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Antique Dealers Insurance Policy Information

Antique Dealers Insurance

Antique Dealers Insurance. Dealing antiques is an interesting and exciting endeavor. It can also be financially reward. You have the opportunity to see and handle rare items and interact with unique people, and if you run your business properly, it can be quite lucrative, too.

Antique dealers buy and sell a wide variety of used goods, particularly furniture, gifts, glassware, household goods, toys, and historic, nostalgic or collectible items. Some may sell vintage clothing, musical instruments, or architectural items. The dealer may specialize in a particular type of item or particular era and may offer appraisal services.

The dealer purchases items from auctions, estate sales, flea markets, garage sales, or directly from clients. Some items may be sold on a consignment basis. Cleaning, reconditioning and repair services may be offered.

The store may provide pickup and delivery of goods. If the dealer owns the shop, booth space may be rented to other dealers of antiques.

In the excitement of setting up your business, it's vital that you don't forget to make sure that all of your T's are crossed and I's are dotted, and that means properly protecting your establishment.

Antique dealers insurance is the best way to protect your business, as well as yourself, the clients you serve, your employees, and anyone else who interact with your business.

What type of coverage will you need? How much will it cost you? Below, you'll find out more about antique dealers insurance so that you can make sure your investment is properly protected.

Antique dealers insurance protects your shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.

Below are some answers to commonly asked antique store insurance questions:

What Is Antique Dealers Insurance?

Antique dealers insurance is a type of insurance coverage designed specifically for businesses that buy, sell, and trade antiques. This type of insurance typically includes coverage for losses or damages to the antiques in the dealer's inventory, as well as liability coverage for any accidents or injuries that may occur on the dealer's premises.

It may also include coverage for theft, fire, and natural disasters, as well as coverage for lost or stolen items during transportation. Additionally, some antique dealers insurance policies may include coverage for lost profits, business interruption, and other financial losses.

How Much Does Antique Dealers Insurance Cost?

The average price of a standard $1,000,000/$2,000,000 General Liability Insurance policy for small antique shops ranges from $27 to $49 per month based on location, revenue, square footage of store, experience and more.

Why Do Antique Dealers Need Insurance?


Antique dealers need insurance to protect their business from potential losses due to theft, damage, or liability. Insurance can provide coverage for the physical inventory of antiques, as well as for any damages or injuries that may occur on the dealer's property.

Additionally, insurance can provide financial protection for the dealer in case of a lawsuit or other legal action. This can help to safeguard the dealer's assets and ensure that the business can continue to operate in the event of an unfortunate incident.

In addition to the above mentioned reasons, antique dealers may also need insurance to protect their business from loss or damage during transportation or while on display at trade shows or events. This type of coverage can help to ensure that the dealer is able to recover the value of any lost or damaged items.

Furthermore, many antique dealers may also need liability insurance to protect against claims of negligence or other legal issues that may arise. This type of antique dealers insurance coverage can help to cover any legal fees, settlements or judgments that may be incurred in the event of a lawsuit.

Finally, many antique dealers may also choose to invest in insurance policies that provide coverage for loss or damage caused by natural disasters or other unexpected events. This can help to ensure that the dealer's inventory is protected in the event of a fire, flood, or other catastrophic event.

What Type of Insurance Do Antique Dealers Need?

The specific type of antique dealers insurance coverage you'll need depends on several factors. The type of antiques you deal with, whether you buy or sell items, where your business is located, the size of your operation, and whether or not you drive for work-related purposes are just a few of the factors that will determine the specific type of coverage you'll need.

With that said, however, there are some key types of coverage that all antiques dealers should carry. Examples include:

  • Commercial Liability: This coverage protects you from third-party liability claims, including property damage and personal injury. For example, if a client trips over a wire on the floor of your facility, suffers an injury, and files a lawsuit against you, this insurance will cover your legal expenses, as well as any compensation a court finds you liable for.
  • Commercial Property: This coverage protects the structure of your business, as well as the items that are inside of it. It also covers some of the exterior elements, such as sidewalks and signage. If a fire breaks out in your property and damages the structure as well as some of your equipment, commercial property insurance will help to pay for the necessary repairs.
  • Commercial Auto: If you drive to different locations for work-related purposes - you travel to antique roadshows or to the homes of your clients, for example - you'll need to have commercial auto insurance. If you're involved in an accident, your personal auto insurance won't cover it, as it occurred while you were working; therefore, you'll need commercial auto in order to pay for any damages that may occur.

In regard to the cost of antique dealers insurance, it also depends on many of the same factors that will determine what type of coverage you need - the size of your business, where it's located, whether or not you employ a staff, for example - as well as what specific type of coverage you have.

Antique Dealers Risks & Exposures

Woman Holding Antique Vase

Premises liability exposure is high due to the number of visitors to the store. To prevent slips and falls, there should be good lighting and adequate aisle space. All goods should be kept on easily reached shelves so customers do not pull items down on themselves. The stock dropped on floors by customers must be retrieved promptly.

Floor coverings should be in good condition, no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.

If the premises are open after dark, there should be adequate lighting and appropriate security for the area. There should be a disaster plan in place for unexpected emergencies.

If booth space is rented or vendors provide services, the store should require certificates of insurance verifying appropriate limits of liability.

Personal injury exposures include allegations of discrimination, invasion of privacy in dressing rooms, and from apprehending and detaining shoplifters, which may result in claims of assault and battery, false arrest or detention, unauthorized or intrusive searches, or wrongful ejection from the premises. Shoplifting procedures must be fully understood and utilized by all employees.

Products liability exposure is limited as antiques are old and generally sold on an "as is, all sales final" basis.

The dealer should be sure there are no jagged edges on glassware or furniture, and attach labels warning of possible lead exposure to architectural items (particularly salvaged pieces such as painted doors or window frames), cloisonne jewelry, ceramics, pewter or silver-plated items, and painted toys.

Old baby cribs or bassinets that do not meet current standards pose dangers to infants or toddlers. The exposure will increase if there is reconditioning or repair. Foreign-made items should come from a domestic-based wholesaler.

Any direct importer should be considered as a product manufacturer. Reproductions must be labeled as such.

Professional liability exposure comes from providing appraisal services. The appraiser must be certified. All appraisals should be in writing with verification of how the age of the item, its condition, and its value was determined.

Workers compensation exposure is moderate due to employees standing for long hours, the use of computers, and stocking which requires lifting and placing items on floors or shelves for display. Continual standing can result in musculoskeletal disorders of the back, legs, or feet. Trips, slips, and falls are common. When work is done on computers, employees are exposed to eyestrain, neck strain, and repetitive motion injuries including carpal tunnel syndrome.

Lifting can cause back injury, hernias, sprains, and strains. Employees should be provided with safety equipment, trained on proper handling techniques, and have conveying devices available to assist with heavy lifting. Equipment used in repair operations should be appropriately maintained to prevent injury. Respiratory ailments may occur from working with paints, lacquers, and solvents.

Employees picking up items or delivering items to customers will encounter road exposures. Cleaning workers can develop respiratory ailments or contact dermatitis from working with chemicals. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.

Property exposures can be high due to the age, combustibility, and value of stock along with numerous ignition sources including electrical wiring and heating and air conditioning systems. Antique stores are frequently located in older buildings. All wiring should be well maintained and meet current codes for the occupancy. Malfunctioning wiring on used electrical equipment may short or spark when tested by customers.

Should a fire occur, the stock and its packaging materials provide a combustible fire load that is highly susceptible to water and smoke damage. Flammables such as lacquers or solvents used for cleaning, reconditioning or repair must be stored away from the inventory. Processing should be done in a separate building reduce the potential for fire.

If there is a snack bar or restaurant, all grills and deep fat fryers must have automatic fire extinguishing protection, hoods, and filters. There should be fuel shut-offs and adequate hand-held fire extinguishers. The kitchen must be kept clean and grease free to prevent the spread of fire.

Theft may be a concern if any of the stock has high value. Small items should be displayed in locked cabinets, with keys inaccessible to customers. Extremely high-valued items should be kept in a safe and shown only to qualified buyers. Appropriate security measures should be in place including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.

Valuation can be a problem due to the age and rarity of items held as inventory. The dealer should keep accurate records of the description and cost of each item purchased for resale to verify the actual cash value of missing, damaged, or destroyed items after a loss. Business interruption exposures are moderate.

While backup facilities are readily available, replacement stock will be difficult to obtain quickly.

Crime exposures are from employee dishonesty and theft of money and securities from holdup or safe burglary. Background checks should be conducted on all employees handling money.

There must be a separation of duties between persons handling deposits and disbursements and reconciling bank statements. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.

Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records for vendors' and customers' records. Backup copies of all records, including computer files, should be made and stored off premises.

If the store consigns items belonging to others, bailees customers coverage should be considered. Fine arts dealers form should be considered if the store stocks particularly valuable items. Goods in transit and off premises coverage will be needed if the store takes items to trade shows or loans items to other organizations for displays.

Commercial auto exposure is moderate because dealers purchase items off-site and transport them to the store. They often provide delivery services to customers when large items are purchased. All drivers must have a valid license and acceptable MVR. Vehicles should have regular maintenance with records kept.

What Does Antique Dealers Insurance Cover & Pay For?

Antique Dealers Insurance Claim Form

Antique dealers may face lawsuits for various reasons. Some examples of potential reasons for lawsuits against antique dealers include:

Authenticity Disputes: Antique dealers may face lawsuits if their customers dispute the authenticity of an antique item they have sold. For example, if a customer purchases an antique painting from a dealer and later discovers that it is a forgery, they may sue the dealer for selling a fraudulent item.
How insurance can help: A dealer who has obtained an insurance policy that includes coverage for authenticity disputes may be protected in such cases. The insurance policy can help cover legal expenses incurred in defending against the lawsuit, including attorney fees, court costs, and damages awarded to the plaintiff if the dealer is found liable.

Property Damage or Loss: Antique dealers may face lawsuits if antique items in their possession are damaged, destroyed, or stolen. For example, if a fire breaks out in an antique shop and damages valuable antique furniture, the owner may be sued for negligence in protecting the items.
How insurance can help: Insurance policies that include coverage for property damage or loss can help antique dealers recover the value of the damaged, destroyed, or stolen items. The insurance policy can cover the cost of repairs or replacement, and may also provide coverage for legal expenses if a lawsuit is filed against the dealer.

Personal Injury Claims: Antique dealers may face lawsuits if a customer or visitor to their premises suffers a personal injury, such as a slip-and-fall accident or injury from a falling object. For example, if a customer trips over a loose rug in an antique shop and sustains injuries, they may sue the dealer for negligence.
How insurance can help: Insurance policies that include general liability coverage can protect antique dealers from personal injury claims. The insurance policy can cover medical expenses, lost wages, and damages awarded to the injured party, as well as legal expenses incurred in defending against the lawsuit.

Breach of Contract: Antique dealers may face lawsuits if they fail to fulfill their obligations under a contract. For example, if a dealer agrees to sell a valuable antique item to a customer but fails to deliver it as promised, the customer may sue for breach of contract.
How insurance can help: Insurance policies that include coverage for breach of contract can help antique dealers cover damages awarded to the plaintiff, as well as legal expenses incurred in defending against the lawsuit.

Professional Liability: Antique dealers may face lawsuits if they are accused of providing inaccurate or misleading information about an antique item, such as its value, history, or condition, which results in financial loss for a customer.
How insurance can help: Insurance policies that include professional liability coverage, also known as errors and omissions (E&O) coverage, can protect antique dealers from claims of professional negligence. The insurance policy can cover damages awarded to the plaintiff, as well as legal expenses incurred in defending against the lawsuit.

In all of these examples, having insurance coverage tailored to the risks faced by antique dealers can provide financial protection by helping to pay for legal expenses, damages awarded to plaintiffs, and other costs associated with lawsuits. It is important for antique dealers to carefully review their insurance policies and consult with an insurance professional to ensure they have appropriate coverage in place to protect their business from potential lawsuits.

Commercial Insurance And Business Industry Classification

Description for 5932: Used Merchandise Stores

Division G: Retail Trade | Major Group 59: Miscellaneous Retail | Industry Group 593: Used Merchandise Stores

5932 Used Merchandise Stores: This industry includes stores primarily engaged in the retail sale of used merchandise, antiques, and secondhand goods, such as clothing and shoes; furniture; books and rare manuscripts; musical instruments; office furniture; phonographs and phonograph records; and store fixtures and equipment. This industry also includes pawnshops.

  • Antique stores-retail
  • Book stores, secondhand-retail
  • Building materials, used-retail
  • Clothing stores, secondhand-retail
  • Furniture stores, secondhand-retail
  • Furniture, antique-retail
  • Glassware, antique-retail
  • Home furnishing stores, secondhand-retail
  • Home furnishings, antique-retail
  • Manuscripts, rare-retail
  • Musical instrument stores, second-hand-retail
  • Objects of art, antique-retail
  • Pawnshops
  • Phonograph and phonograph record stores, secondhand-retail
  • Shoe stores, secondhand-retail

Antique Dealers Insurance - The Bottom Line

For more information on antique dealers insurance, speak with a reputable broker who specializes in commercial insurance and understands the unique risks of the antique business.

Additional Resources For Retail Insurance

Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.

Retail Insurance

The retail industry is a vital sector of the economy, providing goods and services to consumers across the globe. It is also a sector that is constantly evolving, with new technologies and trends emerging on a regular basis.

Despite its importance, the retail industry is not without its risks. Retail businesses face a variety of threats, including theft, damage to property, and liability issues. These risks can have significant financial consequences for retail businesses, which is why commercial insurance is so important.

Insurance can provide retailers with protection against financial loss resulting from unforeseen events. For example, if a retail store is damaged by a natural disaster, insurance can help cover the cost of repairs and help the business get back on its feet. Similarly, if a retail employee is injured on the job, insurance can help cover their medical expenses and any lost wages.

In addition to protecting against financial loss, commercial insurance can also help retail businesses protect their reputation. If a retail business is sued or faces other legal challenges, insurance can provide financial support and legal representation. This can help to protect the business's reputation and maintain customer trust.

Overall, insurance is an essential component of a successful retail business. It helps to safeguard against financial loss and protect against potential legal challenges, which can be especially important for smaller businesses that may not have the resources to absorb these types of losses.

By investing in business insurance, retail businesses can ensure that they are well-equipped to handle the many challenges that come with operating in this dynamic industry.

Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Valuable Papers and Records, General Liability, Employee Benefits, Umbrella, Hired and Non-owned Auto & Workers Compensation.

Other commercial insurance policies to consider: Building, Earthquake, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Bailees Customers, Goods in Transit, Jewelers Block, Cyber Liability, Employment-related Practices, Business Auto Liability and Physical Damage and Stop Gap Liability.

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