Craft Insurance
Here at Bookastall, we get asked a lot about Craft Insurance and whether you should get it.
You should consider what would happen if a customer or someone visiting a craft fair was injured by you or one of your products. Or what would happen if your equipment or products were damaged. Could you financially cover it?
Just with home or car insurance, there are lots of choices out there, and there isn’t really a one-size-fits-all solution for Craft Insurance. You should therefore consider several different providers before making a decision.
Who should get Craft Insurance?
If you are handmaking items to give to or sell to members of the public, then you should have some Craft Insurance in place. You might think that if you are making things as a hobby and giving them away that you will be fine, you should reconsider.
If you are attending a craft fair to sell items – home made or bought – then you should also be getting the appropriate Craft Insurance.
Similarly, if you hold live classes to teach people, you should also be getting insurance.
What should your Craft Insurance include?
Thinking about what your craft business does will help you get an appropriate quote.
Chances are you are probably making something, so you should have Product Liability as a minimum.
If you are attending craft fairs, you should be including public liability in your Craft Insurance as well.
If you are teaching, you should make sure your Craft Insurance specifically covers you for this.
In terms of your equipment and stock, you should include all your raw materials, finished and part-finished stock, plus any packaging materials. You should also include cover for your computer equipment if you use a computer in any part of your business (selling your products, booking craft fairs, etc).
What should your Craft Insurance cost?
As with any insurance you have, the cost will vary from person to person, business to business.
It will depend on what you are including, the levels of cover you need, and what risk you are perceived as.
As a ball park figure, you should probably be budgeting for somewhere in the region of £50-150 for your annual premium. Of course this can be significantly higher if you are producing high value or high risk items.
What else should you consider?
When getting your Craft Insurance, you should be careful not to double insure. If (as mentioned in the previous paragraph) you are adding your laptop or computer to your Craft Insurance, make sure it’s not already on your home insurance policy.
In addition to this, you should check with your current home insurance provider to make sure your activities don’t invalidate it. If you are using part of your home for business purposes (holding a craft class there, as an example, or making your items at home), there’s a possibility that you could be in breach of your home insurance. The best thing is to call them and check.
Where should you go for your Craft Insurance?
There are many specialised providers of Craft Insurance, so be sure to get a quote from at least two or three before proceeding.
Companies like Craft Insurance, Craft Cover, and even Direct Line all offer specialist cover.
NOTE: we are not affiliated with these or any other craft insurance companies.
Important Note
The information in this article is meant as a GUIDE ONLY.
Please do your own research and make sure your policy covers you for your own business.
The writer of this article is NOT offering any form of financial advice.
Tracy EDWARDS
15 November 2024 at 12:25 pmThis is really useful for people that are just starting out. It can be very confusing and sometimes worrying. Good advice