Museum Liability Insurance Coverage Scope
Every museum liability insurance should cover your business from several claims; and include the following coverage types;
Professional Liability Insurance for Museums, Art Galleries & Exhibitions
When a person sues your museum for the services it provides, professional liability insurance for museums & art galleries will protect you. Many cases could result in professional liability. For instance, you can face a lawsuit when any of your staff acts inappropriately or does something unprofessionally. Making any error that leads to damage also falls under professional liability.
For example, a school may bring learners to your museum for an academic trip. Then, while explaining certain details about an animal on exhibition, your employee gives wrong information that makes many students fail that subject. The school or the parent then files a lawsuit against you for damages. When that happens, this insurance cover will protect your museum business.
General Liability Insurance for Art Galleries & Museums
Apart from professional liability, museum liability insurance should also include general liability. These are damages outside the services of your museum. For instance, when there is damage to the rented building, the policy covers it. Furthermore, injuries related to slip and fall accidents within the museum are covered. When one of the animals on exhibit breaks its barrier and causes serious injuries to visitors, this insurance policy will cover their medical expenses and possible court settlements. Therefore, it is vital to purchase museum insurance for your museum business.
General liability insurance normally includes public liability coverage in it and protects you from financial expenses due to damage caused to members of the public that visit your museum, art gallery or exhibition - however, general liability insurance will also cover you from any damages caused to employees and business owners as well!
Art Dealer Insurance
Art dealers that trade art with museums and art galleries or just with art lovers or business owners should consider art dealer insurance coverage to protect them as well. Generally, art dealer insurance covers a wide range of financial losses that occur in your business. Here are some of the areas that art dealer insurance covers.
Commercial Property Insurance for Art Dealers
This insurance policy covers your studios, commercial premises, your art collection, and other valuables against disasters like fires, floods, theft, and others. Commercial property insurance is vital for your art dealing business because it carries lots of inventories. If you have leased space in a warehouse, warehouse insurance may not cover your business. Therefore, it is important to purchase a comprehensive business insurance policy that protects you against all commercial risks like copyright infringement.
Commercial General Liability Insurance for Art Dealers
This is another important area covered by art dealer insurance. This policy covers any property damage and bodily injury that your clients might suffer while on your commercial premises. For instance, when a client trips over unattended cable wires in your art gallery and falls, suffering serious bodily injury, they might file a claim. In that case, this insurance policy covers all the expenses.
Professional Liability Insurance for Art Dealers
Professional liability is any damage caused by your art dealing services. For instance, when you advise your client and end up not achieving their goals, they could file a claim against your business. This is why it is important to get art dealer insurance that protects against all these claims. Without proper insurance cover, your business faces severe financial losses.
