When you start up in business you will need insurance cover. Contact an insurer and explain exactly how your business will operate. They will then recommend what cover you should have. This might include:
- employer's liability
- public liability
- premises, premises contents and stock (including shoplifting)
- goods in transit (being collected or delivered)
- defective title cover
- damage to art works - including items that are being framed, restored or worked on in some other way
- cover for exhibitions
- cover for items at auction
- business interruption
- motor insurance (for delivery vehicles)
Premiums may be paid in a lump or they may be paid in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.
Some insurers specialise in providing cover for art trade businesses and can offer a package of insurance that meets the specific needs of the industry. The Fine Art Trade Guild has negotiated special rates on business insurance cover for its members.