RISKS & LIABILITIES
UNDERSTANDING YOUR EXPOSURES • KNOW YOUR COVERAGE
Every Estate Sale business has unique risks and exposures specific to their business. Depending on the type of estate sales you conduct, there can be an increase in the risks and exposures that your business is subjected to.
These risks and exposures will change depending on how you operate your business making them unique to your business operation and process. This is why it is very prudent to use an insurance broker that understands the estate sale industry and the risk and exposures that are unique to your business. While your local insurance agent may be able to provide your business with some insurance coverage, they may not understand all of your business’ unique risks and exposures. The problem is that you will never know if they have done a good job until you need it and then it’s too late.
Exposure Examples
Slips and falls –General Liability Policy
Vase on the table breaks –Care, Custody & Control Policy
Item is stolen –Care, Custody & Control Policy
Didn’t get the price you predicted –Errors and Omissions Policy
Hurt while operating equipment –General Liability Policy
Misrepresented the item –Errors and Omissions Policy
Litigation (you get sued) –Errors and Omissions Policy
Data/credit card security –Database Breach Policy
Building is damaged –Property Policy
Advertising –General Liability Policy
Medical Expenses –General Liability Policy
Defense Expense –Errors and Omissions Policy
You Get Sued –Errors and Omissions Policy
Services Rendered –Errors and Omissions Policy
Items in Your Possession –Care, Custody & Control Policy
Building Owner –Property Coverage
Renters- Property Coverage
Equipment- Property Coverage
Vehicles, Autos, Trailers –Auto Hired/Non-Owned
Computer Hardware –Electronic Data Processing
Items in Transit –Inland Marine
Loss of Personal Information –Database Coverage
Credit Card Security –Database Coverage
Real Estate Errors & Omissions –Real Estate Errors & Omissions
Licensed Real Estate Agent –Real Estate Errors & Omissions
Licensed Real Estate Broker –Real Estate Errors & Omissions
Auctioneer That Sells Real Estate –Real Estate Errors & Omissions
DO YOU HAVE EMPLOYEES OR USE CONTRACTORS?
WORKERS COMPENSATION • EMPLOYEES & INDEPENDENT CONTRACTORS
Click here for a worksheet to determine if your workers are employees or independent contractors. The difference between the two should be used for tax purposes only; worker’s compensation coverage is necessary whether or not your workers are independent contractors.
DISCLAIMER: The description herein is a summary indication only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all jurisdictions. Issuance of coverage is subject to underwriting.
