Museum And Art Gallery Commercial Property Insurance
Limits Of Commercial Property Insurance
| Value |
|---|
| Building coverage limit | $25,000-$1 million |
| Contents coverage limit | $5,000-$500,000 |
| Outdoor property coverage limit | $2,500 |
| Valuable papers and records coverage limit | $10,000 |
| Accounts receivable coverage limit | $10,000 (on premises)
$5,000 (off premises)
|
| Coverage limit for property of others in your custody | $50,000-$100,000 |
A commercial property policy will also be included in your museum and art gallery insurance. Get this to protect yourself in case something happens to the establishment where the equipment, artifacts, books, and artworks are displayed and stored.
Your museum and art gallery can use commercial property insurance to recover losses and pay for reconstruction or repair expenses in case the building is damaged or destroyed due to:
Fire
Theft
Vandalism
Civil commotion
Riot
Sinkhole collapse
Volcanic action
Vehicle
Aircraft
Rain
Hail
Winds
Snow
Other covered perils
Commercial property insurance doesn’t cover artworks, , and artifacts stored and displayed in the building. However, the policy can reimburse losses if HVAC, electric generators, computers, fixtures, and other similar business properties become damaged or lost due to the perils above.
Fine Arts Insurance for Museums And Art Galleries
Fine arts insurance protects your museum and art gallery’s artworks against theft, fire, malicious mischief, and sprinkler damage. When a covered peril happens, this insurance will reimburse your losses based on the total value of all covered artworks.
You get up to $50 million coverage from fine arts insurance. Some insurance companies also cover the following items inside your museum and art gallery with this policy:
Rare books
Collectibles
Stamps and coins
Musical instruments
Vintage vehicles
Commercial Auto Insurance for Museums And Art Galleries
Limits Of Commercial Auto Insurance
| Value |
|---|
| Auto liability coverage limit | $25,000 per bodily injury
$50,000 per accident
$15,000 per property damage |
| Uninsured motorist coverage limit | $25,000 per bodily injury
$50,000 per accident |
| Underinsured motorist coverage limit | $25,000 per bodily injury
$50,000 per accident |
| Medical payments coverage limit | $5,000 per person |
| Rental reimbursement coverage limit | $50 per day
$1,500 max |
It’s impossible to operate an art gallery or museum without a commercial vehicle. After all, you need a ride in order to move exhibits to other cultural establishments and transport employees or officers.
Insure the commercial vehicle of your museum and art gallery with commercial auto insurance. Commercial auto insurance covers risks associated with the ownership of a commercial vehicle. Your business can avail the following from this policy:
Physical Damage Coverage-Commercial auto insurance takes care of vehicle maintenance on behalf of your museum and art gallery. It has a physical damage coverage that you can get as comprehensive or collision insurance. Collision physical damage coverage will take care of parts repair or replacement expenses if your museum and art gallery’s commercial vehicle sustained damage after crashing into an object or another vehicle. Comprehensive physical damage coverage will take care of costs if fire, weather, vandalism, theft, and other covered perils caused the damage to your business’s commercial vehicle.
Rental Reimbursement Coverage-Rental reimbursement coverage takes care of car rental expenses while your commercial vehicle is being repaired after getting damaged due to weather, vehicular accidents, theft, and other covered perils.
Workers Compensation Insurance for Museums And Art Galleries
You can’t run a museum without permanent and part-time employees. When you have employees, it ultimately follows that you get them covered with workers' compensation insurance.
Workers' compensation insurance takes care of costs if an employee of your museum and art gallery sustains a work-related injury or disease. Here are some situations where you’ll find this policy useful:
A clerk of your business sustains carpal tunnel
An employee falls from a height while installing a display
An employee slips and falls on a wet floor
An employee sustains cuts or burns while handling a display
So how does workers' compensation insurance work? Workers' compensation insurance provides the funds you can use to cover these costs when an employee sustains a work-related injury or disease:
Employee Medical Treatment-Workers' compensation insurance allows your museum and art gallery to cover first aid treatment, emergency medical care, and surgeries when an employee sustains an occupational disease or injury.
Hospitalization-Your museum and art gallery can use workers' compensation insurance to cover food, room, and nursing fees if an employee needs to stay in the hospital after sustaining an occupational disease or injury.
Employer’s Liability Insurance for Museums And Art Galleries
Limits of Employer’s Liability Insurance
| Value |
|---|
| Per employee injury limit | $100,000-$1 million |
| Per employee injury by disease | $500,000-$1 million |
| Employee injury per policy limit | $100,000-$1 million |
Employer’s liability insurance is offered as part of workers' compensation insurance policies. Its job is to provide funds in case an employee files a lawsuit against the employer after sustaining a work-related injury or disease.
Commercial Crime Insurance for Art Galleries And Museums
Theft is the biggest threat when it comes to running a museum and art gallery. This is why you need to get multiple levels of protection against it.
Commercial crime insurance is an effective deterrent against financial losses if an employee or third party commits a crime against your museum and art gallery. The perils covered are:
Employee theft, larceny, skimming, forgery, and social engineering
Burglary or theft committed by third parties
Fraud
Computer fraud
Robbery
Art Exhibition Insurance
Limits Of Art Exhibition Insurance
| Value |
|---|
| Art exhibition general liability per occurrence limit | $1 million |
| Art exhibition general liability aggregate limit | $2 million |
| Art exhibition advertising injury coverage limit | $1 million |
| Products and completed operations aggregate limit | $2 million |
| Non-owned/hired auto liability coverage limit | $1 million |
| Rented premises liability coverage limit | $1 million |
| Medical payments coverage limit | $5,000 |
| Liquor liability coverage limit | $500,000-$1 million |
Also called art show insurance, art exhibition policy is a specialized type of special events insurance that covers art shows held in museums and art galleries.
You typically get this as a short-term coverage that lasts for hours, days, or weeks. Art exhibition insurance offers the following:
Rain Insurance for Art Shows
Rain insurance for art shows covers non-refundable expenses such as equipment rental. It will also cover any financial losses resulting from reduced sales and event cancellations. Coverage also applies to extra expenses when rescheduling the art show.
Art Exhibit General Liability Insurance
Art exhibition insurance automatically comes with a general liability coverage. This covers medical treatment, property damage reimbursement, and defense costs if an accident happens at the art show resulting in injuries to attendees, vendors, visitors, and other members of the public.
Art Exhibit Liquor Liability Insurance
Art exhibition insurance comes with liquor liability coverage. If you’re serving alcoholic drinks and a drunk guest sustains injuries or property damage, this insurance will take care of the costs. Coverage also applies if the drunk guest injures someone or damages the property of others.
Art Dealer Insurance
Art dealer insurance is a specialized coverage for those involved in the sales of artworks. Inclusions are general liability and professional liability insurance. Some insurance companies also offer commercial auto and commercial property insurance with this tailored insurance plan.
