Source: Royalty-free stock photo ID: 529462264, Shutterstock
What is business insurance?
Business insurance (or office insurance / workplace insurance) allows you to know that your business is protected if you ever suffer a covered loss. As an interior designer with a leased office, you are at risk. The cost of insurance is low compared to the expense of an actual theft, fire or other unfortunate incident.
Let's look at some examples of interior design-related business accidents...
Hurricane Sandy studio space flood (2012)
In 2012, Hurricane Sandy caused a flood that severely damaged a large artists' studio space in New York's West Village. Nine feet of water flooded the studio's basement, destroying a boiler, oil tank, pumps, electrical equipment and much artwork. Some artists lost a lifetime of work!
Interior designers often share studio space with other designers, including graphic designers and artists. If a similar disaster occurred at a space leased by an interior designer — and they had office insurance — the insurance could potentially cover the office equipment at full replacement cost and at least a significant portion of the destroyed art. Front Row's office insurance policy includes flood coverage for up to your full equipment values (expect for BC and Quebec).
Balthazar restaurant mirror fall (2015)
In 2015, a massive 250-pound mirror fell from a wall in New York restaurant Balthazar and hit many diners on its way down! Some diners had to be rushed to hospital.
Many interior designers lease office space. What if a mirror or another object fell from a wall in an office leased by a designer and struck a guest or employee, causing injury? It could happen.
The commercial general liability (CGL) included in Front Row's workplace insurance policy could potentially cover all sums that the insured becomes legally obligated to pay for bodily injury, property damage or personal injury to third parties arising out of the insured's business operations. It includes the cost of a lawyer.
Toronto shared studio space fire 🔥 (2018)
In Toronto's west end in 2018, a shared studio space went up in flames, destroying thousands of dollars worth of art! The fire caused extensive smoke damage to the building.
If a similar disaster occurred at a space leased by an interior designer — and they had office insurance — the insurance could potentially cover the office equipment at full replacement cost and at least a significant portion of the destroyed art. Front Row's office insurance policy includes $10,000 CAD of fine arts coverage at no additional cost.
Examples of interior design-related business accidents that will occur in the next 10 years:
- 20% of interior designers will suffer a burglary or theft
- 15% of design studios will suffer water and freezing damage
- 15% will suffer wind and hail damage
- 10% will have a fire that damages furniture, computers and records
- 10% will have a customer slip and fall and sue for damages
- 10% will suffer reputational harm due to an IT system being hacked and client data such as business plans, credit information and emails being released
How can business insurance/office insurance help interior designers?
Protect your interior design business in the case of a lawsuit: Commercial General Liability coverage is designed to protect against all sums that you may become obligated to pay for bodily injury, property damage or personal injury to third parties arising out of your business operations. It includes the cost of a lawyer to defend you.
Protect your data: If you’re an interior designer, your livelihood is linked to your computer. Not only is much of your design work stored on your computer, you may also have accounting and client information on there. If you suffer a hack, your insurance can help you manage the costs associated with the loss. Front Row's office insurance policy includes $10K to cover a hack, at no additional cost. If you'd like more coverage than $10K, consider cyber liability insurance.
Protect your equipment: What if your laptop was stolen or damaged in some way? Unlike our competitors, under Front Row's office insurance policy, all your equipment has full replacement cost coverage for theft, damage, fire and loss of use.
Protect your interior design business by purchasing Business Insurance online! Obtain a fast quote and buy a policy online in just ~5 minutes, 24/7. No minimum premium:
About: Front Row Insurance Brokers Inc. is an independent insurance broker that provides workplace insurance for a very low cost. Should a claim occur, Front Row works diligently with clients and insurers to expedite payment of claims. Front Row has offices in Vancouver, Toronto, Montreal and Halifax.
DISCLAIMER: Informational statements regarding insurance coverage are for general description purposes only. These statements do not amend, modify or supplement any insurance policy. Consult the actual policy or your broker for details regarding terms, conditions, coverage, exclusions, products, services and programs which may be available to you. Your eligibility for particular products and services is subject to the final determination of underwriting qualifications and acceptance by the insurance underwriting company providing such products or services. This website does not make any representations that coverage does or does not exist for any particular claim or loss, or type of claim or loss, under any policy. Whether coverage exists or does not exist for any particular claim or loss under any policy depends on the facts and circumstances involved in the claim or loss and all applicable policy wording.