Antique shops may sell a variety of antiques, vintage items, and collectibles. Your inventory is often rare and valuable.
Antique shops need tailored business insurance coverage from an insurance company who specializes in covering antique shops. You need to make sure your valuable inventory is protected, whether you’re selling from your shop, online, or at an off-site market or event.
An independent insurance agent can help you find antique shop insurance for the peace of mind you need.
Why Do You Need Antique Shop Insurance?
The main purpose for having antique shop insurance is to reimburse you for your financial losses in the event of some type of damage or loss. Most antique shops need several insurance policies that cover them from things like fire, burglary, theft, flood, accidental breakage, and natural disasters that damage your building and your inventory.
What’s more, you may occasionally take some of your antiques to sell at exhibitions, temporary markets, festivals, or antique shows. You may also store and sell items that are on consignment from private owners.
The risks to your inventory are immense, and with varying ownership arrangements and items on-the-move, your insurance coverage must cover a variety of risks and locations.
What’s more, if you work out of a permanent location in addition to shows and exhibits, you need to protect your building and all of its other contents, your customers, and your employees from mishaps, injuries, and property damage that can occur during the normal course of operating a shop.
Here are just a few examples of what can go wrong:
- A customer accuses you of falsifying the age, value, or authenticity of an item
- A large antique artwork falls off a wall in your shop and injures a customer
- Your business-owned van causes an accident while transporting antiques
- A fire damages your structure and antiques inventory
Antique shop insurance can help you in all of these situations.
What Does Antique Shop Insurance Cover?
Your antique shop insurance policy should cover several basic areas:
- Antiques on display in your shop
- Antiques held in off-site storage or at your home
- Antiques traveling to off-site shows, while at the show and while in transit
- Antiques being mailed or shipped to customers
- Antiques owned by others being shown on your sales floor or at a show, or being sold on consignment
- Your physical shop structure and items like furniture, fixtures, and computers
- Employees, vendors, customers and any members of the general public visiting your shop
First, you need tailored coverage for your antiques, whatever they are and wherever they may be, for their full and appropriate value. An independent insurance agent can help you find a carrier that specializes in insuring antique shops as well as the types of scenarios that you work in.
Talk to your insurance agent about “all risk” coverage that protects your antiques inventory from a variety of perils (not just certain “named perils”). This means you’d be covered for any damage that occurs, regardless of cause, unless specifically excluded from your policy.
It is also essential to consider “wall-to-wall” coverage that protects your antiques (including items on loan from others) while they are in transit or being displayed or stored off-site. Your items need coverage while they are in the possession of freight forwarders, auction houses, storage facilities, or anywhere else they may be moved to or stored. Items in transit must be protected whether they are on a truck, plane, boat, or any other form of transportation traveling to anywhere in the world.
Your antique shop insurance should include coverage for any non-owned or partially owned items that are in your care, custody and control, but are on loan from another shop or private collection, or that you have agreed to insure.
Other Basic Business Insurance Coverage for Antique Shops
What’s most important is for you to protect your business from all that can go wrong. You will also need a variety of more traditional business insurance policies to complete your antique shop coverage.
Your additional business insurance policies should cover your liability risks (risks to injury or property damage to someone who comes in contact with your business) and your other property risks, including any commercial space that you occupy, such as an office, a permanent store or shop, or an exhibition booth.
Talk to your independent insurance agent to see how the following policies can help protect your business.
- Commercial general liability (CGL) insurance: This offers financial protection if a person is injured on your premises or if someone (vendor, delivery person, customer) sustains some type of property damage as a result of your operations. If a customer trips and falls in your shop, or trips over a power cord in your exhibit space and is injured, this policy would cover the medical bills or other expenses related to the accident.
- Commercial property insurance: This helps you rebuild or make repairs to your commercial space when an unexpected event, like a fire, a flood, hail, lightning, or a tornado, causes a loss. If you operate out of an office, warehouse, or various exhibit spaces, you need coverage for all of your property, in addition to your antiques inventory. Commercial property insurance helps you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered event.
- Business interruption insurance: This reimburses you if you sustain a substantial loss of revenue or you must close your doors temporarily after some type of covered loss. If a windstorm blows down part of your roof and you must close for repairs, this coverage pays for lost income, salaries, and other expenses during that time. It may also help to pay for relocation expenses if you must set up a temporary space.
- Professional liability insurance: This covers costs associated with errors, omissions, or mistakes in your professional services. If you’re accused of selling an antique with a mistaken origin or that is a fake, the customer may claim financial harm and sue you. Not all antique shops will need professional liability insurance, but it’s a good idea to discuss it with your independent insurance agent.
In addition to business property and liability insurance for your business, you might need a variety of additional stand-alone policies or policy endorsements. Your need for these policies depends on the extent of your business activities and where they take place.
Talk with your independent insurance agent to determine if you need:
- Valuable papers coverage: This pays to reproduce valuable papers, such as financial documents, ownership records, and authenticity documentation for your antiques.
- Commercial umbrella insurance: This provides excess liability protection beyond the limits of several other policies you might have, including commercial general liability or employer’s liability.
If you have any employees, you might need:
- Employment practices liability insurance: This covers you if a current of former employee sues you for discriminatory employment practices.
- Workers’ compensation insurance: This pays for lost income and medical expenses for employees that are injured on the job.
- Employee crime and dishonesty coverage: This protects your business from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees.
How Much Does Antique Shop Insurance Cost?
The cost of specialty antique shop coverage varies greatly from one antique shop to the next. Your costs are based on the value of your inventory, the coverage limits and different policies that you need, and the deductibles that you choose.
Your insurance costs will vary depending on the size and location of the shop, whether or not you have employees, and even the crime and weather risks in your city.
Talk to an experienced independent insurance agent who can uncover all of your risks and find the policy options that specifically address them.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need to protect your antique shop from a variety of costly problems. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right antique shop insurance. They’ll walk you through the handpicked policy options and explain the details and options.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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