Antique stores are all about keeping tradition alive. As you walk through the rows of wares in your store, you can see, feel, and (let’s be honest) smell history. It’s wonderful to be able to share a little bit of the past with your customers!
But without business insurance for antique stores, what starts as a run-of-the-mill day can quickly become a firsthand nightmare in your secondhand store. You’re selling often one-of-a-kind, priceless and delicate objects; it’s important to protect them (and your finances) from damage.
Here are five reasons antique stores need business insurance.
A shoplifter steals several high-value items
It’s a typical weekday afternoon when you notice a blank patch of shelf that almost certainly wasn’t there this morning. After determining that nobody in the store is currently holding the missing item, you realize: you’ve been hit by a smooth criminal... a shoplifter! This unfortunate crime eats into your bottom line. Luckily, property insurance as part of a Business Owners Policy (BOP) does cover theft in many cases, and will pay you either the actual cash value or replacement value of lost items.
A natural disaster damages your structure and merchandise
Nobody believes a natural disaster will happen to them until it does. Just ask one Virginia-based antique store whose roof collapsed under two feet of snow! The roof “came crashing down on countless collectibles, furniture, glassware, art pottery and showcases,” according to the local gazette. Artifacts that weren’t damaged in the fall faced exposure to the elements, as the structure was too unsafe to re-enter for some time after the accident.
Besides theft, property insurance covers many natural disasters and accidents (like fire, lightning, wind and vandalism, to name a few) to help businesses like yours get back on their feet.
A van transporting antiques is involved in an accident
All it takes is misjudging one left turn and bam, suddenly your commercial vehicle is too damaged to drive. And that’s not even accounting for the valuable merchandise inside. Commercial auto insurance is an important component of any business plan because it can cover damage to others’ (and your own) vehicles in the event of an accident.
A large frame falls off the wall, injuring a customer
You take great care to arrange your store safely, but shelves, tables and hanging objects sustain great wear and tear over time. This time, as a customer moves a large portrait to the side to try to ascertain the price, it comes off the wall and the corner falls directly on their foot. Suddenly you’re looking at a hospital bill and potential rehabilitation costs!
General liability insurance covers the medical and legal expenses associated with personal and bodily injury to third parties on your premises. If you have customers, you need this coverage.
A customer accuses your shop of selling them a fake
You’re thrilled when a customer seals the deal on one of the most notable pieces in your antique collection. That is, until they come back the following week and accuse you of selling them a fraud on the word of an outside appraiser. Whether you did make a mistake or they’re full of hot air, you may need to defend yourself in court. Legal bills can add up fast (and your reputation can degrade just as quickly), so having professional liability insurance to cover claims of professional negligence is crucial.
If you’re running an antique store without insurance, you’re taking a mighty huge risk. Want to explore your options and find an affordable plan? Compare business insurance for antique stores with CoverHound today.