Tip of the Month: Slaying the Myth Monsters

Source: CERF+ Studio Protector

Myths may lie dormant on Monster Island, but when disaster rears its ugly head, they will come down on you like Godzilla’s foot on Tokyo! Knowledge is power and can help you keep your monster under control.

Myth: My studio is covered by my homeowner’s (or renter’s policy)

What Makes it a Monster:

  • The same policy that would cover your studio and its contents if you had a hobby no longer covers it if you use it for business purposes. You are in business if you offer goods or services for sale. It does not matter if you have a business license, either. A web site is enough proof for the insurance adjusters.

  • Most homeowner’s insurance policies exclude coverage of detached or “accessory” structures if they are used for business purposes.

  • Even scarier is the fact that the same exclusion applies to liability insurance. If someone slips and falls during a holiday tour, or a delivery person trips over something while picking up a gallery shipment, you are on your own. Eek!

  • Both a homeowners policy and business insurance policy typically exclude damage from flooding and earthquakes.

How to master the monster ...

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