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You love your job as an appraiser. And why wouldn’t you? You’re met with exciting opportunities every day. Whether you’re appraising jewelry, collectibles, or family heirlooms, informing clients that their items are of high value is always rewarding.
Your business is valuable too. That’s why you need to protect it with insurance for appraisers. At Simply Business, we offer policy options that help protect you from significant risks that you may face while running your business.
It’s easy to get started. All it takes is a phone call or an online visit to find quotes from the nation’s top insurers.
Ready to get your free quote?
Here are two types of policies that can be part of your appraisal insurance coverage:
Benefits of Appraisal Insurance:
You’re an expert when it comes to assessing an item’s worth. You study it with meticulous care, taking note of every detail. You research market trends and assign value to them. You run your business like clockwork, and your clients are often delighted when they learn their item is worth more than they expected.
Of course, there’s the other side of the coin. You never know when you may encounter a disgruntled client who isn’t happy or doesn’t agree with your appraisal. Even when you do your job by the book, you may experience an unexpected turn of events resulting in an insurance claim.
That’s why insurance for appraisers is so crucial.
There are risks with every type of small business. Even the most diligent business owner can make a mistake, so you need to be prepared. Depending on the nature of your business, you may need more than one policy. We can help you determine the type of coverage you may want to consider for your appraisal business.
Here are two types of policies we typically recommend:
Jewelry, coins, china, musical instruments, and artwork. These may be some of the treasured items you specialize in and assess daily. Items like these can be worth a lot of money. As an appraiser with valuable items in your possession, you’re likely at risk for theft, damage, or loss.
Sometimes your clients bring you personal items to be appraised for insurance purposes. Once the items are in your possession, it makes sense that you likely need insurance too. You can help protect yourself and your business from potential loss with general liability insurance.
Imagine a situation like this. A client brings you a vintage Fender Stratocaster guitar that he received as part of an inheritance. It’s in pristine condition and may be worth over $25,000. You need to keep it in your office for several days so you can inspect it and do some research.
While reaching for a book on a shelf, you accidentally knock over a stack of heavy binders, and they fall on the guitar, causing a significant dent in the instrument’s body. It’s an unfortunate accident, but the damage is done — and you are financially responsible for it.
Without insurance, the cost of that damaged guitar would come out of your own pocket. And that may leave you singing the blues. Property damage claims for small businesses can be significant. The average claim is a hefty $30,000.
But if you had general liability insurance, the cost of the damaged guitar could be covered by your policy, up to its limits. With a GL policy, you could be financially covered for a variety of mishaps, including third-party accidents, and third party property damage and bodily injury.
Here’s what general liability insurance usually covers:
GL insurance usually doesn’t cover:
As an appraiser, you worry about theft or damage when it comes to your clients’ valuable property. But what about your personal property?
Let’s return to your office mishap. What if — in addition to the falling binders — the entire shelf came crashing down, damaging your desk and filing cabinet? Now you have the financial burden of replacing your office furniture.
That’s where business personal property insurance comes in. When you add it to your appraisal insurance, it can help with the cost of replacing those essential office items.
Business personal property (BPP) insurance typically covers the equipment, furniture, fixtures, and inventory you own, use, or rent inside your workspace.
For a business owner, business personal property insurance can help pay to replace office furniture, computers, cameras, or other essential equipment in the event they’re stolen, damaged, or destroyed.
A BPP policy can cover financial claims involving:
For small business owners, stolen equipment or property damage can affect their daily operations. If someone steals your security camera, it creates a safety concern, putting your business and clients at risk. With business personal property coverage, the cost of your security camera could be covered, and you could return to running your business worry-free.
You never know when a good day may turn bad. Let’s say one of your apprentice appraisers overestimates the value of a piece of jewelry by several thousand dollars. If the error is later discovered, you could be at risk — and a claim could be filed against your business.
It’s not uncommon for a small business to be sued. According to the Small Business Administration, between 36%-53% of small businesses may encounter a lawsuit in a given year. And the legal costs for those small businesses could range anywhere from $3,000 to $150,000. Your small business likely can’t afford to take a hit like that.
When mistakes happen, appraiser insurance can help protect you financially if you find yourself involved in a lawsuit or having to pay a claim.
Peace of mind is just one reason to get coverage. Having appraisal insurance sends a message that your business is reputable. Your clients may feel more confident trusting you with their personal belongings. Obtaining insurance for appraisers is a great way to protect yourself while providing valuable services to your clients.
Whether or not you need appraisal insurance may depend on where you live. Check with your local government to find out what’s required in your area.
If you have part-time or full-time employees, you’ll likely need to carry workers compensation insurance.
Additionally, it’s possible you may need proof of business insurance to run your appraisal business or rent office space or equipment.
You may be able to deduct your insurance premiums when filing your business’s taxes. We recommend checking with an accountant for more information on what business expenses are tax-deductible for your specific business.
How much appraisal insurance coverage will I need?
The amount of coverage you’ll need will largely depend on factors such as:
Our quote form and our licensed insurance agents will gather enough information to help find you coverage for your appraisal business. Plus, if you have questions, our insurance pros are there to assist!
To get your appraiser insurance quote quickly, it’s helpful to have the following information handy:
A comprehensive solution that includes both general liability and business personal property insurance can cover:
This is a similar question to “How much is this painting worth?” It often depends on a number of factors. As a general rule of thumb, you can expect the cost of your policy to be determined by:
You can get business personal property coverage as an addition to your general liability (GL) insurance. And we can help you find GL policies for as low as $22.50 per month.*
Curious to see how much your appraiser liability insurance may cost? Just click here to answer a few easy questions and get free quotes to compare policies.
Your technical skills are outstanding, but no one expects you to be an expert when it comes to business insurance. That’s why we’re here.
At Simply Business, we’ll help you cut through the confusing insurance jargon so you can see things more clearly — even without a microscope.
Here’s how we’ll help you find the right coverage for your small business:
We’re fast and affordable. Our policies are fast, affordable, and ready when you are. Say goodbye to stressing about having the right coverage.
We’re flexible with coverage. If you need to make changes to your insurance coverage, we’re here to help.
We get your business. Your business is unique, so shouldn’t your insurance policy be? We understand what your small business needs, and we’ll make sure you’re properly covered.
We’re trustworthy and reassuring. No one wants to experience an accident, injury, or lawsuit. But if one of those events happens to you, we have your back. You can trust your insurance policy to help cover costs and help you get back to doing what you love.
We make it easy to compare free quotes. Insurance doesn’t need to be complicated. Our online quote form recommends policies that meet your specific needs.
Your appraisal business is all about knowing the value — or not. Protecting your business financially with appraiser insurance is one of the most valuable decisions you can make.
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* Monthly payment calculations (i) do not include initial premium down payment and (ii) may vary by state, insurance provider, and the nature of your business. Averages based on January–December 2020 data of 10% of our total policies sold.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
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*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.