Whenever you budget the expenses of your business, Memorabilia Sales insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your Memorabilia Sales enterprise, you must consider how much financial danger you are taking on.
If your Memorabilia Sales business runs without proper insurance, you are taking an enormous 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 upshots of their actions.
In this article, we are giving very general guidelines for growing businesses to outline what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Memorabilia Sales business?
What this means, for any Memorabilia Sales business owner, is that if some company 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 Memorabilia Sales 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 Montana, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have claimed.
When you are running your Memorabilia Sales 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 Memorabilia Sales insurance protect you from?
For your Memorabilia Sales business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will outline the most important points any Memorabilia Sales business owner should know when negotiating the insurance needed.
The main headings of insurance for your Memorabilia Sales businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Memorabilia Sales business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them themselves or else something of theirs can be damaged.
In such a case, they can demand compensation.
General liability insurance policy for your Memorabilia Sales business insures you against claims coming from injury to customers or damage to their property.
It protects your Memorabilia Sales business from the claims themselves and in addition to any follow-on court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.
The average level of general liability insurance for your Memorabilia Sales business would be with a upper limit of $1 million for a single event 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 Memorabilia Sales insurance operations.
Professional liability insurance for your Memorabilia Sales business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Memorabilia Sales business for them, you can quickly be involved in a law suit.
Even if the matter against you is ruled in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Every small Memorabilia Sales business should have enough professional liability insurance to cover an individual claim of $25,000, with annual cover of $50,000.
See the table in the cost of Memorabilia Sales insurance section below for average prices of professional liability insurance for your Memorabilia Sales operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held responsible for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Memorabilia Sales
Only you can estimate exactly how much insurance you should get.
Best advice is to consult with experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Memorabilia Sales business
Beware! – most policies for private vehicle insurance do not cover any happening like theft or accidental damage when the vehicle 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 van policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
In addition, in case of any accident, the truck 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 wanted value of the insurance is calculated on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Memorabilia Sales business needs unique and dedicated equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unpredicted acts.
As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.
Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy whatever needed to keep your Memorabilia Sales business running.
It is impossible to advise how much equipment insurance you need – it’s essentially dependent on how much you have invested in your Memorabilia Sales business’ equipment.
Commercial Property insurance
Any Memorabilia Sales business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you certainly 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 criminal damages like theft and vandalism.
If your Memorabilia Sales business works in areas of high risk, like Florida or Georgia, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where unlimited cold snaps can cause damage to outer coverings of Memorabilia Sales business premises, there is a need for more extra cover than in warmer climes.
Whereas the level of cover depends entirely 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 Memorabilia Sales insurance section below to give some idea of the average prices per million dollars of property insurance for your Memorabilia Sales business.
Temporary insurance by month, week or day for your Memorabilia Sales business
Is your Memorabilia Sales business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Memorabilia Sales – are special policies where you can cover a designated 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 the same risk cover.
The key feature of short-term insurance is that you buy the cover for a defined period – a specific 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 larger 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 Memorabilia Sales business
You have the choice 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 merges commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Memorabilia Sales businesses, such as yours.
There are two limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle risks.
Also, the size of your business will dictate whether you are allowed to take out BOP cover.
The normal business that can take out a BOP policy must have no more than one hundred employees, and not more than five million dollars in annual turnover.
As well, you must separately take out the mandated worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Memorabilia Sales business employees
In almost all states, it is mandatory to have workers compensation insurance when your Memorabilia Sales business has one or more employees.
Workers compensation insurance covers the enterprise 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.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you cannot get your workers compensation obligations from private insurance corporations.
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 Memorabilia Sales insurance level is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with a broker what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Memorabilia Sales businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$330 – $725|
|General liability insurance||$635 – $1105|
|Equipment insurance||$460 – $1050|
|Public liability insurance||$275 – $615|
|Commercial vehicle insurance||$1980 – $2585|
|Commercial insurance||$1175 – $2235|
Cost of insurance for your Memorabilia Sales operations depends on many different factors.
We have estimated these figures for small independent Memorabilia Sales businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like New Mexico, they will be about 20%-30% cheaper.
The location and size and type of your Memorabilia Sales 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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In addition you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your town.
What is small business insurance for Memorabilia Sales operations?
This is an umbrella term used to describe standard insurance policies designed to protect Memorabilia Sales business owners from risks like bodily injury, property damage, claims of negligence.
Does my Memorabilia Sales 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 Memorabilia Sales business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a customer for bodily injury, property damage, or negligence.
The precise cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for Memorabilia Sales insurance.
How much will Memorabilia Sales 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 consult with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Memorabilia Sales, in the search box below, and follow the relevant links.