Fine Art Insurance is essential for galleries, museums, and collectors operating throughout Australia, including in major cities like Perth, Sydney, Melbourne, Brisbane, and Canberra. BAU Risk offers specialized protection tailored to the unique risks associated with handling and displaying fine art.
This insurance safeguards valuable assets against property damage, liability claims, and business interruptions, allowing institutions and individuals to focus on showcasing and preserving art without concerns over unforeseen incidents.
According to the Insurance Council of Australia, the average claim for fine art theft or damage is around $50,000, emphasizing the need for comprehensive insurance coverage for art businesses.
A report from Art Market Australia indicates that natural disasters and accidents account for 40% of all fine art insurance claims, with restoration costs often exceeding $100,000 per incident.
BAU Risk’s Fine Art Insurance encompasses several crucial coverage areas to ensure comprehensive protection. Property Insurance shields valuable artworks, frames, and displays from potential damage or loss due to accidents, natural disasters, or other incidents, ensuring the security of your collection. Public Liability Insurance provides protection against third-party injury or property damage claims, a vital safeguard for venues that welcome public visitors.
To support business continuity, Business Interruption Insurance offers financial assistance during times when unexpected events impact operations, helping to stabilize income during temporary closures. Additionally, Professional Indemnity Insurance is critical, covering potential claims of negligence or errors in professional art handling, valuation, or restoration services.
For organizations with a team, Workers’ Compensation Insurance provides coverage for staff injuries sustained on the job, supporting employee well-being. Management Liability Insurance further protects the institution’s leaders from potential legal and financial risks, promoting responsible management and operational stability.
Protects assets and equipment from damage or loss.
Covers third-party injury or property damage claims.
Provides financial support during periods when operations are disrupted.
Provides protection against claims of negligence or errors in professional services.
Covers medical expenses and lost wages for employees injured on the job.
Offers protection against claims related to management decisions and actions.
By investing in Fine Art Insurance, companies can ensure they are protected against various risks, allowing them to operate smoothly and efficiently.
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Keeping your business covered, so you can keep business as usual.
BAU Risk Services Pty Ltd is a Corporate Authorised Representative (CAR No. 001308013) of Apollo Risk Services Pty Ltd AFSL 403727 and provides General Insurance and Risk Management Services to their Australia wide clientele.