Do you want to know how much it cost to insure an antique stores with an insurance company? If YES, here are 7 best insurance policies for antique dealers. Antique dealers are known to deal with decades-old or even centuries-old artifacts, and although it is a fun business, it needs great care in everything. However, no matter how attentive you are at every stage – from procurement and valuation to restoration and selling – unforeseen accidents and incidents can greatly affect your business.

Why Should Antique Dealers Buy Insurance?

Art and antiques are unique and each piece has a story to tell. If something happened to them, the dealer may not simply buy the same stock again. That is why keeping your business protected with comprehensive insurance is crucial in this business. The insurance policy of an antique dealer should be able to react accordingly when accidents or mishaps happen.

For example, if you have a work of art that you had already sold, but not yet delivered to a client stolen, your settlement should be the amount you have invoiced to the buyer. Additionally, if you have works consigned to you for sale and these works were damaged by water, you would want to ensure that the works would be covered, plus any subsequent depreciation in value.

As an art dealer in the United States, your insurance policies should also be able to provide you protection against defective title. This is cover for claims made against you from the purchase of stock for which the vendor has a defective or no title. Note that you would be out of pocket if you have to relinquish the work in question.

Coupled with making sure your stock has the proper basis of settlement in the event of loss, your insurance coverage is meant to also provide cover if needed, for your buildings, general contents, business interruption (or loss of income), your liabilities and other commercial covers all in one policy.

6 Types of Insurance Policies for an Antique Dealer Store

In the United States, there are various types of risks associated with an antique store; therefore you have a variety of insurance policies to pick from. You should consider safeguarding your business and store with the following business insurance policies:

1. General Liability Insurance

General liability is normally the first business insurance policy that an antique dealer store owner should have. Note that with general liability, you have coverage for bodily injuries on the premises, called premises liability, completed operations coverage and product liability coverage.

As a store owner, you are more or less responsible for any injuries occurring on your premises, so if a customer slips over something on the ground and sprains his ankle, you will be liable for medical and legal costs. General liability insurance takes care of these events. Product liability is also important because it offers protection if a product causes injury, damage or harm to the customer or their property.

2. Commercial Auto Insurance

You might choose to use your own vehicle when visiting flea markets, auctions and estate sales to stock your antique store. Due to these frequent trips, it is advisable you get a business auto insurance policy.

This insurance policy will cover a variety of things like property damage or bodily injury following a car accident and you can also add theft and vandalism to the policy. For instance, if you are parked at an estate sale with some merchandise in your car, someone could steal it and you would be out possibly thousands of dollars in goods.

3. Commercial Property Insurance

Note that an antique store business cannot do without a commercial property policy to cover its inventory. Antiques are often irreplaceable vestiges of the past. Only in a colloquial sense are these objects “priceless” — to your business, they are worth a great deal. Just in case of natural disasters like fire or violent weather, your inventory and store can be covered under a commercial property policy for any damages incurred.

4. Cyber Liability Insurance

While you deal in antiques, your business is likely to be suitably modern, with much of your record keeping, stock taking and even research being done on computers. Unfortunately, this brings with it the risk of your systems being attacked by a hacker or experiencing a data leak.

Experienced hackers break into the best security measures, making it a considerable risk for your business. If they steal customer financial or personal information in the process, you are facing legal costs along with the loss of business income and reputation. Protect your antique store with a cyber liability insurance policy.

5. Workers’ Compensation Insurance

In the United States, the employees of your antique store are also expected to be adequately protected. If an employee is injured on the job, such as from lifting heavy boxes, moving furniture, or getting cut from a defective glass collectible, their medical costs and recovery is covered by workers’ compensation. Aside from getting the help they need without having to cover the expenses themselves, the policy prevents your workers from suing you for damages.

6. Crime Insurance

Note that so many valuable antiques are small enough to be carried off in the blink of an eye. Crime insurance covers cases of employee theft, as well as losses resulting from a forgery. Howbeit, if a customer asks you to estimate the value of his antique collection and it is stolen overnight by an employee, crime insurance can provide coverage.

In addition, if a valuable signed document is purchased by your business, and it turns out to be a worthless forgery, this too can be covered by a good crime insurance policy.

Steps on How to Get Insurance Policies for an Antique Dealer Store

When operating an antique dealer store, getting business insurance to protect your store should be of utmost priority. Note that you will need more than one antique store insurance policy for adequate coverage of all your risks.

i. Gather Your Information

When looking to acquire adequate insurance in the United States, it is advisable you start by analysing your business information and needs, and also providing the insurance agent with this information. Have it in mind that this information helps your insurer analyse how much of a risk your business is so it can set your premium. The more accurate your information is, the more precise your insurer is with your quote. The information to have ready include:

  • Address and contact information
  • Equipment and store inventory
  • Market and Selling strategies
  • Claims history (at least the past three years)
  • If you require clients to sign a waiver
  • Criminal history, if applicable

ii. Get a Broker

It is pertinent you get quotes from various insurance companies. This step can be a lot quicker if you use a broker who can shop different policies for you and find the best coverage at a price that works for you. An insurance broker can also help you choose policies and apply.

iii. Be Open with your Business Operations

It will do you well if you fill your agent in on how you run your business so they can analyse the insurance you need. Most of those details are common to all businesses, like security measures and contracts. Others, nonetheless, are unique and different according to stores and dealership. Ensure your agent knows everything that will help you get adequate insurance and protect your business.

iv. Ask for Your Certificate of Insurance

This should be a huge determinant when choosing the best insurance coverage for your store. Note the ability to print a copy of your certificate of insurance (COI), a document given to you by the insurance company that confirms your coverage, can be a game changer for your store.

How Much It Costs to Buy Insurance Cover for Antique Dealers 

First and foremost, note that the cost of your insurance is the total of all the policies your antique store requires. Most antique stores in the United States pay around $400 to $4,500 per year for general liability insurance.

Commercial Property Insurance

  • Annual Premium: $350 to $3,500
  • Coverage Amount: $1 million per occurrence/$2 million aggregate
  • Deductible: $500

Cyber Liability Insurance

  • Annual Premium: $500 to $5,000
  • Coverage Amount: $1 million per occurrence/$2 million aggregate
  • Deductible: $500 –  $1,000

Commercial Auto Insurance

  • Annual Premium: $600 to $2,400 per vehicle
  • Coverage Amount: $1 million per occurrence/$2 million aggregate
  • Deductible: $500 –  $1,000

Worker’s Compensation Insurance

  • Annual Premium: $400 to $3,600
  • Coverage Amount: $1 million per occurrence/$2 million aggregate
  • Deductible: $370

5 Best Companies/Providers That Offer Affordable Antique Insurance Cover

Most insurance companies in the United States have target industries—essentially, businesses they prefer offering coverage to. Howbeit, some antique store owners find working with online insurance brokers very convenient. Brokers can assess their risks, determine their coverage needs, and point them towards the carriers that cover them.

a. Insureon

Insureon is an online small business insurance agency that makes it easy for store owners to comparison shop. The online application takes longer to complete than most online insurance providers, but it often provides multiple accurate quotes.

According to experts, this makes Insureon a great choice for antique store owners looking to save money on their insurance. Most business owners save 10 percent to 20 percent when they shop with Insureon, and many find their quotes match their final premium.

b. CoverHound

CoverHound is better known as an online property and casualty (P&C) platform that partners with many top-rated carriers such as Nationwide and Liberty Mutual, to bring insurance solutions to store owners. This platform delivers fast rates on general liability, professional liability, workers’ compensation, and commercial auto insurance, and applications to see quotes from multiple carriers. This makes it ideal for antique store owners who need insurance quickly but still want to compare offers.

c. The Hartford

Store owners with employees should consider getting quotes from The Hartford to take advantage of its pay-as-you-go workers’ compensation plan, XactPAY Payroll Billing. Note that by charging a monthly premium based on a store’s actual payroll as opposed to an estimate, this insurance firm minimizes the chance of store owners overpaying or underpaying for workers’ compensation. Additionally, the carrier partners with 170 payroll service providers, including QuickBooks, so most store owners can also set up automatic payments.

d. CAN

This insurance carrier is the national leader for professional liability, or errors and omissions insurance, and can offer coverage to traditional professionals like doctors and lawyers, as well as quasi – professionals, such as business consultants, travel agents, artists and graphic designers. Antique store owners can get policies with limits up to $5 million.

e. Embroker

This is another popular online insurance brokerage that delivers fast quotes and allows store owners to acquire coverage immediately. Nonetheless, its standout feature is insurance for start-up companies backed by venture capital funds.

These stores or companies can get premium credits of up to 25percent on essential policies. Plus, Embroker offers broad liability insurance for businesses in the tech and specialty art industry, including a unique errors and omissions policy that includes breach of contract claims.

Conclusion

Buying insurance is important when you own an antique store because, like any other business, yours is vulnerable to losses. As an antique store owner, you have some extensive business risks when owning and operating an antique shop, including shoplifting, theft and vandalism most of all.

Since all of your merchandise is in a single location, risks like fire or flood could destroy all your items, therefore making it another big risk. Protect your business from these risks with antique store insurance.

Joy Nwokoro