Many people visit art galleries to admire and perhaps buy unique creations. So, if you operate a gallery, you'll likely find it a great way to add value to your community.
You might think the operation is simple. Think again.
Customer risks exist in every business, including galleries. You'll likely need commercial general liability insurance for situations involving third parties.
When you buy liability insurance, you'll find protection against harm to others. Even in a space like a gallery, it can come in handy.
What's Commercial General Liability Insurance
Most business owners think insurance will pay them after an unexpected accident. That's true, but liability insurance has another purpose. Though it protects the business, the funds actually go to a third party who claimed harm by the business.
If someone accuses a business of harming them, they can use the business's liability policy to receive a settlement. Most general policies will cover bodily injury, property damage and certain other harm third parties might sustain. They can also provide legal assistance to the policyholder in the event of lawsuits. Rather than paying a claim out of pocket, the policyholder can use liability coverage. That way, it will protect the gallery's finances while also helping the person who makes the claim.
Why Gallery Owners Need Coverage
If you own an art gallery, you might think it's a harmless enterprise. After all, you strive to create a beautiful, relaxing environment. Still, that enjoyable environment might still pose safety risks. After all, those can exist anywhere.
Let's discuss a simple exhibition. During these gatherings, you might set up displays throughout the space. Guests might fill the area, and many will likely remain standing throughout the event. So, as they move throughout the space, there's a chance that someone could slip and fall. If they do, they could require medical attention. They might also suffer lost income, and pain and suffering.
Slips and falls are among the most common liability risks in any business. So, if the injured party blames the gallery, they could request financial help. Some might even sue the business to pay their medical bills. In these cases, the gallery's liability plan might be able to compensate those affected.
Most general liability insurance will cover client slips and falls. So, it's imperative even for low-key spaces like galleries to carry this coverage. Ask your Dean, Heckle & Hill agent about the appropriate limits for complete asset security.