Insurance policies are excellent tools to help manage business risks, and no industry, which includes the art industry, is immune from various business-related risks. This is why it’s crucial that your art gallery is adequately insured.
Art is everywhere. Art is not just for décor, however. It can also speak to your soul, evoke all kinds of feelings and memories, whether good or bad, and is an excellent tool for activism. As an art gallery owner, you’re providing artists, art connoisseurs, enthusiasts, and collectors a great service. This is why you need to safeguard your business with adequate art gallery insurance from a trusted provider.
Fine works of art are priceless since each one of them is unique and, therefore, irreplaceable. So what do you do if your art gallery is flooded, burns down, or vandalized because someone decided that your display is controversial? This is where having sufficient art gallery insurance will save you. Your insurance will help safeguard your business from the many risks it is vulnerable to.
Art pieces could be easily damaged by fire, water, and even natural disasters. In most cases, gallery owners don’t actually own the artworks they display but instead provide a place for artists to have their works displayed and/or sold, so specific insurance considerations should be considered.
For starters, insuring your art gallery will require proper protection and valuation of your inventory via appropriate property insurance coverage. Likewise, because the value of an art piece is usually subjective, proof of certified appraisals conducted by qualified appraisers is required when insuring your property. In addition, the value of your inventory could significantly vary as you replace old displays with new ones, so you’ll need coverage that will provide flexible coverage limits.
Due to the highly complex nature of insuring an art gallery, you should work with an art gallery insurance provider who understands your business. An experienced provider of insurance for museums and art galleries can help evaluate potential risks your business might face and determine the right amount and specific coverage that would be beneficial for your gallery.
Reputable art gallery insurance providers will be more than willing to provide comprehensive coverage. However, you must be clear about what you need to insure. You should also be honest with your insurance provider about risks that you’re already aware of. These risks can include whether your gallery is in a flood-prone area, whether you hold multi-million dollar art pieces inside your gallery, or whether you have a disaster management plan in place for ensuring the safety of expensive pieces efficiently and quickly.
Purchasing insurance for museums and art galleries could be an overwhelming and complex process, particularly if you don’t exactly know what your business needs. Our insurance professionals here at FACE (Fine Art & Collectibles Enterprises) can help you determine your risks to ensure that you buy adequate insurance that would best suit your specific coverage needs. You can reach us online or by phone at 916-439-8577 to learn more about insurance for museums and art galleries.