Does this group find that most fairs and events actually require some form of insurance before you can set up and sell OR is it usually just recommended?
We find that while a lot of fairs and events have made insurance a requirement, the majority of crafters who have insurance do so because they realize there are risks that their homeowners policy typically do not cover. This would apply primarily to business property and business liability (trip and fall) coverage.
Chris Alexander
RLI Insurance Company
Replies
Another, viable option, is to put an "umbrella" rider on an existing policy. Or an umbrella policy. It would be coordinated with your other policues. However it will facilitate proper coverages as well as reduced premiums.
Keep in mind that an Umbrella Policy is excess liability over and above what you already have on an underlying policy (like homeowners, auto, etc.).
Make certain what you have covers what is needed as most Personal Umbrella Policies (PUP) may not provide coverage for any business related activities.
If you would like to ask us any questions about a PUP policy, we would be happy to assist!
Chris Alexander
RLI Insurance Company
844-249-2684
As a former licensed in all fields and Broker, I concur about making sure of overages and exclusions.
If it is done properly, working in the Umbrella direction is most efficient and economically feasible.
I pioneered "cafeteria plans", what seems like a lifetime ago.
As too..."excess liability over and above..." all insurance is such.
"Budget for the known... insure for the unknown."
An umbrella is an economical way to decrease your liability exposure, without as limited a peril or exclusions list.
I have used State Farm for decades to insure in-home studio, business, home owners and auto. Business policy covers shows and no hassles or questions about who pays if I should ever need to file a claim for loss at home on road or at show.
Chris, I only do 12-15 shows per year and only one of them requires insurance. Most other shows don't even mention it. I carry it because I don't want problems down the road. Does your insurance cover classes offered in the home? Is that more money?
While not every show may require it, there still is a need to protect the crafts that you have made. Think wind, fire, theft...
Chris Alexander
RLI Insurance Company
844-249-2684
www.insuremyhomebiz.com
I have never paid for this type of insurance, but I've never done a show that required it. Seems a few more shows actually require it now. I did Park City Kimball Arts Festival in 2006 and one store front business owner by my booth expressed concern directly to me about liability, but I didn't discuss the issue with him. Park City Kimball now requires vendors to carry insurance and to list the show on the policy or do whatever's necessary to secure and prove coverage. If we decide to apply to the show this time and get invited, I'll be paying for insurance for the first time. Here's the info about that from zapplication:
INSURANCE:
Participating Artists must maintain general liability insurance including bodily Injury and property damage liability in an amount not less than $1 million per occurrence/$2 million in the aggregate for the duration of the Festival. Participating Artists must provide proof of such insurance, listing KAC as an additional insured by July 13, 2018.
Insurance Resources:
A reference guide to artist insurance can be found at the following url:
www.studioprotector.org/OnlineGuide/Safeguarding/GettingtheRightIns...
Many insurance companies exist that can provide the required insurance. However, for price and efficiency, we have found ACT Insurance to be a good option. www.actinsurance.com
The links to these websites are provided for convenience and reference only and KAC takes no responsibility for the content of the website.
I attempted to access the link that you provided but nothing came up - I went out and found it and both RLI and ACT are listed as great options.
https://cerfplus.org/business-insurance-plans/
I copied and pasted this directly from zapplication.
Assuming that the business is home based, RLI can provide insurance for the requirements that you listed above.
If you have any questions OR if you might like a quote, please let me know:
Chris Alexander
RLI Insurance Company
844-249-2684
www.insuremyhomebiz.com
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