People often ask us why they should have craft business insurance. It’s a valid question as they can’t see an obvious or immediate need for it.
But have you ever heard the expression, “A stitch in time saves nine?” I expect you probably have if you are reading this… but, just in case you haven’t, it means that it’s better to mend a hole when it’s small otherwise there will be more work to do to mend it when it has become larger. Getting craft business insurance when there seems to be no obvious or immediate need for it is a bit like that.
Craft business insurance might not appear important, but did you know that people actually exist who have a similar opinion towards arty or handmade products? They can’t see an obvious or immediate need for wonderful, original, handmade stuff! It makes me want to stand on a box and quote from the national curriculum…
‘Art, craft and design embody some of the highest forms of human creativity,… reflect and shape our history, and contribute to the culture, creativity and wealth of our nation.’
Whoever wrote the national curriculum agrees with me that art, design and craft are fundamental to the wellbeing of the nation. A necessity. It’s also my opinion that having the right insurance is fundamental to the wellbeing of a craft business… and it’s actually a necessity too.
If you are new to this game, let me explain a bit about insurance. There are different forms of insurance cover of which some will be absolutely imperative to the health of your business whilst others might not be necessary for you. Some of our craft business insurance is required by law, so without it your business is not just unhealthy, it’s illegal! Here’s a quick rundown on why you might need each different form of cover…
Employers liability insurance
Employers liability insurance is required by law if you have people working for you and it ensures their wellbeing. Without it, you could be fined up to £2,500 a day for each employee (eeek!) Employers liability insurance will help to guarantee the financial security of your business in the event of an accident befalling an employee for which you could be held liable. It is designed to cover the cost of a compensation claim made against you arising from an injury that has happened at work. The policy may also pay for legal costs and miscellaneous expenses and prevent a claim made against a business from spelling real financial trouble.
Public liability insurance
Public liability insurance isn’t mandatory under UK law although it may be required by your client contracts or by certain regulators or membership bodies. Most events and craft fairs will require you to have public liability insurance as they can’t afford to cover each seller for the cost of the event. It will cover you when attending any events where you are selling, demonstrating or teaching your craft, indoors or outdoors. For example, display stands can fall over and cause harm. Unfortunately, accidents do happen, resulting in injury or damage to property and, even when no harm was intended, you may be called upon to foot the bill when things go wrong. I’m proud to say that here at Craft Insurance there is zero excess on public liability insurance.
Product liability insurance
If your crafting business is online, product liability insurance will cover your products’ liability (if someone hurts themselves on one of your products for instance). This insurance will also cover you for rent a shelf scenarios, and having your items stocked by other retailers. And… you guessed it, at Craft Insurance there is zero excess on product liability insurance!
Stock insurance protects you should something happen to the craft products and materials you keep in stock. Your finished products or your craft materials stored at your business premises, at craft fairs on the stall, including over night, and whilst in transit with you, (only not when sent by post or by courier) are then covered against loss, damage or theft.
As an artist, every piece you create is bespoke and brilliant, and it’s you that chooses the raw materials and decides how it will look. It is of intrinsic worth to you and to the person who is going to love and it and purchase it. We understand this and that is why it’s your choice as to what you put into your policy. Your craft business insurance should be as bespoke as your craft and tailored to your particular business needs.
At Craft Insurance we always focus on delivering the widest cover and we have always looked for ways to improve it. That’s why we don’t charge administration fees for policy amendments or cancellation fees. This means, for example, that if you need to add or remove someone from your policy, we won’t charge you a bean for it.
If you are reading this and you have been putting off getting insured because there didn’t seem to be an immediate need, or you have been prioritising building the business, why not take the plunge today? Remember, a stitch in time saves nine!
We made a decision to take the pain away so that busy crafters can get a tailored quote in minutes. Click here to get a quote, it couldn’t be easier! To set up a DD, give us a call on 0800 919 359 or 01202 826127.