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Company insurance is intended to safeguard the financial assets of a firm owner and is a necessary investment for an art consultancy business.

Company insurance is intended to safeguard the financial assets of a firm owner and is a necessary investment for an art consultancy business.


This article will discuss the primary insurance coverage for art consulting firms, general liability insurance, as well as additional products that are appropriate for this industry.

Art Consulting Companies Need General Liability Insurance

Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.

General liability insurance covers the following risks:

Physical harm

Damage to property

Medical expenses

Legal defence and decision

Personal and commercial harm

While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.


Example 1: You tumble and fall into a client’s computer station when visiting her house. Your tumble destroys numerous pricey pieces of equipment. The expense of repairing or replacing the customer’s damaged property would be covered by general liability insurance.

Example 2: You are walking through a client’s office building when you round a corner and run into a company employee. The employee trips, knocks her head on the ground, and sues you for compensation. Your legal bills and any needed settlement would be covered by general liability insurance.

Example 3: A libel suit is filed against you by an artist. While you’re not sure what he deems libel, you should engage an attorney right once. Your general liability coverage will cover the cost of your legal counsel as well as any awarded settlement.

Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.

General Liability Insurance Cost

In the United States, art consulting firms pay between $300 and $600 per year for $1 million in general liability insurance.

The cost of your coverage will be determined by a number of variables. Among them are your:



Employees’ number

Per-occurrence restriction

The overall aggregate limit

You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.

Other Types of Coverage Required by Art Consulting Firms

While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all art consultancy firms should have are as follows:

Insurance for Professional Liability

While you endeavour to offer accurate advise in the best interests of your customers, there is always the possibility that one of them may claim your services harmed them. If a consumer sues you for your services, professional liability insurance will pay your legal bills as well as any needed compensation.

Insurance for Commercial Vehicles

In the case of an accident, any car you use mainly for work needs commercial auto insurance to cover the vehicle, driver, and others on the road. Choose a policy that not only covers accident-related vehicle repair expenses and medical care for anybody harmed, but also provides enough coverage for any business documents you transport in your vehicle.

Coverage Options for Some Art Consulting Firms

In addition to the insurance listed above, your art consultancy firm may need other forms of coverage based on particular elements of your activities. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.

Insurance for Home-Based Businesses

If you conduct any portion of your company from your home, you may need this insurance to protect your equipment and the area in your house dedicated to your business. If you do not declare that you use your home for commercial reasons, your standard homeowners insurance coverage may not cover business-related things. If a customer is injured while visiting your office, for example, this coverage ensures that you are adequately protected.

Umbrella Insurance for Businesses

While most claims are covered by your general liability insurance policy, certain incidents or lawsuits may be so severe that they threaten to deplete the limits of your main coverage. Commercial umbrella insurance protects you from having to pay for legal expenses and awarded damages that exceed the limits of your main policy out of pocket.

Additional Security Measures for Your Company

Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.

With this in mind, here are a few steps you can take to better secure your company:

Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)

To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)

Keep your company licences up to date.

Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.

If your company is an LLC, you should check into LLC insurance.