Collectibles stores are fun and rewarding shops selling items such as statues, memorabilia, glassware, figurines, china dolls, ornaments, holiday and decorative collectibles, and more. While it is a lucrative profession, owning a collectibles store includes a variety of risks. You sell many one-of-a-kind items, which means damage to a very collectible item can cause significant loss of business income. Other risks include slips and falls that could lead to legal action taken against you, and other liability risks. Protect your business by obtaining collectibles store insurance for each risk that you feel is probable.
Types of Collectibles Store Insurance
There are a wide range of business insurance policies suitable for collectible stores; these are the most important ones you should consider.
If you choose just one type of business insurance policy for your collectibles store, general liability should be it. Per its name, this will cover any liabilities from potential lawsuits by customers or passersby. This includes completed operations, premises liability which covers accidents occurring in your shop or just outside of it, and products liability covering any damage or injury caused by your products.
Any number of unfortunate events can occur, such as natural disasters, snow storms, hurricanes, flood, or fire. You can’t always prevent these acts, but you can protect your business assets with property insurance. If there is damage done to your building and collectibles, property insurance will help pay for repairs to the building and replacing what was lost or damaged.
Collectibles Store Crime Insurance
Your collectibles store is at risk of crimes similar to what other retail stores face. These range from theft to shoplifting, and even vandalism of your store and contents. It is important to screen all employees before they are hired, but this doesn’t prevent theft or embezzlement from your workers. However, you can avoid significant loss by getting crime insurance for any crime committed in your store.
Business auto insurance should be obtained if you use a vehicle for any type of business errands. This could be anything from delivering stock to a customer or picking up merchandise from a supplier. It not only covers accidents while driving the vehicle, but also theft and vandalism. For example, if while making a stop, collectible items are stolen from the vehicle, the loss may be covered by your business auto policy.
All employees at your collectibles store should be fully protected by worker’s compensation insurance. This type of insurance is meant to cover your employees in the case of a work-related injury or illness. Employees loading and unloading boxes of heavy collectibles and memorabilia have the risk of getting a back or shoulder injury, and workers at the register could potentially get a repetitive motion injury. These and other risks of being an employee at a collectibles store are covered by worker’s comp.
Offer your shop the protection it deserves by choosing these important collectibles store insurance policies. Each of them covers a different type of risk, many of which you can’t avoid and should consider when choosing business insurance.