FROM OUR PARTNERS

Best Crafters Insurance of 2022

Bryan Keith

As a crafter, you put your heart and soul into the products you make. For all the time and effort that you put into your business, crafting insurance can help protect your hard work from the various liabilities that come with crafting. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.

Affordable plans and coverage provided within minutes

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.

What we like

  • Affordable insurance plans
  • Customized coverage to fit your business
  • Get covered within minutes
  • Near instant access to proof of insurance
  • Quick and easy to process claims

What we don't

  • Not available in New York

Covers a wide range of industries

$2,000,000

Coverage Up To

$1,000+

Deductibles

Overview

Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.

What we like

  • A skilled advisor to assist you
  • Free quotes from multiple insurance carriers
  • Covers low risk to even some high risk industries
  • Online account management

What we don't

  • No brick-and-mortar offices
  • Deductible costs

Offers a range of insurance poilicies

$2,000,000

Coverage Up To

$0 - $2,000

Deductibles

Overview

Simply Business provides insurance policies for a range of professions and small businesses.

What we like

  • Various business insurance policies
  • Quotes from multiple providers
  • Fast and easy application
  • Strong customer satisfaction

What we don't

  • Policies are a through a third party
  • Claims must be filed through insurance provider

Customized solution to fit your business needs

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.

What we like

  • Established insurance company
  • Dual auto insurance
  • Customizable insurance for over 180 industries
  • Deductibles starting at $0
  • Affordable rates

What we don't

  • Limited US offices
  • Coverage limited to $2 million online

Flexible coverage by the year, month, day, or by the job

$2,000,000

Coverage Up To

$0 - $10,000

Deductibles

Overview

Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.

What we like

  • Scheduled coverage options
  • Coverage by the job available
  • Buy a policy online within minutes
  • No hidden fees
  • Affordable plans
  • Drone insurance

What we don't

  • Not available in New York

eCommerce-only insurance solution

$2,000,000

Coverage Up To

$0 - $5,000

Deductibles

Overview

Spott will ensure that your policy coverage is tailored to your business while complying with Amazon’s Terms and Conditions. They also track changes to Amazon’s Terms and Conditions to identify potential issues with listings before a suspension.

What we like

  • Tailored eCommerce insurance
  • Liability insurance for Amazon sellers
  • Store Suspension coverage
  • Compares leading insurance carriers
  • Flexible coverage options and payment plans
  • Knowledgeable about Amazon’s rules and policies

What we don't

  • Limited physical offices

What is crafters insurance?

Crafters face some unique challenges in operating their business that many other businesses will more likely not face. Some of these risks include equipment theft, injuries from the use of products, and other injuries that can happen at the place of business.

When you have crafters insurance, you are protecting yourself from some of the liabilities that you could face in operating your business. In the event of a lawsuit, insurance coverage will help pay for court costs and other related expenses.

Who needs crafters insurance?

If you manufacture and sell products to consumers, you most likely will need crafters insurance. If you go to trade shows, exhibitions, or operate your business out of a physical location, crafters insurance is definitely for you as well. In fact, many types of trade shows and festivals will require you to have crafters insurance just to get a spot to showcase your products.

For instance, you can even get sued for things not involving the products that you make. If you set your booth up at a trade show and someone simply trips over the signage, they can turn to you and hit you with a lawsuit. If you are uninsured at the time of the incident, you will have to pay for those costs out of pocket which could cause some financial burden.

What insurance do crafters need?

The uniqueness that comes with crafting makes certain types of insurance necessary that may not be for other businesses.

General liability insurance

Most businesses need some type of general liability insurance for their business, and crafters are no exception. Having a general liability insurance policy could protect you and your business so you don’t have to pay any court costs or legal fees out of pocket. This type of insurance will typically cover physical injuries, medical expenses, and third-party property damage.

General liability insurance doesn’t cover everything. Typically general liability insurance won’t cover instances of cyber crimes, compromised personal data, or damage to the business due to earthquakes or hurricanes.

Business owner’s policy (BOP)

A business owner’s policy is the closest thing to an all-encompassing insurance policy and is a great option for crafters. A business owner’s policy typically combines other types of insurance such as general liability coverage, commercial property insurance, and liability protections.

If you decide to get a business owner’s policy, you can add optional coverage that can be beneficial to a crafters business. Since you will most likely be storing some customer information online, it’s usually a good idea to add in cyber liability insurance to protect confidential information.

Business owner’s policies will typically cover things such as fire, theft, court fees, and loss of income due to injury. However, a business owner’s policy may not cover injuries sustained by your workers and won’t replace their income due to an injury at the workplace.

Equipment insurance

As a crafter, the tools and equipment that you use to make your products are critical to keeping operations going. What would you do if those tools and equipment were stolen or damaged from things out of your control? Equipment insurance will allow you to get back to work quickly if something were to happen to the tools that you use.

This type of insurance is usually available as an add-on to other insurance policies such as general liability insurance or business owner’s policy.

Equipment insurance can be essential for crafters. However, it is important to understand what it will not cover. Unless specified in the policy, equipment insurance doesn’t cover damage to your personal vehicle and also will not cover injuries sustained by customers due to the use of the equipment.

Workers’ compensation insurance

If you have any full or part-time workers, workers’ compensation insurance will likely be required to protect against injuries that your workers could sustain while working for you. Crafting can be especially dangerous in some cases, so having workers’ compensation insurance is a necessary expense.

Workers’ compensation insurance will typically cover medical bills, surgical procedures, and prescription medicines needed after an employee sustains an injury. However, it’s important to note that workers’ compensation will not compensate workers for their pain and suffering after the injury occurs or damage to the physical business location.

What are the limits of crafters insurance?

One insurance policy can’t possibly protect your business from all claims; however, a business owner’s policy is the closest thing that will. Most crafters are operating smaller businesses, so a business owner’s policy would be a great option for most crafters.

Another key limitation to crafters insurance is that if your court costs or settlement is more than what your policy covers, you will have to pay that difference out of pocket. This could be a significant amount of money if you get sued for a serious accident sustained by a customer or employee.

How much does crafters insurance cost?

The cost of crafters insurance will vary based on the policies you have and the coverage that you select. There are usually several different pricing options when choosing a crafters insurance policy, but typically you can expect to pay about $250 for a full year of all the crafters’ insurance coverage you need. Adding in equipment insurance will typically be around $13 per month.

General liability insurance and workers’ compensation insurance are foundational types of insurance coverage that most businesses will need. For crafters, they will typically pay about $20 per month for general liability insurance and about $30 per month for workers’ compensation insurance.

How to choose the best crafters insurance

Choosing the best crafters insurance can seem like it’s not important if you’re just starting out with your crafting business. However, if there was a major injury or lawsuit brought upon you, you could be liable for the money that could cause a financial burden. Consider some of the following factors:

  • Type of crafts you create
  • Size of your business
  • Financial strength of the business
  • Risk you take on while manufacturing your products

Crafters will always have unique challenges when running a successful business which is why having exceptional crafters insurance is important. Crafters insurance is very cost-effective and getting enough coverage for your needs is affordable and can set your business up for continued success in the future.