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Antique Shop Insurance: Business Insurance From $5

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When you run an antique store, you deal with a wide range of valuable items that could be costly to replace in case of an unexpected disaster. Apart from unexpected disasters, your antique shop business faces other risks, such as a client sustaining injuries on your property or property damage (the one you own and that of a customer or third party). Thieves can also break in or shoplifters can steal objects displayed in the open.

This is why it is essential to secure your business with antique shop insurance. While you might not be aware of this policy, it is essential for your business. This guide discusses its cost in detail and mentions some of the risks it covers. It also highlights the most affordable companies offering this policy.

Antique Business Insurance Cost

The average antique business insurance cost be it for antique shops or dealers is approximately $38 a month or $450 a year for a $1m general liability insurance coverage. It is important to note, however, that several factors influence the cost of antique shop insurance. Discussed below are some of them.

Location

Like any other business, location is significant for your antique shop business. This factor influences not only the cost but also your income. If your business is located at the heart of a busy street in a big city, you will likely have more customers. 

This means risk is high. A client could come in and accidentally fall due to shop congestion. In that case, you will have to cover their medical expenses. 

On the other hand, your antique shop can avail of a cheaper insurance if it is in a location where there are fewer people. It is because the probability of accidents happening is lower. 

But still, cheaper insurance is not necessarily beneficial. With cheaper insurance , comes lesser coverage.And so, you might still need to spend some of your own money to get things sorted out. 

Revenue

The amount of money your antique shop business makes is also a factor influencing the insurance cost. If you make hundreds of thousands of dollars, you will need comprehensive insurance cover. More revenue means you are an established business with more risks.

However, if you are starting out and haven't started making a significant amount of money yet, a standard insurance policy will work for you. This means you won't spend a lot on insurance. 

Also, you must give accurate information when asked about your business's income. Some business owners tend to give false information about their income to avoid paying more on insurance. While this might feel like saving money, it is risking your entire business. This is why you should be very accurate and honest about it.

Size

The size of your antique shop business is also an essential factor to consider. If you have a large business with several employees, you need a comprehensive insurance cover that costs more. Just like museum insurance, the larger the business, the higher the risk. 

Also, given that you have several employees, it is important to insure them. This is vital because an employee can sustain injuries while working. In that case, you will have to cover medical expenses that could be costly, especially if the injuries are severe.

Increased risk means you have to spend more instead, and that's precisely the case if you run a large antique shop business. However, getting a standard insurance policy is enough if you run a small business with minimal risks. This means you don't have to spend a lot of money on insurance.

Type of Insurance

There are different types of antique shop insurance. Each type has a different price. Therefore, the types of insurance you choose determines the total cost of insurance.Here’s a table that shows the cost of the different types of insurance for antique shop:

Type of InsuranceCoverage Cost (Annual)Deductible
Commercial Property Insurance$1 million per occurrence$350 - $3,500$500
Cyber Liability Insurance1 million per occurrence$500 - $5,000$1,000
Commercial Auto Insurance1 million per occurrence$600 -$2,400$500 - $1,000
Worker’s Compensation Insurance1 million per occurrence$400 - $3,600$370

While you are free to choose the type of insurance policy you need, choosing an ideal policy for your antique shop business is essential. It makes no sense to choose a standard insurance policy when you run a sizable antique store. 

Similarly, you shouldn't go for a costly and comprehensive insurance policy if you run a small business with minimal income. Therefore, learn to choose the best insurance policy. One way to do this is to consult online insurance agents or compare antique shop insurance quotes online. 

Compare Antique Shop Insurance Quotes Online

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Cheapest, Best Antique Business Insurance Companies

Most insurances target established companies with huge income. This explains why most antique store owners find it convenient working with online insurance brokers. Nonetheless, we researched some insurance companies offering affordable antique dealer insurance to help you find an ideal provider that matches the needs of your business. 

Coverwallet Antique Business Insurance

This is an online small business insurance marketplace where you can get affordable antique business insurance quotes from as low as $19 a month, including gym and fitness insurance.  Application doesn’t require you to fill any forms. All you need to do is visit the website, provide information about your business, choose the policies you want, get an online quote, pay, and you’re good to go. 

Coverwallet offers a comprehensive antique insurance policy. It offers three options ; general liability insurance (basic), general liability+property insurance, business owner’s policy+worker’s comp, and customized insurance.

Pros
  • You can get quotes online
  • Quick claims processing
  • Affordable

Cons

  • Doesn't offer insurance to large antique shops

Average cost: $28 per month

Best for: Established antique businesses

Our rating: 5/5

The Hartford Antique Business Insurance

Try The Hartford’s pay-as-you-go insurance plans to cover the employees of your antique store business. With quotes starting at highly affordable rates, your business can provide the care that its employees deserve. 

Hartford offers worker’s comp insurance and employee liability insurance, which covers you in case an employee sustains injuries while working. It also covers their medical expenses. This helps you save a lot of money.

Pros
  • Comprehensive insurance cover
  • Available in most states

Cons

  • Claims processing could be slow

Average cost: $35 per month

Best for: Antique businesses looking to expand their operations globally

Our Rating: 5/5

CNA Antique Business Insurance

This is an insurance carrier with affordable insurance policies for antique shop business owners. You can start with a standard insurance policy and adjust accordingly as your business picks up. Getting a quote is easy because you can do it online. This insurance company also offers fast claims process.

If you are a small business with minimal income, you can get a tailored quote from this insurance company. Their policies work best for start-up antique shop businesses with minimum risks.

Pros

  • Affordable
  • Quick claims processing
  • Comprehensive and tailored insurance cover

Cons

  • Not available in some states

Average cost: $35 per month

Best for: Start-up antique businesses

Our Rating: 5/5

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Compare Antique Shop Insurance Quotes Online

Get all the best quotes from leading providers in a click of a button!

In partnership with:

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In partnership with:

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Business Insurance Updates

Small Business Insurance Checklist

2021-09-24 15:00:00

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