What Is Auctioneers Insurance And Why Do You Need It

Jan 26, 2017
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When many people think of what an auction is, they imagine a bunch of people seated in a room with a man in a fancy suit at the head of the room selling fabulous paintings or jewels for thousands of dollars. This is occasionally what auctions look like, but not in every instance. Many people miss how auctions function in the modern world, such as government auctions for abandoned or impounded automobiles or estate auctions to liquidate all of the assets of a family. Many people also do not imagine that something like auctioneers’ insurance exists or that companies like Murphy Insurance Agency sell it.

In reality, being an auctioneer can still be an extremely lucrative position, since many auctioneers are paid by commission. Much like being a sales representative, it puts the impetus of making more money directly on the employee. Lots of people are attracted to these types of position because of the possibility of making a lot of money, but many don’t know that a very specific kind of insurance is needed for auctioneers to protect them from many of the same business liabilities as other industries.

Auctioneers’ insurance allows you to run your business effectively without having to worry constantly about your assets or being sued. No matter the industry your business is a part of, being sued can be a serious risk to financial stability. This is no different for auctioneers. Auctioneers’ insurance, first and foremost, protects your immediate assets. This includes any goods that you are currently selling at auction, so whether it was burned, vandalized, dropped, stolen, or struck by a stray lightning bolt, the valuable asset you’ve lost will be covered so that you don’t have to worry about lost profits. Some types of insurance may pose some restrictions on claim amounts.

Beyond that, however, auctioneers’ insurance also covers where your auctions are held, so that your immediate liability concerns on-site are also addressed, like coverage for your building. Perhaps the most important thing that it protects, however, is an auctioneers’ reputation. Many types of auctioneers’ insurance offer some personal injury protection, such as against libel, slander, false accusations, false advertising, and more. It can even offer protection if your company is sued for appraising the worth of a good incorrectly. Unfortunately, everyone can make a mistake – we are all human. But with auctioneers’ insurance, one mistake won’t be able to completely ruin a business or contractor.

Insurance is an important part of life that can give you peace of mind to go about your day without constantly having to worry about what could go wrong. With coverage, you can make sure the most valuable assets for your business are protected, even if something did go wrong. Since auctioneers make their money selling a variety of goods, it’s especially important that these goods are covered. Luckily, there are many insurance agencies that offer auctioneers’ insurance packages for a rate that will fit into your budget.

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