E. R. Munro can design and underwrite an insurance program specific to each auctioneer’s business.
Protection your business may need includes:
- Liability Insurance — The basic building block of an auctioneer’s protection plan is Liability Insurance. Liability insurance protects your assets should you be held responsible for accidents and/or damage that occur during your auction. The cost of Liability Insurance is based on an auctioneer’s annual payroll.
- Businessowners Package (BOP)— Provides excellent protection for your small business with $2 million in liability coverage. It is for smaller auctioneers in 29 eastern states. The cost is not based on payroll.E. R. Munro’s Auctioneer BOP policy with Liability Insurance offers:
- Coverage for loss of business income due to an interruption in your operations
- Coverage for the contents of an auctioneer’s office and building
- Coverage for others’ property on consignment
- Coverage for theft of money and checks
- Consignment Coverage — Insuring the property of others in your care, custody and control is available through Consignment Coverage. E. R. Munro can provide Consignment Coverage based on the value of your customer’s property. This coverage also includes property being held in your storage facility.
- Workers Compensation Insurance — Required in most states when you have people helping you at an auction, even if they are volunteering their time. It pays their medical bills if they are injured while helping you at an auction. And in severe cases, it will pay their lost wages when they cannot return to work.
- Errors and Omissions (E&O) Insurance — Protects you financially if you must make up for a shortfall in sales to your client due to an error or omission on your part. In fact, some sellers demand this policy in their contracts with auctioneers.
Why choose E. R. Munro and Company?
We design insurance policies specific to each auctioneer’s business. We can calculate how much and what type of coverage to offer and how much it will cost. It’s our way of helping you – the auctioneer – protect your business against the unexpected.
E. R. Munro and Company is a proud member of the National Auctioneers Association, Indiana Auctioneers Association, Michigan State Auctioneers Association and Pennsylvania Auctioneers Association.
Contact us by calling 877-ERMUNRO (376-8676) to speak with an insurance agent to build an insurance package that best fits your needs. We also offer auctioneer bonds at competitive rates.
For answers to questions on your particular auctioneer insurance needs, contact Greg Magnus (gmagnus@ermunro.com) at Ext. 157.
Frequently Asked Questions
Can you insure me if I auction ammunition or firearms?
Yes. However, insurance companies want to be sure that the ammunition is kept separate from the firearms. They also want to know if auctioning ammunition or firearms is a primary part of your business or incidental. Incidental would be when you conduct an estate auction and there are a few firearms as part of the estate and perhaps a box or two of ammunition.
Can I have coverage the same day I contact you?
No. Each policy is individually underwritten. We first need to provide you with a proposal (quote). To do this we need a completed and signed application. This will include a copy of your standard auction contract and a copy of your auctioneer's license (if your state requires it). We will also review your Web site (if you have one). This process usually takes 7 to 21 days to put coverage into effect.
Is the Businessowners Policy (BOP) available in my state?
It is available in Alabama, Arkansas, Connecticut, Delaware, District of Columbia, Georgia, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Vermont, Virginia and Wisconsin. In other states, coverage is provided by a General Liability policy with premium based on your annual payroll.
Can anyone qualify for a Businessowners Policy if they live is a state where it is available?
No. The policy is designed for smaller operations. If you often auction heavy equipment, firearms, real estate, motor vehicles or any livestock, the General Liability Policy is for you.
If you are insuring a building or contents and you do not have a fire department within 5 miles you do not qualify for the BOP. If you are insuring a building or contents located within 5 miles of a fire department but not within 1,000 feet of a public fire hydrant, we must ask for underwriting approval which may or may not be given depending on your individual circumstances.
If you have no prior insurance and have been an auctioneer for less than 3 years you do not qualify for a BOP but can qualify for General Liability Insurance.
If you have no prior insurance and have been an auctioneer for more than 3 years, you will likely qualify for a BOP based on your experience in the business. We still must obtain underwriting approval which is granted in most cases.
What is the annual cost for a Businessowners Policy?
It can be as low as $575 depending on your state and the value of property you have to insure. The more property you insure the higher the cost. Auctioneers located in larger urban areas will pay more than those in smaller towns.
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