Insurance Commissioners
2301 McGee Street Suite 800
Kansas City, MO 64108-2662
Phone: 816-842-3600
www.naic.org
UNITED POLICYHOLDERS
A non-profit organization dedicated to educating the public on insurance issues and consumer rights. The website contains much useful on purchasing insurance and information relating to making an insurance claim.
110 Pacific Avenue, PMB 262
San Francisco, CA 94111
Phone: 510-763-9740
E-mail: info@unitedpolicyholders.org
www.unitedpolicyholders.org
Tim & Nora
Do I Need Property Insurance for My Art Studio?  Property Insurance
In this animation, Nora is trying to decide whether she needs business insurance for her new art studio. In Part 1, she and Tim talk about property insurance.
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Tim & Nora
Property Insurance
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Do I Need Property Insurance for My Art Studio?
In this animation, Nora is trying to decide whether she needs business insurance for her new art studio. In Part 1, she and Tim talk about property insurance.
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Tim & Nora
Do I Need Liability Insurance for My Art Studio?  Liability Insurance
In this animated video, Nora is trying to decide whether she needs business insurance for her new art studio. Part 2: She and Tim talk about liability insurance.
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Tim & Nora
Liability Insurance
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Do I Need Liability Insurance for My Art Studio?
In this animated video, Nora is trying to decide whether she needs business insurance for her new art studio. Part 2: She and Tim talk about liability insurance.
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Casey Summar
Artists and Business Insurance  Why Artists Need Business Insurance
Casey Summar, Executive Director of Volunteer Lawyers and Professionals for the Arts (Nashville, TN) talks about potential liabilities and why artists should consider purchasing business insurance.
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Casey Summar
Why Artists Need Business Insurance
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Artists and Business Insurance
Casey Summar, Executive Director of Volunteer Lawyers and Professionals for the Arts (Nashville, TN) talks about potential liabilities and why artists should consider purchasing business insurance.
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Carrie Logan
Artists' Preparedness and Insurance  Business Insurance for Artists
Carrie Logan, Public Arts Manager for the Metro Nashville Arts Commission speaks about public art contracts, liability insurance requirements, and the need for artists to be prepared for emergencies.
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Carrie Logan
Business Insurance for Artists
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Artists' Preparedness and Insurance
Carrie Logan, Public Arts Manager for the Metro Nashville Arts Commission speaks about public art contracts, liability insurance requirements, and the need for artists to be prepared for emergencies.
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Gary Spykman
If the Water Comes Up...You're Not Covered  Flood Insurance
Furniture maker Gary Spykman talks about an insurance issue that arose after his studio was flooded.
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Gary Spykman
Flood Insurance
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If the Water Comes Up...You're Not Covered
Furniture maker Gary Spykman talks about an insurance issue that arose after his studio was flooded.
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