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How do I know what Craft Insurance my Business needs?

Traders- Hints & Tips | At the Market

Insuring your craft business may not seem like a priority, but if you want to grow and succeed in your craft, you need to protect yourself.

man using a laptop at a wood workshop

”How do I know what Craft Insurance my Business needs?”, a blog guest written with CraftCover.

How do I know what Craft Insurance my Business needs?

At CraftCover, we offer bespoke craft insurance policies for a number of different craft businesses across the UK. Whatever type of craft you specialise in, we can provide the right insurance for your business. 

In this blog we’ll explore what the different types of craft insurance mean and how they cover you, as well as the risks of your business not being insured.

What are the different types of craft insurance?

Your craft insurance should be bespoke to your craft, covering your specific needs and pieces of equipment. 

There are a few different types of craft insurance you may need for your craft business depending on the size and scale of it. 

Craft insurance can include:

You can also get additional craft insurance that will cover your equipment, your studio and your crafts to ensure yourself and your hard work are protected. 

What craft insurance does my business need?

The main two types of insurance your craft business needs are Public Liability Insurance and Product Liability Insurance. There are also additional insurance policies which you can add on to your annual policy if you wish to attend craft fairs or host a craft workshop. 

Public Liability Insurance

Public Liability Insurance covers your craft business against legal compensation costs that may arise due to a public injury as a result of your products or business operations. 

This type of insurance will cover you if a member of the public is injured, made ill or has their property damaged as a result of your products. 

Product Liability Insurance

Product Liability Insurance protects you against the costs of compensation for personal injuries and loss or damage to a property caused by faulty products. It also covers unforeseen circumstances that could not be identified in your quality checking processes. 

Craft Fair Insurance 

If you plan on attending craft fairs in the UK, it is vital you have an adequate level of craft fair insurance before you go. Most organisers will require you to have both public and product liability insurance up to a certain limit of indemnity.

At CraftCover, we know how stressful going to craft fairs can be, which is why with our craft fair insurance we automatically cover you for an unlimited number of fairs throughout the year. 

If you only go to a few fairs a year, we also offer one-off craft fair insurance which will only cover for 3 days worth of trading.

Craft Workshop Insurance 

Craft workshop insurance covers your business, equipment and premises as a third party when teaching craft classes to members of the public. During workshops, you will be running what is classed as a public and commercial activity; your duty of care applies to third parties. 

At CraftCover, we can include craft workshop insurance in your standard policy, meaning you will be fully covered when teaching your craft to others. 

Risks of your craft business not being insured

Although having craft insurance is not a legal requirement, it is an essential investment to protect your business from a range of risks. 

Accidents and mishaps can happen, especially when you are making homemade products and dealing with members of the public. Should someone be injured, die or have their property damaged as a result of your products, your business could be held liable for the compensation costs. 

These costs can be huge, and no matter what size your business is, being held liable for an accident could cause extreme financial strain.