Garland Insurance Blog

Choosing Proper Levels of Artisan Business Insurance

A lot of work goes into creating and artisan business. You likely produce items that are unique, and that generate a lot of interest. Artisan businesses are economically important, and their products serve customers far and wide.

Business insurance policies are very important for all businesses. However, artisan businesses deal in specialty and unique products. The right business insurance will effectively protect artisan products and the items’ values. Artisans also need protection to ensure they protect employees and the finished products.

When choosing a business insurance combination, consider different approaches to buying policies. Always get enough for your artisan business.

Have Appropriate Inventory Coverage

Artisan products likely aren’t mass-produced. This makes their value and sustainability critical to the business’ success. If you lose your products in an insured peril, your business insurance will likely cover the items’ replacement costs.

Because artisan items are unique, that may drive up the amount of insurance that a business needs. Make sure that you have a high enough level of business insurance to fully cover a total loss of inventory. This money could protect you as you rebuild the stock.

Consider Special Coverage for Expensive Items

Some artisan businesses deal in extremely valuable, one-of-a-kind items. If you create an irreplaceable item, consider covering it with extra value until you sell it.

Perhaps you create a painting worth thousands of dollars. You might insure that piece separate from the other inventory. You can do that usually through an art insurance policy or a policy rider on your business insurance. That will help make sure that the painting alone has enough coverage until it

Invest In Liability Insurance

Liability insurance comes in several different forms for businesses. Almost all businesses carry some form of liability coverage. Artisans should consider this avenue as well. Three common liability insurance options can often protect artisans.

  • General liability coverage: This coverage will protect the business if someone gets hurt in your establishment. Sensitive manufacturing equipment or complicated displays may injure clients. General liability insurance can help you provide financial help to injured parties.
  • Product liability insurance: Artisans are often extremely involved in the creation of their products. But, once you sell these products there is always a chance that they could harm the buyer. For example, a bakery may accidentally sell cookies that sicken clients. As long as the bakery didn’t negligently or irresponsibly prepare the items, this coverage might help the business recover losses.
  • Workers’ compensation coverage: An artisan business often employees skilled craftsmen. There’s always a chance an artisan employee could get hurt or sick on the job. This coverage can help you provide income and expenses while the employee recovers.

Artisan businesses need business insurance that is as unique as their products. With the correct liability and inventory insurance, you can help your business thrive.

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