A CERF+ survey of nearly 3,000 professional craft artists found that nearly seventy percent are not adequately insured for business losses. The closer to home they worked, the less likely they were to be insured. Those who actually worked in the home were the least likely to be insured.
Part of the problem is that many artists do not realize that their homeowners' insurance or renters policies provide little if any coverage for business property (typically about $2,500) and has no coverage for liability for business-related activities. That means that if someone slipped and fell during a studio visit, you would be on your own to reimburse medical bills, or defend a liability suit.
Artists also cited the difficulty of understanding insurance terminology and trouble finding companies that offer appropriate and affordable coverage as obstacles. CERF+ has been working to try to help craft artists clear these hurdles. A section on CERF+'s Studio Protector web site has information on understanding business insurance, where to buy it, and information on policies that cover things normally excluded from insurance policies such as protection for flood and earthquake.
CERF+'s Busines Insurance Guidebook for Artists is a pocket-sized Studio Protector publication that 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.
Most craft artists could insure for liability and property for about the cost of a latte a day, many for less. We encourage every artist to evaluate his or her potential losses, and then get an insurance quote or two, and then decide if you cannot afford insurance or if you cannot afford to be without it. We see far too many artists who do not have the resources to get their career back on track after a major loss.
The Studio Protector web site also has resources to find information about health coverage and health care.