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Why do personal property appraisers need business insurance?
Undervaluing an item could result in lost profits, while overvaluing could increase the cost of insurance or taxes. That's why protection against lawsuits is crucial for appraisers. Business insurance helps pay for legal fees, medical bills, and repairs, giving you peace of mind to focus on your work.
Find the right coverage
Insureon helps art, antiques, and auto appraisers find insurance that matches your unique risks.
Get free expert advice and peace of mind knowing you have the right property and liability coverage for your small business.
Which insurance policies do auto, art, and personal property appraisers need?
These policies cover the common risks of providing appraisal services.
Errors and omissions insurance
Appraiser E&O insurance covers legal costs when a mistake leads to financial loss, such as an auto appraisal that costs a client money. It's also called professional liability insurance.
BEST FOR
- Appraiser errors in valuations
- Failure to meet client expectations
- Breach of contract
General liability insurance
General liability insurance covers common third-party risks, including accidental damage to an item that you're appraising. It's often required by landlords and lenders.
BEST FOR
- Slip-and-fall accidents
- Damaged customer property
- Defamation lawsuits
Business owner’s policy
A BOP bundles commercial property insurance and general liability coverage in one plan. It's often the most cost-effective type of commercial insurance for art, auto, and antiques appraisers.
BEST FOR
- Customer injuries
- Damaged customer property
- Stolen or damaged business property
Workers’ compensation insurance
Most states require workers' comp for personal property appraisal firms that have employees. It also protects sole proprietors from work injury costs that health insurance might deny.
BEST FOR
- Employee medical expenses
- Disability benefits
- Employee injury lawsuits
Cyber insurance
This policy helps appraisers recover from data breaches and cyberattacks. It's strongly recommended for any business that handles credit card numbers or other sensitive information.
BEST FOR
- Data breach investigations
- Customer notification costs
- Fraud monitoring services
Commercial auto insurance
Commercial auto insurance covers financial losses when an appraiser's vehicle is involved in an accident. It's required for vehicles registered to a business.
BEST FOR
- Property damage caused by your vehicle
- Bodily injuries from an auto accident
- Vehicle theft and vandalism
Looking for different coverage? See more policies.
How much does insurance cost for professional service businesses?
A fine art appraiser who works independently will pay less for insurance than a larger appraisal business.
Factors that affect the pricing include:
- Items you appraise, such as art, antiques, or vintage cars
- Business property and equipment
- Years of experience
- Types of insurance purchased
- Policy limits and deductibles
- History of insurance claims
How do I get appraiser insurance?
It's easy to get business insurance for personal property appraisers, real estate appraisers, claims adjusters, and similar specialists if you have your company information on hand. Our application will ask for basic facts about your business, such as revenue and number of employees. You can buy a policy online and get a certificate of insurance with Insureon in three easy steps:
- Complete a free online application
- Compare insurance quotes and choose policies
- Pay for your policy and download a certificate
Insureon's licensed insurance agents work with top-rated U.S. providers to find the right insurance coverage for your appraisal services, whether you work independently or hire employees.
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