Antique stores specialize in selling a collection of different antiques and collectibles. This includes figurines, furniture, jewelry, home décor items, odds and ends, and many other items. Items are acquired from individuals selling on consignment, estate sales, yard sales and flea markets. 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.
Types of Antique Store Insurance
There are many different types of risks associated with an antique store, therefore you have a variety of insurance policies to choose from. Consider protecting your shop with the following business insurance policies:
General liability is typically the first business insurance policy that an antique store owner wants to acquire. With general liability, you have coverage for bodily injuries on the premises, called premises liability, completed operations coverage and product liability coverage. You are 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 covers these incidents. Product liability is also important because it offers protection if a product causes injury, damage or harm to the customer or their property.
You most likely use your own vehicle when visiting flea markets, auctions and estate sales to stock your antique store. Because of the frequent trips, you should get a business auto insurance policy. It 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 example, 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. With theft coverage, you get a portion of this money back from the policy.
Business property insurance is very important for your antique shop because it covers most unexpected events. Catastrophes like natural disasters, fire, extreme weather conditions, or flood could all damage your property and the contents inside. Business property offers coverage for these events, giving you the option of making necessary repairs or replacing what was destroyed. In an antique shop, many items are likely flammable which means a small fire could escalate quickly. Even something as small as water damage from a heavy rainstorm could damage a significant amount of merchandise, especially considering a little water can severely diminish what antique items are worth.
If you sell antiques from an online shop, you should have a policy to cover cyber crimes, such as a cyber liability policy. 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.
Employees of your antique store should also have adequate protection. 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. Not only do they get the help they need without having to cover the expenses themselves, but the policy prevents your workers from suing you for damages.
Antique Store Crime Insurance
Aside from cyber crimes, you should also protect your shop from other types of crimes like theft, vandalism and shoplifting. These and other crimes are properly protected with the help of a crime insurance policy. This doesn’t mean you shouldn’t have proper security in your store, but it adds more protection.
When operating an antique store, getting business insurance to protect your shop should be top priority. Remember, you will need more than one antique store insurance policy for adequate coverage of all your risks.