The Art of Living by Making Art

Jewellery inspired by nature and made by hand.
How I make it, why I make it, the challenges I face and the successes that come my way.

Monday, June 13, 2011

Insurance woes

Peacock green enamel on silver, choker length necklace.

Calling all jewellery artists who have a home based studio - are you having insurance difficulties?
For years I have insured my home-based jewellery business as an add-on to my house insurance. This year the company said they would no longer insure me. That is, they would not insure the business nor the house.

Reasons given were mainly for liability issues, especially because I was selling online and customers could be anywhere in the world, also I have customers coming to the studio in person to discuss custom pieces. My torch was an issue too, although it never has been in the past.

I called a couple of other jewellers I know who have home-based studios and incredibly to me they said that they had never told their insurance companies about their business! I think that they are wasting the premiums they are paying by not disclosing their studios. I wanted to be up front about everything I was doing.

I could have bought commercial business insurance for around $1800 a year but I really didn't want to pay that much. So for the last few months both my business and my house have been uninsured as I look around for someone who will take the risk. They seem to think that I have piles of gold and diamonds laying around, customers tripping down the steps and an unattended blow torch left alight!

This morning I heard from the insurance broker, she may have found a company to insure our house, excluding the studio contents, but including business liability at a reasonable price so I am off to see if it will work. Am I crazy to worry about this, should I just leave things to fate?