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.
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:
Antique Store General Liability Insurance
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.
Antique Store Business Property Insurance
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.
Antique Store Cyber Liability Insurance Insurance
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.