Insurance Guide for Arts SEPs

The type of insurance SEPs and freelancers require will differ and here are some influencing factors to consider:

• The type of work you do;

• The type of assets you have e.g. art-making equipment of significant value and crucial to the creation of your work;

• The potential liability you may owe to a third party e.g. for property or borrowed assets.

In general, insurance undertaken is to protect assets or minimise liabilities. It will be best to seek advice from a professional insurer to ensure the scope and pay-out of coverage meets your needs. Also, read the fine print and ask questions of your insurer. For example:

a) What does this insurance plan not cover?

b) If I incur my loss overseas does this plan still cover me?

c) How are claims done?

d) What documents do I need to support my claims?

e) When can I get my claims after I submit all necessary documents?

f) Give me real-life cases where a person could not or did not get his/her claim.

Regardless of your age and career type, the common denominator of risk faced is the reality of falling sick and needing time to rest, which translates to the stopping of income. There are specific paid medical leave insurance plans designed to protect SEPs and freelancers from income loss due to illness or injury. With these plans, signing up as early as possible would be advisable.

Currently, there are two insurance plans on the market that are specifically aimed at supporting SEPs and freelancers to continue to be paid if you are unable to work for an extended period due to illness or injury. While they have a similar intent, you might prefer one to the other, depending on your unique needs and preferences for premium payment.

• Freelancer Earnings Protection (FLEP) Insurance Plan by Gigacover

Freelancer Earnings Protection (FLEP) is a flexible insurance plan for freelancers that can be bought weekly, monthly or yearly. You can change or stop coverage anytime without penalties. More on this insurance plan can be found here.

• Prolonged Medical Insurance Plan by NTUC Income

This is a health insurance plan that helps to relieve you financially if you are hospitalised or on hospitalisation or medical leave for a prolonged period as a result of illness or injury sustained during the period of your insurance coverage. This is a yearly renewable policy. More on this insurance plan can be found here.

Other useful related resources include Chapter 5 on insurance from the Advocates for the Arts – A Legal Handbook for the Creative Industries developed by the Law Society Pro Bono Services.