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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 $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

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.

Speaking of small antique businesses, the average small antique dealer insurance cost is only about $25 per month or $300 per year.

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 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.


Liability Insurance for Antique Shops

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 Shop Product Liability Insurance

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.

Antique Shop Commercial Property Insurance

Commercial property 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.

How Can Antique Stores Recover Damaged Stocks?

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.

What Insurance Is Best for an Antique Shop That Delivers Products to Clients?

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.

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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 $28 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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