4 Add-On Insurance Policies for Businesses That Deal With Collectibles and Antiques

If you enjoy the world of collectibles and antiques, then you may decide to go beyond your personal collection and open a small business that buys and sells various pieces. No matter if you sell old antique lamps, mint-in-package action figures, or collectible trading cards, an insurance policy is important to keep your business protected.



Along with standard general liability and commercial property insurance policies, you may want to add some extra policies that can apply directly to the world of collectibles. As you open and expand your business in Chicago, IL, you want to ensure you have proper coverage for years to come.

Learn about some of the add-on insurance policies to consider and how your business can thrive with these options.

1. Crime Insurance

In the world of collectibles, you may risk a lot of money for certain products and items that could end up being busts. For example, you could invest a lot into trading cards that end up being fakes or fraudulent. The world of collectibles also often includes a wide range of autographs. You may discover duplicated autographs or autographs that were clearly forged.

Instead of taking a major loss on some of these purchases, you can protect yourself with crime insurance. The crime insurance add-on will help ensure you do not dig yourself into a big financial hole as you navigate the world of collectibles. The costs associated with verification and research into specific products can ensure your business thrives.

A crime insurance policy will prevent any major disasters and allow you to bounce back. As your business grows, you may rely on additional employees to help run a shop or operate various parts of the business. The crime insurance policy will often cover employee theft as well.

Do not let a big loss of inventory impact your bottom line, as an insurance settlement will help recover and rebuild after a major loss.

2. Home-Based Business Policies

As you get your collectible business up and running, you may not start off with a storefront. You could start building your collection in your own home. For example, you may visit yard sales, estate sales, and warehouse sales to build an inventory. A garage could become a makeshift location to store your items or ship items from an online shop.

Many homeowner policies will not cover your business-related activities from the home. In these situations, you would need a home-based business policy. Insurance agents can draw up a custom policy that offers coverage for the business dealing from your home. You can select packages that include weather protection, damage protection, and general liability.

The separation of the business from your home policy will keep things in line and allow you to have clear coverage options without any hassles. As you build up your inventory, keep track of the items you have so your policy and protections stay up-to-date.

3. Commercial Auto Insurance

The expansion of a collectibles and antique business will often include the pick-up and purchase of large collections. For example, you may win auctions for whole storage units full of items you can sell in your shop. To help transport the items, you may decide to invest in a work van or truck.

For any work vehicle you own, add a commercial auto insurance policy to your package. The insurance will offer insurance coverage for automobile accidents, injuries from accidents, and protections for any other employees who operate your vehicles. If you are the only driver, then you can adjust a package to present coverage for just yourself.

As your business grows, you can adjust and change the packages as needed. Choose from different packages that expand your protection depending on how often you use the vehicles and how much protection you want. An insurance agent will explain the different deductibles and costs based on the world vehicles you use.

4. Cyber Liability Insurance

As you deal with collectibles, you may find yourself doing a lot of online transactions. You could build a customer base and use online servers to store sensitive information. In a complicated digital world, you want to ensure you have protection for all of your digital assets. Small businesses can often add cyber liability insurance policies to their packages.

In the world of collectibles, you may seek out a custom insurance package that caters to your online sales. For example, you may buy and sell digital assets like NFTs or special digital files like comic books. A cyber liability package will help provide support for the digital assets and allow you to thrive with your online business and sales.

For more information on setting up insurance policies for your collectibles and antique business, contact us at Illinois Insurance Center. We will help you set up an insurance package that fits your needs and offers you protection when you need it.