Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Art Gallery Insurance Washington
Art Gallery Insurance Washington. 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 Washington 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 Washington.
The Most Common Types of WA 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 Washington 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.
Washington 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 Washington coverages, you should speak directly with a qualified insurance agent.
Washington State Economic Outlook & Business Insurance Requirements
For anyone who is thinking about starting up a business, it is important that they choose a location that suites the industry that they wish to work in. With that said, in order to determine whether or not a location is the right choice for your business, you should have an idea about the state's economic status. You should also have an understanding of the WA state regulations related to the types of commercial insurance that you are required to carry.
If you are thinking about starting up a business in the State of Washington, below, we offer some insight into the state's economic status. We also offer a glimpse at the WA insurance requirements that business owners must abide by.
State Of The Economy In Washington
Washington state may be famous for its gloomy weather, but when it comes to the economy, things here look bright. The economic outlook for Washington is healthy. It is expected that there will be more jobs added in the 2019 calendar year. There will be an increase in the productivity of labor. There will also be an increase in the state's unemployment rate during the year 2019, with a forecasted rate of 4.7 percent.
Washington is regarded as one of the top for businesses in the nation. In fact, it is listed at the 11th best state for business by Forbes. The industry that is expected to see the most growth are related to STEM (science, technology, engineering, and math). Among the top industries in this state include information technology. Education, healthcare, finance, and travel and tourism also contribute largely to the awesome economy of this state.
Commercial Insurance Requirements In WA
The Washington State Office of the Insurance Commissioner regulates the insurance industry in WA. Businesses are legally required to carry workers' compensation insurance. This type of coverage is required for any business that employs either hourly or salaried employees, and either part-time or full-time employees. You are also required to carry commercial auto insurance if you use a vehicle to conduct any type of business in this state. That means that if you are using a car to transport goods, make deliveries, or meet with clients, you must carry business auto insurance.
While commercial general liability insurance is not required in Washington, it is highly recommended. This type of insurance offers protection from lawsuits and other legal fees that may arise.
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.
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Luggage Store
- Music Store
- Nursery And Greenhouse
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
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.
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