Insurance Coverage for Art Galleries
What insurance do art galleries need? All-risk insurance covers theft, damage by visitors, employees, or venue defects. Without this, galleries cover claims from assets. Fine art companies understand and protect fine art.
- Contents Insurance: Costs $12 per month. Coverage and deductible options vary. This suits exhibiting artists and businesses. Private collectors benefit too. Logistics firms give advice.
Insurance Costs for Artwork
How much does it cost to insure artwork?
Insuring artwork through Progressive typically costs 1.5% to 2% of the individual piece you are insuring. This means a $20,000 piece will cost about $300 to $400 each year to insure.
Types of Insurance for Artists
Most artists will be interested in three particular types of insurance coverages: professional property, general liability, and errors & omissions. Commercial property insurance is just as it sounds – it protects property that you use in the course of business.
On average, art galleries in America spend between $300 – $600 per year for $1 million in general liability coverage.
Conclusion
In conclusion, insuring artwork is a critical aspect that art collectors and institutions should not overlook. The cost of insuring artwork can vary significantly based on the artwork’s value, location, type, coverage amount, and other factors. While it is essential to keep the premiums manageable, you must ensure that your artwork is correctly insured.