Insurance is only needed if you have something to lose.
The more money you make, the more your house and tools are worth, the more reason to buy insurance.
I have a million dollar liability policy, but the only reason I have it is to get public art jobs- every single one requires a copy of your insurance as soon as you sign a contract. Liability alone for this amount usually runs a grand or twelve hundred a year.
For 15 years or so, I made chairs, candlesticks, and knickknacks, and sold them to a hundred or so stores and galleries around the country- never once did I need, or was I asked for, product liability insurance, and yet I was making products. But my yearly gross was about what a decent insurance salesman makes. If I had been selling a million dollars a year, you can bet I would have had more insurance.
My compromise these days is I have a business insurance policy, which includes liability.
I have to, because of the public art jobs, but also, I have 5 or 6 buildings that are studios on my land, and my homeowners insurance specifically says it wont cover business use. So I have one policy that is fire and theft for my studios and shops, liability, and also covers tools on job sites, breakins to the biz truck, and so on.
I guess what I am trying to say is, for a small scale artist, dont worry about it. If you are making a hundred grand a year on your work, then I would start thinking about insurance. If you own a couple hundred grand in tools, or a few hundred grand in business buildings, then, maybe.
Or, if you have a high net worth- that is, if you have something to protect from lawsuits.
Insurance is only needed if
Insurance is only needed if you have something to lose.
The more money you make, the more your house and tools are worth, the more reason to buy insurance.
I have a million dollar liability policy, but the only reason I have it is to get public art jobs- every single one requires a copy of your insurance as soon as you sign a contract. Liability alone for this amount usually runs a grand or twelve hundred a year.
For 15 years or so, I made chairs, candlesticks, and knickknacks, and sold them to a hundred or so stores and galleries around the country- never once did I need, or was I asked for, product liability insurance, and yet I was making products. But my yearly gross was about what a decent insurance salesman makes. If I had been selling a million dollars a year, you can bet I would have had more insurance.
My compromise these days is I have a business insurance policy, which includes liability.
I have to, because of the public art jobs, but also, I have 5 or 6 buildings that are studios on my land, and my homeowners insurance specifically says it wont cover business use. So I have one policy that is fire and theft for my studios and shops, liability, and also covers tools on job sites, breakins to the biz truck, and so on.
I guess what I am trying to say is, for a small scale artist, dont worry about it. If you are making a hundred grand a year on your work, then I would start thinking about insurance. If you own a couple hundred grand in tools, or a few hundred grand in business buildings, then, maybe.
Or, if you have a high net worth- that is, if you have something to protect from lawsuits.