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Antiques Insurance

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How to get antique shop insurance?

When you own an antique shop, you deal with a lot of precious pieces. If something bad happens out of the blue and damages your shop or stock, it can be very bad for your financial affairs. You can also face other common dangers, like a customer being hurt at your facility or a burglar stealing cash or goods. It’s a smart idea to cover your business in the case of a costly lawsuit or other mishaps by buying antique shop insurance.

Why do antique shops require insurance?

Vase in an Antique shop UK

As an antique shop owner, you are exposed to a variety of dangers. Some of these risks are the same ones that business owners in any sector experience. For example, a fire could damage your premises, a supplier could accidentally fall on your property and sue you, or an employee could get hurt while working.

Some of the dangers you experience as an antique shop owner, though, are specific to your business. For example, you deal with fragile and unique things and sell rare items that your customers may be interested in. If a client says you lied about the authenticity of an antique, they can pursue legal action against you.

What is covered by antique shop insurance?

First of all, your antique insurance should protect your antiques from a variety of physical risks, no matter where they are showcased, sold or stored. The following are some common scenarios for which you require antiques insurance.

  • Things available for purchase, both possessed by you and entrusted to you.
  • The stock of products at your store.
  • Stock of items at other places for exhibition and/or display.
  • Inventory at auctions or repairs.
  • Inventory while in transport.

You’ll be covered if something breaks or gets damaged by water, which isn’t always provided for other businesses.

A step-by-step guide to getting antique shop insurance

Getting proper insurance to safeguard your antique shop should be your first priority if you run one. It’s important to remember that you’ll require more than one insurance policy to protect against all of your dangers.

Get your information

In the United Kingdom, if you want to get the right insurance, you should start by figuring out what your business requires and what information you need to give the insurance agent. The information you provide assists your insurer determine the risk level of your company and, thus, your premium. To get a better insurance quotation, you need to provide more accurate information to your insurance provider. Here are some things to keep at the ready:

  • Name, address, and phone number
  • Equipment and stock at the store
  • Strategies for both marketing and selling
  • Claim history
  • A criminal history, if necessary

Quotes comparison

It’s essential that you compare rates from a variety of different insurance providers. You can save time by working with an agent who can compare many insurance policies for you and select the one that provides the best worth for your money. Choosing policies and submitting applications are two more services that an insurance agent can provide.

Be honest about how your business works

Informing your agent about your company’s operations will help them decide the kind of insurance you need. Agreements and security measures are among the details that apply to all businesses. Still, others are different and unique depending on the shop or dealership. Make sure your insurance agent has all the information they need to help you get the right antiques insurance.

Get your insurance certificate

It should be a big factor in deciding which insurance policy is best for your shop. Your business can benefit greatly if you could print an exact replica of the certificate of insurance that you received from your insurer, which serves as proof of insurance coverage.

What factors go into the antiques insurance premiums?

  1. Make sure you know what your insurance covers. The greater the policy limit, the more expensive the premium will be.
  2. Check your deductibles. The deductible tells you how much you would have to pay in case of a claim. When the deductible is higher, then the premium is lower.
  3. After you figure out your insurance requirements and deductibles, the store’s risk level is the next thing that affects the premium. The insurance provider will ask you a lot of questions about your antique store to figure out how risky it is. Increased exposure to risk means a higher insurance premium.
  • What’s the size of your store?
  • How many high-value goods require insurance?
  • How many clients come on-site?
  • What safety regulations are in place to keep things safe while they’re being shipped?

An insurance company can ask you some of the above questions.

  1. Get quotes from various insurance providers to get a better idea of how much antique store insurance will cost.
  2. It’s best to shop around for insurance policies that can be issued as a bundle to save money and effort. The fewer policies you have to remember to renew, the less time you’ll have to worry about your insurance coverage.