Insurance for commercial art galleries, print shops and photography galleries.
Speak to a specialist retail insurance broker who understands your business.
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The following covers are typically available as part of a retail package or commercial combined policy for your type of business.
Most retailers can choose between a shopkeepers package policy (a pre-built bundle of covers) or a retailers commercial combined policy (where you select and tailor each section). A broker has a responsibility to recommend the right approach based on your specific demands and needs — and to ensure you are adequately covered, not just cheaply covered.
These are the risks and coverage gaps most commonly seen in this type of retail business. A broker familiar with your trade should address all of these at inception.
Buying a cheap policy is a false economy if the cover is inadequate. Many retail claims are settled at less than the full loss because the sums insured — for stock, contents or business interruption — were too low. A broker has a legal duty to advise on adequacy of cover. Buying direct from an insurer leaves that responsibility entirely with you.
Before purchasing retail insurance, always verify the credentials of the insurer or broker you are dealing with. Check specifically how long they have been arranging this type of cover. Ask whether your policy is underwritten by a UK-based insurer or an offshore carrier, as this can affect your rights and protections under the Financial Services Compensation Scheme (FSCS) in the event of insurer failure. The onus is on you as the policyholder to satisfy yourself that both the cover and the insurer are appropriate for your specific needs.
Questions we see regularly from businesses like yours.
This depends entirely on your policy wording and your agreement with the consignor. Some policies cover goods held in trust; others do not. You and the artist or consignor need to have a clear written agreement about who holds the insurance risk. Discuss with your broker.
Work with a broker who understands retail — and who has a duty to recommend cover that meets your needs, not just sell you a policy.
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