Last Updated: February 23, 2024, 9:02 am by TRUiC Team

Vintage Toy Store Insurance

Getting business insurance for your vintage toy store is essential.

Vintage toy stores need to be protected against a variety of different risks, such as employment law-related claims and vendor disputes. 

Since it could get costly, you will also want to protect your vintage toy inventory from potential theft or property damage. 

We’ll help you find the most personalized and affordable coverage for your unique business. 

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Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.

Best Insurance for a Vintage Toy Store

General liability insurance is — generally speaking — one of the most important insurance policies for vintage toy stores. 

Some of the risks general liability insurance covers are:

  • Bodily injury
  • Property damage
  • Medical payments
  • Legal defense and judgment
  • Personal and advertising injury

Having said that, it is important to note that general liability insurance may not be enough to holistically cover your business.

Additional coverage options worth considering include:  

  • Commercial property: Will cover the cost of repairing or replacing your vintage toys in the event of damage or theft.
  • Workers’ compensation: Will protect your business from liability that arises as a result of employee-related disputes. 
  • Business income: Will cover part of your lost income in the event that your business is required to temporarily halt operations due to a covered risk (e.g., fire damage, etc.). 

You will also need to find the right type of insurer for your business. As of 2024, there are two options available for small businesses: 

  • Traditional brick-and-mortar insurers: These have been offering coverage for several decades, and have a consistent track record of top-tier financial strength. Examples include Nationwide, The Hartford, and CNA. 
  • Online insurers: This category includes insurers that offer personalized quotes online without a live insurance agent. Examples include Tivly and Next Insurance. 

All in all, we recommend going with an online insurer as a small business owner in most cases due to the fact that coverage is significantly more affordable. This is because online insurers benefit from lower operating costs. 

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Cost of General Liability Insurance

On average, vintage toy stores in America spend between $300 - $800 per year for $1 million in general liability coverage.

Compare the average cost of general liability insurance for a vintage toy store to other professional industries using the graph below.

Several factors will determine the price of your policy. These include your:

  • Location
  • Deductible
  • Number of employees
  • Per-occurrence limit
  • General aggregate limit

You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.

A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.

Graph showing average price of general liability insurance prices per industry

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Discover the best coverage at the lowest rate in our low-cost business insurance review.

Common Situations That General Liability Insurance May Cover for a Vintage Toy Store

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Example 1: A customer is visiting your shop to ask about a certain vintage toy he has been unable to find elsewhere. After discussing the toy with you, he turns around to leave and trips over a display. He falls and suffers an injury to his arm which requires medical care. He asks that you pay for the treatment. Your general liability insurance would cover the costs for treatment if you file a claim.

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Example 2: A competing toy company has taken issue with your logo and has filed legal action against your business. General liability insurance would pay for the legal fees to defend your business and a settlement if one is necessary.

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Example 3: You are carrying a box of toys out to a customer’s car when you trip and drop the box on her foot, breaking her toe. She decides to sue your business for her injuries and the lost wages that result. Your general liability policy would pay for the cost of your legal defense, including hiring an attorney. It would also pay for a settlement if one is required to end the lawsuit and protect your company.

Other Types of Coverage Vintage Toy Stores Need

While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:

Product Liability Insurance

If you sell a toy to a customer and they claim the item caused them harm, they may file a lawsuit and try to collect damages against your business. Your product liability policy can be tailored to your business to protect you against this type of liability. If you are sued, your insurer will cover the cost of your legal defense and any settlement that’s required.

Commercial Property Insurance

Commercial property insurance protects your products and any other covered business property. If you were to lose much or all of your property due to fire, theft, or natural disaster, your commercial property policy would help you replace your valuable vintage items. This can be the difference between keeping your business afloat or closing up shop.

Workers’ Compensation Insurance

Your state likely requires you to carry workers’ compensation insurance if you have any employees, full-time or part-time. The policy you purchase will pay for medical treatment and lost wages if an employee is hurt performing work-related duties. With workers’ comp, your business and your employees are protected in the event of an injury.

Commercial Umbrella Insurance

In most cases, you can expect your general liability insurance to cover your business from potential liabilities related to doing business. However, there are times when the limits of a general liability policy can be exceeded. For instance, if you were to lose a major lawsuit the damages may go beyond your general liability policy. If you have commercial umbrella insurance, it will pick up where the general liability policy leaves off.

Additional Steps To Protect Your Business

Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.

Here are several things you can do to better protect your vintage toy store:

  • Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
  • Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
  • Stay up to date with business licensing.
  • Maintain your corporate veil.

Vintage Toy Store Insurance FAQ

Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.

A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.

"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.

Generally speaking, yes. This is because you will want to protect your equipment and inventory from potential damage or theft, and so you will want to purchase the right business insurance policies before you begin serving customers and hiring staff members. 

In short, getting insurance before you need it could end up saving you thousands of dollars down the line. 

Not necessarily. Certain exceptions may be written directly into your vintage toy store insurance policy, and some perils may be entirely uninsurable.

Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.

An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.