Whenever you budget the expenses of your business, Antiques Store insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
Need General Liability Insurance for Your Antiques Store
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With the protection provided by liability insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Antiques Store enterprise, you must consider how much financial risk you are taking on.
If your Antiques Store business runs without proper insurance, you are taking a giant chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Antiques Store business?
What this means, for any Antiques Store business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Antiques Store business is not harbored by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.
In some states, like New Jersey, there are specific monetary levels that limit the amount a judge can award in any case against the state.
In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sort.
When you are running your Antiques Store operations, you can’t deny responsibility for the consequences of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.
What does Antiques Store insurance protect you from?
For your Antiques Store business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Antiques Store business owner should remember when negotiating the insurance needed.
The main categories of insurance for your Antiques Store businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Antiques Store business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be ruined.
In such a case, they can sue you for compensation.
General liability insurance policy for your Antiques Store business covers you against claims coming from injury to customers or damage to their property.
It protects your Antiques Store business from the claims themselves and in addition to any follow-on court costs and legal fees of the lawsuits.
In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts require proper liability insurance.
The normal level of general liability insurance for your Antiques Store business would be with a boundary of $1 million for a single claim and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Antiques Store insurance operations.
Professional liability insurance for your Antiques Store business
In the event where a client alleges some negligence, errors, or omissions in how you conducted your Antiques Store business for them, you can quickly face a law suit.
Even if the matter against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Most small Antiques Store business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of Antiques Store insurance section below for average prices of professional liability insurance for your Antiques Store operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what you delivered didn’t meet your description of function, or that your advice was basically incorrect.
You need to know the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for damages caused by products claimed to be defective.
To cover yourself against any possible lawsuit, you need Product liability insurance for Antiques Store
Only you can determine exactly how much insurance you must have.
Best advice is to contact experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Antiques Store business
Beware! – practically all policies for private vehicle insurance do not cover any happening like theft or accidental damage when the van is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a direct commercial vehicle insurance package.
Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your car is involved in a collision.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required value of the insurance is worked-out for the depreciated value of the vehicle, and your intended level of cover of contents.
Tools and Equipment insurance
Since your Antiques Store business needs specific and expensive equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The tools may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Antiques Store business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Antiques Store business’ equipment.
Commercial Property insurance
Any Antiques Store business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.
Any physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against man-made damages like theft and vandalism.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of Antiques Store business premises, there is a need for more extra cover than in warmer climes.
Because the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Antiques Store insurance section below to give some idea of the average prices per million dollars of property insurance for your Antiques Store business.
Temporary insurance by month, week or day for your Antiques Store business
Is your Antiques Store business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes excellent sense. Business insurance by the month, day, or week – temporary insurance for Antiques Store – are special policies where you can cover a nominated period when you want to be covered.
By only paying for that period of cover, you will save by having less premiums but still having adequate risk cover.
The important feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of better business activity, get the existing cover raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Antiques Store business
You have the option to combine a few of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP combines commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will shield you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized Antiques Store businesses, such as yours.
There are a few limits that will rule whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle cover.
Also, the size of your business will dictate whether you are permitted to take out BOP cover.
The usual business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual sales.
As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Antiques Store business employees
In most states, it is mandatory to have workers compensation insurance when your Antiques Store business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer required to pay penalties levied by the states.
In these states, you can’t take out your workers compensation obligations from private insurance companies.
Workers compensation rates are worked out based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Antiques Store insurance need is unique, there are enough examples of average quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an agent what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Antiques Store businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$299 – $875|
|General liability insurance||$581 – $1071|
|Commercial insurance||$839 – $2980|
|Public liability insurance||$277 – $505|
|Equipment insurance||$446 – $1436|
|Commercial vehicle insurance||$1577 – $2800|
Cost of insurance for your Antiques Store operations depends on many different factors.
We have estimated these figures for small freelance Antiques Store businesses.
The location and size and type of your Antiques Store business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Antiques Store operations?
This is an umbrella term used to describe standard insurance policies designed to protect Antiques Store business owners from risks like bodily injury, property damage, claims of negligence.
Does my Antiques Store business have to have insurance?
Some of the types of insurance are not mandatory for you to run your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Antiques Store business insurance policy cover?
Liability insurance provides insurance against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Antiques Store insurance.
How much will Antiques Store business insurance cost?
On top of the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should discuss with professional insurance agents and brokers, or insurance company representatives.