Antique Shop Insurance Overview
Insurance for antique shops in Canada is easy, as long as it’s customized to fit your business. Each antique shop is very different. Aberfoyle Antique Market in Puslinch Ontario is open Sundays from April 28th-October 27th. This outdoor market is open rain or shine and offers a day a fun, complete with a restaurant. The owner/operator Doug Lane works tirelessly to keep vendors and customers happy and coming back year after year.
Then there are shops like the Hamilton Antique Mall in Hamilton Ontario, that can remain open year-round. Vendors like Steve Davis refurbish furniture and sell collectibles that he saves from run-down barns and old churches. Insurance for antique shops in Canada must account for the amount of time the shop is opened over the year, and the value of their vendor’s products.
What Types Of Insurance Does An Antique Shop Need?
Commercial General Liability Insurance is your insurance covering liability if any harm comes to a customer in your store. Commercial General Liability Insurance is important because you can’t always guarantee that everything in your store is structurally sound. You do your best at maintaining health and safety regulations, but sometimes a customer sitting on an antique chair is all you need before unexpected legal costs come your way. Your insurance company can cover these risks so you can continue to run your business if legal costs from this kind of incident happen.
Product Liability Insurance is the right coverage for products that are defective or malfunctioning. Your product liability insurance is important because you can’t be certain that every item you sell with function perfectly once it’s in the customer’s home. Your insurance coverage can protect you from any harm that comes to a customer once they have left your store with your product.
Property Insurance is your coverage for damages to your property. Most business owners use this property insurance to cover costs from weather or water damage. Any damages that might come from a storm or flood can be claimed for coverage.
Crime Insurance covers crimes committed by employees or customers. If you and your market vendor’s have a contract, you may want your crime insurance policy to extend to them. If you have an employee who steals from you or a customer who commits credit card fraud, you are covered for potential losses.
Why Customized Insurance Is Important?
Your insurance for antique shops in Canada has to account for the risks associated with your business. Your business is unique and therefore requires custom coverage based on what concerns you most. Some insurance companies would treat your antique store like any other retail store. This won’t work for most antique stores for a couple key reasons. First, if you only run your business in the summer and fall, you don’t have concerns about snow removal or customers slipping on ice in the parking lot. Second, if you have vendors who are in charge of their own products, you may want more product liability coverage or general liability coverage to account for the fact that you are not in charge of all the products you’re selling.
Contact ALIGNED Insurance and let us help you assess the risks that face your business. We’ll help make sure you’re not under-insured or over-charged for your insurance. You can also get insurance right away using our simple online tool – just select “Used Merchandise Stores – including antiques, collectibles, consignment stores” from the dropdown menu to get started.
Questions? Call 1-866-287-0448 to talk with an experienced ALIGNED insurance broker now.