When you run an antique store, you deal with a wide range of valuable items that could be sold to museums and other cultural repositories. Do it right and you’ll earn a lot of money. Nonetheless, things might not be as easy as you think since risks lurk.
Your antique shop business faces risks, such as a client sustaining injuries or property damage. Thieves can also break in or shoplifters can steal precious furniture 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. You can use this to cover liabilities. Auction houses might even require you to get insured before signing up as a seller.
The average antique business insurance cost be it for antique shops or dealers is approximately $38 a month or $456 a year for a $1 million 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. Before proceeding, take a look at this table that shows the pricing of the best antique shop insurance companies:
| Company | Cost per month | Cost per year | Best for |
|---|---|---|---|
| CoverWallet | $28.00 | $336.00 | Established antique businesses |
| The Hartford | $35.00 | $420.00 | Antique businesses looking to expand their operations globally |
| CNA | $35.00 | $420.00 | Start-up antique businesses |
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.
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.
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.
Speaking of small antique businesses, the average small antique dealer insurance cost is only about $25 per month or $300 per year.
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 Insurance | Coverage | Cost (Annual) | Deductible |
|---|---|---|---|
| Commercial Property Insurance | $1 million per occurrence | $350 - $3,500 | $500 |
| Cyber Liability Insurance | 1 million per occurrence | $500 - $5,000 | $1,000 |
| Commercial Auto Insurance | 1 million per occurrence | $600 -$2,400 | $500 - $1,000 |
| Worker’s Compensation Insurance | 1 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.
Antique shops sell dangerous items that might injure customers. When customers get injured, they can file a personal injury claim to obtain reimbursement for medical treatment. Most of the time, settlement fees customers ask for aren’t cheap, and paying for them will result in significant financial losses.
Most think that antique shops are absolutely safe as most only sell items such as furniture, decors, and other objects, which in most cases, won’t injure a person. Nonetheless, the reality is accidents in antique shops might be as frequent as accidents happening in liquor stores and other similar types of retail stores. Accidents that may happen to customers in an antique store are:
Slipping or tripping, which then results in bruises, contusions, or lacerations
Mishandling hazardous objects and experiencing an illness later on
Getting hit or struck by a heavy antique display such as a cabinet, a jacket stand, or an upright mirror, which was placed improperly
The customer injures himself or herself while trying to figure out how a queer-looking antique display works
General liability coverage in antique shop insurance doesn’t only cover injuries but also property damage claims. Examples of property covered are phones, watches, clothes, shoes, and other items so long as it’s the belonging of the aggrieved customer.
When an antique shop sells a product to a customer and the customer gets injured by the product as a result, general liability coverage won’t apply. For this situation, product liability insurance is the most useful. The next section discusses this in detail.
Antique business insurance offers product liability coverage that takes care of the legal costs and settlement fees of lawsuits from product-related customer injuries. Unlike general liability, product liability insurance only covers injuries a defective product causes.
An antique shop needs product liability insurance because there’s a great chance for it to sell a defective product. Items in an antique shop have been used by previous owners for many years. And so, it’s not common for them to have defects and injure their new owners as a result.
But aside from the fact that they might be defective, antiques are hazards by themselves. Numerous studies have shown that a lot of antiques might contain compounds or substances dangerous to human health. The table below outlines the specific items and their corresponding hazards.
| Item | Hazard to Customers |
|---|---|
| Grandfather clock/pendulum clock | Mercury poisoning |
| Toys | High lead content |
| Barometer | Mercury poisoning |
| Couches, sofas, etc. | Skin allergies |
| Leather boots | Foot allergies |
| Jewelrybeads | High lead content |
Mercury poisoning lawsuits are very problematic and lead exposure as well. On average, if the jury favors the case of the plaintiff, the defendant might have to pay $535,666 up to $1 million as compensation for physical damages, reduced quality of life, and medical costs.
Product liability insurance ascertains that there are backup funds to sort out any problems a customer has with a particular product. It’s very useful for antique shops, which are very likely to sell defective second-hand items.
A commercial property policy, also offered in furniture store insurance, takes care of the antique shop and its equipment such as air conditioners, generators, and cleaning devices such as blowers and vacuum cleaners. This insurance policy comes next to general liability insurance in terms of importance.
Antique shops will find commercial property coverage very useful in the event that a car damages their building. This sounds out of the blue but is quite common. Below are some examples from news reports:
San Augustine, Florida - A Toyota Venza got lodged inside Antiques and Things shop after it crashed. The accident shattered the store's glass panels and destroyed Chinaware
Harlingen, Texas - A blue Hyundai automobile crashed into Jackson Street Antiques damaging some displays and parts of the commercial building
King street, Boone, NC - Appalachian Antique Mall experienced a $13,000 property damage after an elderly woman crashed her car into the shop and destroyed windows and stocks.
Mt.Morris, NY - A car the police were chasing crashed into an antique shop as the driver was trying to escape. The accident damaged a lot of antiques, and the shop owner dubbed what happened as a “big loss” for his business.
Getting stocks damaged is a disaster for antique shops and other businesses in the retail industry. It’s because when it happens, a business might decide not to sell the items anymore or sell such items at a cheaper price to recoup capital.
Antique shops are very susceptible to getting their stocks damaged. It’s because antiques, due to their age, can easily get broken. Porcelain antiques can easily shatter. Items such as grandfather clocks can have their mechanisms break suddenly because of dust or rust buildup. Also, wooden antique furniture might have problems dealing with humidity and insect infestation.
Stocks and content coverage will protect an antique shop from losses if ever its stocks get damaged because of:
Fire related accidents
Employee mistakes
Customer mistakes
Natural disasters (e.g. flood, earthquakes, hurricanes, typhoons, etc.)
Vandalism
How does this policy provide protection anyway? Stocks and content insurance provide protection by reimbursing the total cost of all damaged stocks according to their sale value at the time the policyholder filed a claim.
Aside from damage, stock and contents insurance will also provide coverage for stolen stocks. And so, it becomes very useful for antique shops selling easy-to-steal items such as magazines, newspapers, toys, figurines, vases, and porcelain.
Providing delivery service to clients who buy antiques can result in a lot of problems. These include but are not limited to road accidents, item damage, and loss of items. For this reason, only a few antique shops deliver their items to buyers.
Nonetheless, if done well, delivering items to clients can provide an edge over competitors. And for antique shops that provide delivery service, antique dealer insurance with goods in transit coverage is extremely helpful.
Goods in transit insurance will reimburse the antique shop’s client if ever the items become damaged or lost during delivery. This policy comes in two types - comprehensive and defined events.
Comprehensive goods in transit insurance will apply for all types of accidents that result in damaged items or lost items of the client. On the other hand, defined events, as the name implies, only provides coverage if ever the items are damaged or lost because of the specific situation the policyholder wants to be protected from, which might be:
Collision of the delivery vehicle with an object or another vehicle
Collision of the items inside the delivery vehicle, resulting to damage or defects
Theft of the items inside the delivery vehicle as caused by fraud/inside job or an outsider
Overturning, jackknifing, or derailment of the delivery vehicle;
Jettison
The amount of money a policyholder can get from their goods in transit insurance is equal to the market value of the damaged items at the time of sale. With that said, it only provides enough money for the antique shop to return what the client paid without gaining any profits.
Antique shops delivering items to clients using their own vehicles should get commercial auto insurance. The reason for this is that goods in transit insurance only cover the items loaded to the vehicle.
With commercial auto insurance, the antique shop will have the funds to pay for the damage its delivery vehicle caused during an accident. With this insurance, there will be more than enough money to account for the medical fees of the victims as well as the legal costs and settlement fees.
Get all the best quotes from leading providers in a click of a button!
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.
This is an online small business insurance marketplace where you can get affordable antique business insurance quotes from as low as $28 a month. Application doesn’t require you to fill out 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.
You can get quotes online
Quick claims processing
Affordable
Doesn't offer insurance to large antique shops
Average cost : $28 per month
Best for : Established antique businesses
Our rating : 5/5
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.
Average cost : $35 per month
Best for : Antique businesses looking to expand their operations globally
Our Rating : 5/5
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.
Average cost : $35 per month
Best for : Start-up antique businesses
Our Rating : 5/5
Get all the best quotes from leading providers in a click of a button!
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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