Antique Dealers Insurance
Anyone who owns an antique store knows that they need to have the right insurance coverage in place. After all, antique dealers deal in valuable items that are susceptible to damage from a variety of sources. Whether it’s a fire, a theft, or even just an accidental breakage, an antique dealer needs to be prepared for the worst. That’s where antique dealers insurance comes in. This type of insurance covers the cost of repairing or replacing damaged items, as well as the lost income that can result from having to close the store for repairs. By protecting against these risks, antique dealers insurance can help ensure that a business can keep running no matter what happens.
Antique Dealers Insurance
Some items are repaired and restored by the workers before selling. Others are in excellent condition and are sold in the same situation. The items that cannot be restored to their original condition are sold for a lower price. Some antique dealers specialize in a particular niche, while others cover a broad category. Some of the items include furniture, household items, gifts, toys, clothes, sports items, etc.
An antique dealer business can be located in an owned facility, rented, or leased for operations. Vehicles are used for the delivery or transport of items.
Before you become an antique dealer and start your adventure, ensure you cross the t’s and dot the i’s by protecting your livelihood, workers, and clients.
Cost of Antique Shop Insurance
Standard general liability insurance for an antique dealer depends on your location, size of business, the number of employees, revenue, experience, and the number of vehicles.
Type of Insurance for Antique Dealers
As an antique dealer, you face many risks, and you should consider the following insurance policies to safeguard your business.
Commercial Liability Insurance
The policy covers third-party injuries that occur at your shop and damage to property. For example, if a customer trips and falls and requires medical treatment, the policy covers medical care and all legal costs.
Commercial Property Insurance
This policy is a must for an antique dealer this is because it covers the property and the contents of the antique shop. It includes the inventory of antique items of high value. If a fire damages your antique shop, the policy covers the cost of repair and replacement. In the event relocation is necessary, it is covered as well.
Commercial Auto
This policy covers the vehicles used in the antique shop for errands. Should the car be involved in an accident, the policy pays for the repair or replacement of the car.
The policy covers property damage and bodily injuries. However, you can add theft and vandalism of the vehicle.
Worker’s Compensation
The policy covers your employees should they sustain injuries while at work. For example, your staff can sustain a back injury while lifting boxes. The policy will pay for the medical expenses and the wages lost due to the injury.
Antique dealer insurance is essential for your business that is vulnerable to risks. It will save your business from financial ruin should you be faced with a lawsuit.