Starting a Hand Casting Business - What Business Insurance Do I Need?

I am often asked, "What business liability insurance do I need to start a Baby Hand Casting Business?"  I'm going to answer that question, in detail for you now.

Please also see links at the end of this article to some specialist Craft Insurance Brokers, who will be able to provide you with quotes, so that you can compare cover and premiums and obtain the best price to start your Baby Hand Casting Business.

When running any Business, it is essential that you are adequately covered for Insurance. Your requirements will vary depending upon your own circumstances, including, where you intend to operate your business from and also the equipment that you will be using.

At the very least you will require public liability insurance, to protect you and your Baby Casting Business from accidental injury and property damage. If you are planning to work from home, this could affect your building and contents insurance, so it’s important to update your home insurance with the relevant facts. Remember also, to notify your insurer if you intend to operate a kiln from your home or business premises, as this may also affect your policy.

Although you do not need a Kiln to start a Baby Hand Casting Business, if you are offering any other Keepsake products, which do require the use of a Kiln, such as Clay Imprints or Fingerprint Jewellery, it’s important that you let your insurance company know.

Why does a Baby Casting Artisan need liability insurance?

As a professional Baby Casting Artisan in the event of incorrect knowledge, expertise or training, you could be exposed to the possibility of legal action being taken against you, during the course of you business activities, in respect of your legal responsibility for personal injury or property damage.

Although, during my twenty years involved in life-casting, I have never had to make a claim and I am not aware of any Professinal Keepsake Artisan's that have, claims in respect of these liabilities, could be expensive to defend and even more expensive if you are found legally liable. This is why proper business insurance is essential.   Baby Casting Business Liability Insurance exists to protect you against these losses, by providing you with insurance in respect of any awards made against you and the defence costs of any claim.

Why sort of Business Liability Insurance does a Baby Casting Artisan need?

For the majority of Baby Casting businesses, you will simply require Public Liability Insurance, but you may wish to also inlcude Product Liability insurance to protect you in respect of any claims made against you arising from the sale or supply of a product. This is normally all that is necessary, but if you intend to employ others to work within your Baby Casting Business, or offer professional services, such as consultancy or education, you may also require Professional Indemnity Insurance.

Here is a break down of the various types of Liability Insurance and what you may need:

• Public Liability Insurance– to protect you against claims made against you in respect of your legal liability for personal injury or damage suffered by third parties.
• Product Liability insurance– can also be included within your public liability insurance to protect you against claims made against you arising from the sale or supply of a product.
• Employers Liability – to protect you against claims made against you in respect of your legal liability for death, disease or injury sustained by an employee during the course of their employment with you. (Obviously only necessary if you intend to employ other people within your Baby Casting Business).
• Professional Indemnity Insurance – to protect you in respect of your legal liability for loss arising from a breach or an alleged breach of professional duty.

How much does liability insurance for a Baby Casting Artisan Cost?

The cost for liability insurance is based upon the risk information provided to the underwriter, which is why it is important that you obtain quotes for Baby Casting liability insurance from specialist insurance brokers that understand the Craft, Handmade and Baby Casting market. I will provide a list of such Insurance Brokers, towards the end of this article.

How much Liability Insurance does a Baby Casting Artisan need?

This is based upon the maximum amount that the insurer will pay out for a single claim, or in some cases, the maximum amount they will pay out in a year. The most common limits tend to be in the region of £1 million, £2 million or £5 million, although other limits are available and are set by you, based upon your own personal requirements. When choosing this limit, you will need to decide how much cover you think you will need.

Getting Quotes for Baby Casting Artisan Insurance

I’ve already briefly mentioned, the various types of insurance policies that you may require, such as Public Liability Insurance, Product Liability and Employee Liability. However, if you hold a valuable amount of stock, materials and equipment, you may also wish to consider, shop, studio, stock or tools insurance (sometimes referred to as a Tradesman Insurance).

Don’t forget to inform your insurance company if you intend to operate a kiln from your home or business premises.

To help you find the most appropriate policies for you Baby Casting Business, I have complied a list below, of insurance brokers, who are familiar with the Craft and Creative Business sector, which should be able to advice and recommend the best policy at the best price, for your needs. I hope that you find this helpful.

• www.craftinsurance.co.uk
• www.blackfriarsgroup.co.uk
• www.craftcover.co.uk
• www.towergateinsurance.co.uk
• www.summersinsurance.co.uk
• www.naturesave.co.uk

If you need any further help and support with starting your Baby Casting Business, please message me or register for my FREE Guide on “How to start your own Baby Casting Business” and my FREE MINI COURSE on how to get started.