Auctioneers have a specific job that requires excellent stress management, problem-solving skills, and the ability to constantly be on their toes. While seasoned auctioneer businesses may have the entire process nailed down, businesses that are new to the field are still learning the ropes. Regardless if you are new or a veteran, mistakes could be made along the way, and some of these mistakes could cost the business a significant financial loss to themselves and their clients.
When accidents occur, auctioneer business insurance can protect your business against the loss and damage arising from liability and litigation. Otherwise, the incurring expenses can be costly and difficult to recover.
At ALIGNED, we provide our clients with the right type of auctioneer business insurance that fits their needs and risks.
Why is Auctioneer Business Insurance Important?
Learning to become a good auctioneer and operating a successful auctioneer business takes a lot of work. Not only do these businesses have to manage high-stress situations, but they must also learn how to handle different types of inventory. Along the way, mistakes are inevitable:
- A client is injured on your premises.
- One of your employees damages the inventory or property of your client.
- A hacker steals confidential information about your customers or breaks your website.
- A client claims misconduct, errors, or dissatisfaction with the services provided by your business.
To protect your business against these risks , having the right amount of insurance coverage is important.
What Does Auctioneer Business Insurance Include?
Commercial General Liability Insurance – also called CGL insurance, commercial general liability insurance provides coverage for injuries, bodily harm, and property damages occurring to a third party during your business operations. For example, if a client falls and slips on your premises, you are covered for lawsuits, losses, and medical expenses.
Professional Liability Insurance – having coverage for allegations of financial loss associated with your work as their auctioneer is critical.
Commercial Auto Insurance – covers medical, property damage, loss of income, disability benefits, and more if you are involved in a collision while driving to different auction locations, etc.
Cyber Insurance – auctioneer businesses might conduct business online or rely on technology to operate parts of their business. As a result, they are at risk of becoming a victim of cybercrime. Cyber insurance will protect your business against the damages caused by cyberattacks, such as data hacks, network intrusions, loss of information, etc.
Commercial Property Insurance – your business relies on your building and equipment to operate successfully. It’s important to ensure your assets are protected in the event of a fire, vandalism, flood, or other natural accident beyond your control.