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Risks & Liabilities 2017-10-19T16:49:13+00:00

RISKS & LIABILITIES

UNDERSTANDING YOUR EXPOSURES   •   KNOW YOUR COVERAGE

Every Auctioneer has unique risks and exposures specific to their business. Depending on the type of auctions you conduct and the items you sell, 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 auction 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.