The most common types of insurance for interior decorators are the following:
Why Do You Need Interior Decorator Insurance?
What happens if your employees are injured on the job? A client is hurt while visiting your showroom? Your office is damaged by fire, and you’re forced to close during renovation? You are sued by a client for an advertising error? The materials you purchased for your client’s home are destroyed or stolen?
If any of those events come to pass, what will you do? Without the proper coverage, your business may not survive the financial losses. B2Z offers insurance for interior decorators to help them weather the proverbial storm. Interior decorator insurance helps you repair or replace stolen or damaged items, pay medical bills for covered client and employee injuries, and defend or settle covered lawsuits—all so you keep your focus on beautifying your corner of the world.
What Kind of Business Insurance Do You Need?
Business Owner’s Policy (BOP).
A BOP is desirable because it provides decorators with multiple types of coverage in a single policy. It covers property damage and loss due to natural causes, vandalism and theft as well as destruction or loss of your clients’ furnishings and materials, your office computers and other equipment, and your design studio. A BOP also provides general liability coverage for clients who are injured in your showroom and lawsuits arising from those injuries, as well as property damage you may cause to the client’s property.
Workers’ Compensation Insurance.
Workers’ comp is required by most states for any business with employees. Do you employ a receptionist, assistant or movers? If so, workers’ comp coverage is most likely required. Workers’ comp covers employees who are injured on the job by providing medical and disability benefits. This no-fault insurance may limit your personal liability if the injured employee initiates a lawsuit.
Other Useful Insurances.
While many interior designers are satisfied with the basic policies described above, some opt for additional coverage. A professional liability policy is popular among our customers who provide design services. This type of insurance covers you if a client sues claiming bad advice, if the project exceeds the agreed-upon budget and if measuring mistakes result in additional costs. Additional policies designers may wish to consider are commercial auto insurance, cyber liability insurance and builder’s risk insurance (for those who also oversee projects).