Art Gallery Insurance South Dakota Policy Information
Art Gallery Insurance South Dakota. Art dealers display and sell paintings, statuary, sculptures, and other types of artwork. The items may be owned by the gallery or on consignment from artists. Some provide facilities for art classes or studios on premises. Pickup, delivery and installation services may be offered.
Art can be found almost everywhere, especially in the form of paintings adorning the walls of your living room or your bedroom. Works of art instills soul consciousness and they have an ability to fuel your creative talent. Not only do paintings depict the mood of the artist, they also remind you of a controversial subject. Pieces of art also preserve a cherished memory.
In case you are an art dealer or the proprietor of an art gallery, it is your duty to keep your art pieces intact and safe from any mishap. A suitable art gallery insurance cover helps in safeguarding your art gallery and its assets.
Art gallery insurance South Dakota protects your gallery from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Why Should You Insure Your Art Gallery?
The art industry generates eleven billion dollars in revenue annually. In the United States alone, over twenty three thousand businesses deal in art, employing over thirty five thousand people. Hence, safeguarding the invaluable pieces of art as well as the jobs of several thousand employees, is of utmost importance. Cases of vandalism, theft and disasters (such as fire, earthquake) can destroy irreplaceable pieces of art and cause irreparable monetary damage. This is why insuring your business against such threats is vital with art gallery insurance South Dakota.
The Most Common Types of SD Art Gallery Insurance Coverages:
- Property Damage: Art pieces can be easily destroyed by fire and water. As most art pieces present within a gallery are owned by independent artists, it is vital for the art gallery owner to safeguard these invaluable pieces against property damage. In order to purchase a suitable policy, you need to first get the total value of your assets evaluated by a professional. Please note that your chosen art gallery insurance South Dakota policy should be flexible to adjust to the change in the value of assets. The value of assets within your art gallery increases or decreases in the event of fresh art additions and the removal of existing art work. Always select an insurance company that specializes in art insurance.
- Liability Insurance: An injury caused in your premises owing to a slip, a fall, is liable for compensation that your art gallery has to bear. Sometimes, a sharp edge jutting from an art piece may inflict an injury to a guest. At times, a guest may become reckless and damage your art pieces. This is why you need to opt for a general liability cover to safeguard your art gallery and its assets.
- Natural Disasters: Damage due to flood and earthquake are also to be considered while opting for a suitable insurance policy for your art gallery. More often than not, general liability insurance policies often excluded damage caused by earthquake and flood.
- Employee Dishonesty: If an employee steals from your art gallery or is involved in an illegal activity then, your policy should safeguard your business against such theft.
- Business Income: If you are unable to carry out normal business functions because you can't use your building to to a covered event, then business income insurance covers you. Income usually lasts up to a year in length and provides income until your business stabilizes.
- Employee Liability Insurance: Helps safeguard your art gallery in the event of an employee that files a case against your business. A suitable example is an alleged sexual harassment case filed by your employee.
- Workers Compensation: If an employee of an art gallery is injured while on the job then workers comp will pay for their injuries. Workers compensation is required by law for any non owner employees.
South Dakota Art Dealer's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris with flooring in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure.
All artwork should be secured so customers do not pull down items on themselves. Food and drink, including liquor, may be served at showings. Employees acting as bartenders should be trained to recognize the effects of alcohol. Spills should be quickly handled. If caterers are used, they should have certificates of insurance with contractual responsibility for any spills and liquor-related incidents.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area. If valet parking is provided, there should be a certificate of insurance from the providing firm. If classes are offered, employees working with youth must be screened, including criminal background checks. If installation services are offered, customers' premises may be damaged.
Products liability exposure is normally low. If the operation offers restoration services, careful review of the type of work being restored and the values involved are necessary.
Professional liability exposures exist if the gallery provides appraisals and/or authentication of artwork.
Workers compensation exposures are from lifting, back injury, hernia, sprains, and strains, from slips and falls, and from work at heights. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Shelves should be easily accessible for storage. Housekeeping in storage areas, especially during peak times, is vital in preventing trip and falls.
Repair work can result in cuts, burns, eye injuries, and respiratory ailments. Proper protection is necessary. Drivers of delivery trucks can be injured in accidents. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are high due to flammables used in painting and cleanup. These must be properly stored, separated, and controlled. Welded sculpture, screenprinting, etching, spray-painted graffiti, and photography laboratories have very high fire exposures which require a careful evaluation of controls. Most of the stock will not be covered by the business personal property coverage form so must be scheduled on a fine arts floater. Business interruption is a concern as appropriate backup facilities may not be available.
Crime exposures are from employee dishonesty and theft of money and securities. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank reconciliations. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises. Any traveling with expensive items should be tightly controlled.
Inland marine exposures are from accounts receivable if the store offers credit, bailees customers for items belonging to others, computers to transact sales and monitor inventory, fine arts, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises. Stock on hand will include items owned and for sale, items held for sale on consignment, loaned items, and items from the owner's personal collection.
Art works are highly susceptible to damage from fire, smoke and water. A fire suppression system should be in place that will cause the least amount of damage while controlling any fire. Fragile items can be easily broken. Theft is a concern, so proper security must be in place. The type of security will be dependent on the value of the stock on hand, but could include physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Business auto exposure comes from both pickup and delivery of customers' goods. There may be a private passenger fleet available in order for owners or employees to call on customers at their homes. All drivers must have a valid license and acceptable MVR. Vehicles must be regularly maintained with records kept.
Insurance For Your Art Gallery
If case you want more details regarding the above mentioned art gallery insurance South Dakota coverages, you should speak directly with a qualified insurance agent.
South Dakota Economic Data, Regulations And Limits On Commercial Insurance
When thinking about opening a business, there are a lot of factors that need to be taken into consideration. Of these factors, location is one of the most crucial. In order for your business to thrive, the area where you set up shop must offer a favorable economy and a market that will benefit from the products and/or services you provide.
Assessing the unemployment rate and the top industries that are thriving in a particular state can help you determine if a particular location will be beneficial for your venture. Additionally, it's important to have an understanding of the types of commercial insurance policies you'll need to carry to protect yourself and others you interact with, as well as to ensure you are complaint with the law.
If you're thinking about starting a business in South Dakota, read on for an overview of the economic trends and commercial insurance requirements in the Mount Rushmore State.
Economic Trends For Business Owners In South Dakota
According to the Bureau of Labor Statistics, the unemployment rate in South Dakota was 3.2% in December of 2019. While this is marginally higher than the 2.9% of July, 2019, it is still .03% lower than the national average, which was 3.5% in the last month of the year.
The low unemployment rate indicates that the state offers healthy conditions for prospective business owners who are considering establishing a company in the Mount Rushmore State.
There are several areas within the state that are seeing a spike in business development, including large metropolitan areas, as well as some smaller cities and suburban regions. The best places to open a business in South Dakota include:
- Rapid City
- Sioux Falls
Compared to the large, open expanses that South Dakota is famous for, the above-mentioned areas are easily accessible and more densely populated; hence why they're ideal for business endeavors.
There are several industries that are seeing significant gains in SD. Some of the largest industries include:
- Agriculture, fishing, and forestry
- Casino gaming
- Hospitality and tourism
- Services and labor
Commercial Insurance Requirements In South Dakota
The South Dakota Division of Insurance regulates insurance in SD. South Dakota mandates very few forms of insurance coverage by law. They enforce worker's compensation.
South Dakota requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
South Dakota also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Antique Dealers
- Appliance & Electronics Store
- Army Navy Surplus Stores
- Art Dealers
- Art Gallery
- Arts & Crafts Supply Stores
- Bicycle Shop
- Boat Dealers
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Carpet Store
- Cell Phone Stores
- Clothing Store
- Collectibles Memorabilia Store
- Consignment Stores
- Convenience Store
- Cosmetics Store
- Costume Stores
- Dry Cleaning
- Embroidery Services
- Equipment Rental
- Fabric Stores
- Fish Markets
- Flea Markets
- Funeral Home
- Furniture Store
- Gift Store
- Greeting Card Stores
- Hardware Store
- Harness & Saddle Shops
- Home Improvement Store
- Infant, Baby & Children's Clothing Stores
- Jewelry Store
- Lamp Stores
- Lingerie Store
- Luggage Store
- Meat Market & Butcher Shop
- Men's Clothing Stores
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pawn Shop
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Poultry Dealers
- Rent To Own Stores
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tire Store
- Tobacco Store
- Toy Store
- Travel Agency
- Trophy Stores
- Tuxedo And Formal Wear Rental Store
- Vending Machine Operators
- Wig Store
- Women's Clothing Stores
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.
Request a free Art Gallery Insurance South Dakota quote in Aberdeen, Antelope, Arlington, Ashland Heights and Alcester, Aurora, Baltic, Belle Fourche, Beresford, Blackhawk, Box Elder, Brandon, Britton, Brookings, Canton, Centerville, Chamberlain, Clark, Clear Lake, Colonial Pine Hills, Crooks, Custer, Dakota Dunes, De Smet, Deadwood, Dell Rapids, Eagle Butte, Elk Point, Eureka, Flandreau, Fort Pierre, Fort Thompson, Freeman, Garretson, Gettysburg, Goodwill, Green Valley, Gregory, Groton, Harrisburg, Hartford, Hill City, Hot Springs, Howard, Huron, Ipswich, Kyle, Lake Andes, Lake Madison, Lead, Lemmon, Lennox, Madison, Manderson-White Horse Creek and Philip, Marion, Martin, Milbank, Miller, Mission, Mitchell, Mobridge, North Eagle Butte, North Sioux City, North Spearfish, Oglala, Parker, Parkston, Parmelee, Piedmont, Pierre, Pine Ridge, Platte, Porcupine, Rapid City, Rapid Valley, Redfield, Rosebud, Salem, Scotland, Shindler, Sioux Falls, Sisseton, Spearfish, Springfield, Sturgis, Summerset, Tea, Tyndall, Vermillion, Viborg, Volga, Wagner, Wall, Wanblee, Watertown, Webster, Wessington Springs, Whitewood, Winner, Worthing, Yankton and all other SD cities & South Dakota counties near me in The Mount Rushmore State.
Also find South Dakota insurance agents & brokers, SD local small businesses by General Liability Class Code and learn about South Dakota small business insurance requirements for general liability, business property, commercial auto & workers compensation including SD business insurance costs. Call us (605) 205-5099.