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Auctioneer & Auction House Insurance: Quotes From $11/mo

Table of contents
1. Why Invest in Auctioneer and Auction House Insurance?2. Auction House & Auctioneer Liability Insurance3. General Liability Insurance for Auctioneers and Auction Houses 3.1. When Does General Liability Insurance Protect Your Business?3.2. What Costs Does General Liability Insurance Cover?3.3. Do Auctioneers and Auction Houses Have Other Uses for a General Liability Policy?4. Professional Liability Insurance for Auctioneers and Auction Houses 4.1. When Does Professional Liability Insurance Protect Your Business?4.2. Will Professional Liability Insurance Help if a Bidder Accuses My Auction House of Selling Counterfeit Items?4.3. A High Profile Client is Suing My Auction House After Our Management Accidentally Disclosed His Identity. Can I Use Professional Liability Insurance in This Case?5. Product Liability Insurance for Auctioneers and Auction Houses6. Commercial Property Insurance for Auction Houses6.1. How Do You Use Commercial Property Insurance?6.2. Does Commercial Property Insurance Cover the Items in My Custody?6.3. My Auction House’s Power Generator, HVAC, and Computer Equipment Need to Be Replaced. Can Commercial Property Insurance Cover the Costs?7. Business Owner’s Policy for Auction Houses8. Tools and Equipment Insurance for Auction Houses 9. Workers' Compensation Insurance for Auction Houses10. Commercial Auto Insurance for Auction Houses and Auctioneers11. Cargo Insurance for Auctioneers and Auction Houses 12. Cyber Liability Insurance for Auction Houses and Auctioneers 13. Umbrella Liability Insurance for Auction Houses and Auctioneers14. Other Types of Insurance to Consider Having15. Auction House & Auctioneer Insurance Cost16. Best Auction House & Auctioneer Insurance Companies16.1. NEXT Auctioneer & Auction House Insurance16.1.1. Pros16.1.2. Cons16.2. CoverWallet Auction House & Auctioneer Insurance 16.2.1. Pros16.2.2. Cons16.3. Tivly Auction House Insurance 16.3.1. Pros16.3.2. Cons16.4. Hiscox Auction House & Auctioneer Insurance 16.4.1. Pros16.4.2. Cons16.5. Chubb Auction House & Auctioneer Insurance 16.5.1. Pros16.5.2. Cons16.6. AON Auction House & Auctioneer Insurance 16.6.1. Pros16.6.2. Cons

An auction house is where individuals can buy rare antiques, artworks, and other items of great cultural and historical value, which can’t be availed from museums and other repositories.

Running an auction house is no easy feat. Rare books from libraries and other precious items to be sold can get lost or damaged. Bidding can get too intense and a brawl may break out between the guests. You also have to think about the possibility of theft, burglary, and social engineering.

Auction house and auctioneer insurance will protect you. Here’s a guide that will teach you why this is an important investment, how the policies included function, how much premiums cost, and which insurance company to approach.

Why Invest in Auctioneer and Auction House Insurance?

Individuals and organizations that run auctions typically need insurance coverage to protect themselves and their businesses from financial losses due to accidents, injuries, or property damage. That can include:

  • Protection for the auction house's physical property, such as the building and inventory

  • Liability coverage for third-party and work-related accidents or injuries that occur on the property

  • Coverage for loss or damage to items being auctioned

  • Professional liability coverage for negligence, recklessness, errors, or omissions made during the auction process


Additionally, many reputable auction houses require auctioneers to have insurance in order to work with them. Some states may also require auctioneers to have certain types of insurance coverage as one of the requirements of getting a license. If you run an auction house, it's best to consult an insurance agent to determine the types of insurance coverage required for your specific business operations.


Auction House & Auctioneer Liability Insurance

Auction house & auctioneer liability insurance can be classified as a general liability policy, product liability policy, and professional liability policy. Allow us to quickly discuss how both protect your business operations.


General Liability Insurance for Auctioneers and Auction Houses


CoverWalletNEXT (Best)Hiscox
Per occurrence limit$1,000,000$300,000/$1,000,000$300,000/$2,000,000
Aggregate limit$2,000,000$1,000,000/$2,000,000$300,000/$2,000,000
Products and completed operations aggregate limit$2,000,000
$1,000,000$1,000,000
Advertising injury coverage aggregate limit$1,000,000$1,000,000$1,000,000
Tenant’s legal liability coverage limit$100,000
$100,000$100,000
Waiver of subrogation included?YesNoCan be included
Hired/non-owned auto liability coverage included?YesNoCan be included
Equipment breakdown floater included?NoYesCan be included
Can you get a certificate of insurance online?YesYesYes


General liability insurance is the basic coverage that an auction house can have. It protects businesses from financial loss if they are held liable for third-party property damages or injuries that occur on their property or as a result of their operations. Use the table above to see which insurance company offers the best general liability coverage.


When Does General Liability Insurance Protect Your Business?

Auctioneers and auction houses can use general liability insurance if a claim is filed because of the following incidents:

  • A bidder experiences a slip-and-fall accident

  • A bidder falls from the chair and sustains a hip injury

  • The bidder’s expensive collector’s bag, clothing, or other personal effects got damaged because of the poorly maintained environment of the auction house


What Costs Does General Liability Insurance Cover?

Each time a claim is filed, general liability insurance can help you cover the cost for:

  • Covering medical treatments

  • Refunding or reimbursing the value of the damaged property

  • Covering attorney fees and other expenses for legal defense

  • Court judgments


Do Auctioneers and Auction Houses Have Other Uses for a General Liability Policy?

Yes. General liability insurance for auctioneers and auction houses is underwritten as a broad-form coverage, which has the following add-ons:

  • Advertising injury coverage-This takes care of costs if an advertisement of your auction house damaged the reputation of another business or infringed intellectual property rights

  • Rented premises liability coverage-The rented premises liability inclusion of general liability insurance reimburses the losses of the landlord if a property you’re renting for an auction is damaged by fire


Professional Liability Insurance for Auctioneers and Auction Houses


CoverWalletNEXT (Best)Hiscox
Per occurrence limit$1,000,000$1,000,000$1,000,000/$2,000,000
Aggregate limit$2,000,000$2,000,000$1,000,000/$2,000,000
Name additional insureds?YesYesYes
Waiver of subrogation included?YesNoYes
License defense coverage included?NoNoNo
Deductible$500$500$500


Also referred to as errors and omissions insurance, professional liability insurance grants protection if clients file a claim for financial losses caused by your negligence, mistakes, and oversights during the auction. Use the table above to see which insurance company offers the best professional liability insurance for auction houses.


When Does Professional Liability Insurance Protect Your Business?

Professional liability insurance kicks in if you’re held responsible for financial losses that’s caused by:

  • Overcharging for the properties or items you’re auction house is selling

  • Misrepresenting the fine details of the properties sold in your auction house

  • Misattribution

  • Negligence

  • Breach of contract


Will Professional Liability Insurance Help if a Bidder Accuses My Auction House of Selling Counterfeit Items?

Professional liability insurance can’t help out if you, in good faith, didn’t know that the auctioned item is a counterfeit. However, if it’s proven that you did so willfully and maliciously, then the coverage of this insurance won’t apply.


A High Profile Client is Suing My Auction House After Our Management Accidentally Disclosed His Identity. Can I Use Professional Liability Insurance in This Case?

Professional liability insurance can cover accusations of breach of confidentiality and invasion of privacy, depending on which insurance company you purchased it from. You can also take care of claims filed for these exposures by using the advertising injury coverage of general liability insurance.


Product Liability Insurance for Auctioneers and Auction Houses

Product liability insurance will take care of the medical treatments or financial losses of customers who sustained bodily injuries or property damage due to the defects on a product they bought from your auction. This insurance is offered as part of your general liability policy. On another note, some insurance companies allow their product liability insurance to cover the extra costs of product recall.

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Commercial Property Insurance for Auction Houses


CoverWalletNEXT (Best)Hiscox
Building coverage limit (minimum)$50,000$300,000$25,000
Contents coverage limit (minimum)$50,000$18,000$15,000
Outdoor signsExcluded$2,500Included
Accounts receivableExcludedExcludedIncluded
Money and securitiesExcluded$2,500Included
Lock and keysExcluded$2,500Included
Business interruption floaterExcludedIncludedIncluded
Equipment breakdown floaterExcludedIncludedIncluded
Inland marine insurance floaterExcludedExcludedExcluded
Employee dishonesty floaterExcluded$5,000Excluded


Lawsuits aren’t the only reason for your business to lose a lot of money. There’s also the likelihood of the auction house getting destroyed or damaged due to human activities, accidents, and natural disasters.

Commercial property insurance is the primary protection against such undesirable events. Use the table above to see which insurance company offers the best commercial property insurance for auction houses.


How Do You Use Commercial Property Insurance?

You use commercial property insurance to recover some or all of the costs for building construction or commercial space renovation if the auction house and its storage units get damaged or destroyed by:

  • Fire

  • Theft

  • Vandalism

  • Civil commotion

  • Riot

  • Sinkhole collapse

  • Volcanic action

  • Lightning

  • Weather

  • Impact

  • Falling objects

  • Aircraft

  • Vehicle

  • Sprinkler leakage


Does Commercial Property Insurance Cover the Items in My Custody?

No. Commercial property insurance has a care, custody, and control exclusion. This means that you can’t use the policy to recover the value of items from sellers that got stolen, damaged, or destroyed while in your auction house’s storage unit.


My Auction House’s Power Generator, HVAC, and Computer Equipment Need to Be Replaced. Can Commercial Property Insurance Cover the Costs?

Yes. Commercial property insurance has a contents coverage. That said, the policy will help you cover replacement costs by reimbursing the value of power generators, HVAC, and computer equipment that got damaged or destroyed by a covered peril.


Business Owner’s Policy for Auction Houses


CoverWalletNEXT (Best)Hiscox
General liability aggregate limit$2,000,000$300,000$300,000/$2,000,000
Commercial property coverage limit$50,000$18,000$25,000
Optional policies can be added?YesYesYes
Name additional insureds for free?YesYesYes
BOP discount?YesYesYes


A business owner's policy (BOP) is a type of insurance package that combines several types of coverage, such as general liability and commercial property insurance, into one policy. For auction houses and auctioneers, a BOP can help save money by bundling coverage together and providing more comprehensive protection rather than purchasing separate policies for each type of coverage.

Some benefits of a BOP for auction houses and auctioneers include:

  • Cost savings-By bundling coverage together, a BOP can provide a more affordable option than purchasing separate policies for each type of coverage

  • Convenience-A BOP can make it easier to manage insurance by having all coverage under one policy

  • Tailored coverage-You and your agent can partner to customize a BOP to meet your specific auction-house needs, providing coverage for risks specific to their business, such as product liability and professional liability

  • Flexibility-A BOP can provide flexibility to adjust the coverage as the business evolves, for example, expanding the policies as the business grows

  • Better protection-With a BOP, you get more comprehensive coverage than purchasing separate policies, which protects the business from various risks


Tools and Equipment Insurance for Auction Houses


NEXTHiscox
Aggregate limit$3,000/$10,000$15,000/$25,000
Covers hired and borrowed equipment?$3,000/$10,000No
Miscellaneous equipment also covered?$5,000/$10,000Yes
Offered as an endorsement to general liability insurance?YesYes
Deductible$500$0


Tools and equipment insurance will cover all kinds of equipment that’s integral to the smooth operations of your auction house. Coverage applies if property loss is caused by theft, vandalism, electrical surge, electrical shorts, and mysterious disappearance. Use the table above to see which insurance company offers the best tools and equipment insurance for auction houses.


Workers' Compensation Insurance for Auction Houses

Labor laws will require your auction house to give benefits in case an employee sustains a work-related injury or disease. Health insurance will do but isn’t enough. And so, you’ll need workers' compensation insurance.

By purchasing workers' compensation insurance, you ensure that authorities won’t be on your tail. If an employee sustains a work-related injury or disease, this state-mandated coverage will cover the costs for:

  • Emergency care

  • Hospitalization

  • Medication

  • Rehabilitation and retraining

  • Lost wages

  • Death benefits


Commercial Auto Insurance for Auction Houses and Auctioneers

This insurance policy covers any vehicles used by the auction house to transport goods or any third-party property damages and injuries if your business vehicle is involved in a collision

Commercial auto insurance will also cover the medical treatment of your commercial vehicle’s driver if he gets involved in an accident caused by an uninsured/underinsured motorist.

Insurance companies allow you to add physical damage coverage to commercial auto insurance. With this added, the policy can cover the repair or replacement of parts if your commercial vehicle is damaged by fire, theft, vandalism, and weather.

Another add-on to commercial auto insurance is trailer coverage. You can use this to cover the repair of flatbed trailers, box trailers, and other similar equipment. Coverage applies if damage or loss happens while the trailer is attached to your commercial vehicle.


Cargo Insurance for Auctioneers and Auction Houses

Some customers who’ll join the auction might ask you to deliver products they bought through a local carrier. They can sue if the items sold get damaged or lost during the trip. And so, you’ll need cargo insurance as protection.

You can use cargo insurance to recover the value of lost or damaged cargo and refund customers in case perils such as theft, vandalism, fire, upset, and other covered perils happen. Cargo insurance is available as a stand-alone policy or as an endorsement to commercial property insurance.


Cyber Liability Insurance for Auction Houses and Auctioneers

Did you know that 43% of cyberattacks target small businesses? Cyber liability insurance is very important if you run an auction website. You can use this when the sensitive information of bidders and sellers gets exposed after your site gets hacked or breached.

Cyber liability insurance will help you cover legal defense expenses if affected bidders and sellers file a claim. You can also use this to cover the amount demanded in case of cyber extortion. Most importantly, cyber liability insurance allows you to cover professional fees for data breach containment, data recovery, and public relations.


Umbrella Liability Insurance for Auction Houses and Auctioneers

Umbrella liability insurance can provide backup funds if your cyber liability, general liability, and professional liability policies run out of money to cover a claim. For example, if a $4 million claim is filed and your general liability insurance only has $2 million, umbrella liability insurance will cover the remaining $2 million you would’ve covered using your own accounts.


Other Types of Insurance to Consider Having

The tailored insurance package for your business might also offer the following insurance policies, depending on the unique risks you face and other activities related to your auction house’s operations:

  • Business interruption insurance-This policy covers the auction house for any loss of income that may occur due to a covered event, such as theft, vandalism, burglary, fire, or a natural disaster.

  • Employee dishonesty insurance-Employee dishonesty insurance will recover the money that you will lose if an employee steals the items to be sold. Coverage also applies if forgery, fraud, social engineering, or embezzlement is committed

  • Fine art insurance-Fine art insurance reimburses the value of paintings, statues, and other precious items owned by your auction house in case fire, theft, vandalism, and other covered peril happens

  • Directors and officers liability insurance-This is useful if you own an auction house that operates as a corporation, partnership, trust, or any other business structure that needs boards and directors. Directors and officers insurance will cover legal defense, settlements, and court judgments if a board or director of your auction house is sued for misconduct, embezzlement, retaliation, negligent hiring, etc.

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Auction House & Auctioneer Insurance Cost


Cost per MonthCost per YearDeductible
General liability insurance$41$492$0-$500
Professional liability insurance$83$996$500-$1,000
Directors and officers liability insurance$90$1,080$1,000-$2,500
Commercial property insurance$70$840$1,000-$2,500
Fine art insurance$65$780$1,000-$2,500
Business owner’s policy$110$1,320$500-$1,000
Workers compensation insurance$95$1,140$2,000-$5,000
Commercial auto insurance$86$1,032$1,000
Umbrella liability insurance$50$600$500-$1,000
Cyber liability insurance$92$1,104$1,000
Employee dishonesty insurance$60$720$500-$1,000


The average auction house & auctioneer insurance cost is $41 per month or $492 per year for a $1 million general liability policy. On the other hand, professional liability insurance is $83 per month or $996 per year. The cost of insurance for auction houses and auctioneers can vary depending on a number of factors, such as:

  • Size of the business

  • Types of goods sold

  • Location of the business

  • Deductible level

  • Policy limits

  • Number of employees

  • Value of inventory


In connection, here’s another table showing the cost of the $1 million general liability insurance from trusted companies:


Cost per MonthCost per YearBest for
NEXT$27$324Best overall; Fastest general liability insurance for auctioneers and auction houses
Tivly$27$324Comparing auctioneer and auction house insurance quotes over the phone
CoverWallet$31$372Comparing insurance quotes for auction houses and auctioneers online
Hiscox$33$396Auction house and auctioneer insurance with worldwide coverage and automatic policy renewal
Chubb$35$420Globally acclaimed auction houses
AON$36$432Auctioneers and auction houses looking for an insurer with quality customer service

Compare Cheap Auctioneer & Auction House Insurance Quotes Online

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

Best Auction House & Auctioneer Insurance Companies

Your auctioneering business faces unique risks that require insurance coverage tailored to your needs. Therefore, you should be pretty discriminative when choosing the insurance provider for your business. To save you time, here are some reviews of the best auction house & auctioneer insurance companies. Read to know their pros, cons, and cost of a $1 million general liability policy.


NEXT Auctioneer & Auction House Insurance

Pros

  • Best overall

  • Issues an online proof of insurance instantly

  • Fastest general liability insurance for auctioneers and auction houses

  • Great customer service and reputation

  • Excellent rates

  • Outstanding value for money

  • Get a 10% discount if you buy two or more policies

Cons

  • Couldn’t find any

NEXT offers general liability, commercial property, and workers compensation insurance to auction houses in partnership with Tivly. You can also purchase commercial auto insurance from this company. But note that this will be underwritten by Progressive.

You might like NEXT because it issues an online proof of insurance quickly. Moreover, you can quickly name additional insureds to your coverage. Finally, this insurance company sees to it that your coverage limits match your risk level.

Best for: Best overall; Fastest general liability insurance for auctioneers and auction houses

Average cost: $27 per month

Our rating: 10/10


CoverWallet Auction House & Auctioneer Insurance

Pros

  • Compare quotes online

  • Cancel a coverage anytime

  • Waiver of subrogation can be added to general liability and professional liability insurance

  • Easy online policy management

  • Operates under AON

Cons

  • Not an insurance company but an insurance broker

CoverWallet insures automobile auction houses, general merchandise auction houses, tobacco and cattle auction houses, art auction houses, and electronic auction houses. Your coverage from this company will consist of the following:

  • $1 million-$2 million general liability insurance

  • $1 million professional liability insurance

  • $50,000 commercial property insurance

  • Workers compensation insurance

  • Commercial auto insurance

  • Cargo insurance

Choose CoverWallet if you’re looking for variety. It’s because your insurance from this company will come from different carriers, such as Chubb, Hiscox, and Liberty Mutual.

Best for: Comparing insurance quotes for auction houses and auctioneers online

Average cost: $31 per month

Our rating: 10/10


Tivly Auction House Insurance

Pros

  • Responsive customer service

  • A partner of many insurance companies

  • Compare quotes over the phone

  • Grants coverage regardless of your business profile

Cons

  • You need to call to get a quote

Tivly (formerly CommercialInsurance.NET) offers general liability, commercial property, business owner’s policy, commercial auto, and workers compensation insurance. You can get quotes and compare by calling a Tivly representative. What you’ll like about Tivly is that it curates your insurance package according to unique risks. Moreover, this company’s customer service is extremely responsive.

Best for: Comparing auctioneer and auction house insurance quotes over the phone

Average cost: $27 per month

Our rating: 10/10


Hiscox Auction House & Auctioneer Insurance

Pros

  • Worldwide coverage

  • Online purchasing and management

  • Quick and easy claims process

  • Automatic policy renewal

Cons

  • Limited distribution channels

Hiscox is a specialist insurer that provides coverage options for small and medium-sized businesses, including auction houses and auctioneers. Policies you can avail from this company are general liability, business owner’s policy, cyber liability, and professional liability insurance.

Best for: Auction house and auctioneer insurance with worldwide coverage and automatic policy renewal

Average cost: $33 per month

Our rating: 9/10


Chubb Auction House & Auctioneer Insurance

Pros

  • A.M Best -rated for financial stability

  • Wide range of coverage options

  • Customizable coverage

  • Worldwide coverage

  • Good customer service

Cons

  • Limited distribution channels

  • Some policies have a higher minimum premium

Chubb's insurance is designed for auction houses and auctioneers of all sizes. The company can customize the insurance policy to fit the specific needs of your business. Chubb also offers worldwide coverage, which benefits auction houses operating globally.

Chubb is a large and well-established insurance company with a solid financial rating, and that's good news to customers as it means they are likely to have the resources to pay out claims.

The carrier offers a range of coverage options for auction houses and auctioneers, including general liability insurance, professional liability insurance, product liability insurance, business interruption insurance, cyber liability insurance, and directors and officers Insurance.

Best for: Globally acclaimed auction houses

Average cost: $35 per month

Our rating: 8/10


AON Auction House & Auctioneer Insurance

Pros

  • Wide range of coverage options

  • Knowledgeable and experienced insurance brokers

  • Customizable coverage

  • The parent company of CoverWallet

Cons

  • AON is a high-end insurance broker; their policies may be more expensive

AON is a leading insurance broker that provides coverage for a wide range of businesses, including auction houses and auctioneers. The company offers a range of insurance policies, including general liability, professional liability, fine art insurance, crime coverage, and commercial property insurance. One of the advantages of purchasing insurance from AON is the expertise of its representatives. They have an excellent reputation for providing quality service and guidance in finding the best coverage options for their clients. Additionally, AON's coverage options are wide and can cater to different needs.

Best for: Auctioneers and auction houses looking for an insurer with quality customer service

Average cost: $36 per month

Our rating: 8/10


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