Auctioneer Liability

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.
  • Property — We can provide coverage for your office to include:
    • Furniture
    • Sound Systems
    • Signs
    • Tents
    • Software
    • Computers
    • Telephone Systems
    • Copiers
    • Theft – Burglary – Robbery
    • Protection at the cost to replace
  • We can protect the building or buildings you own with property insurance.
    • Protection will be for the cost to rebuild with the same like, kind and quality of materials and workmanship.
    • $500, $1,000 and $2,500 deductibles are available.
    • Vandalism, Fire, Lightning, Windstorm and many more hazards covered.
  • 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 or in transit.
  • 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.
    • We normally do not provide Workers Compensation Insurance unless you have it now and have had it for at least the past three years without interruption. If you have never had Workers Compensation Insurance we can “steer” you to your “state fund” who will work directly with you to obtain the Workers Compensation Insurance you are required to have by state law.
  • 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, Ohio Auctioneers Association, Pennsylvania Auctioneers Association and the West Virginia 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 ([email protected]) 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 business days to put coverage into effect.

What if I only want General Liability Insurance, what does it cost?

The cost varies from state to state and is based on your annual payroll. If you have no payroll, each state has laws that determine an imaginary payroll to establish a cost, which typically starts at $1,000 annually. Depending on your state’s laws there may be a tax or fees added to your annual cost.

What insurance company do you use?

We are independent insurance agents and have access to more than one insurance company. The insurance company we choose for you will be “A” rated by A. M. Best. They have been determining the financial and management quality of insurance companies since 1906.

Someone just asked me to prove I am insured and requests a “Certificate of Insurance.” Do you provide these?

Once we have a policy or policies in place we provide a “Certificate of Insurance” to you and the person or company requesting it at no charge. During normal business hours we can have a Certificate of Insurance E-mailed or faxed to you within 60 minutes of your request. Under certain circumstances this can take as long as 24 hours.

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