by Rick J Lindsey on October 30, 2009
No matter the location or how affordable the items are, auctions draw large crowds seeking a chance to getting in a bidding war and come away the winner. Auctions are so much fun people even show up just too look at what’s up for bid without the intention of ever making an offer. Despite how happy people are when the outbid everyone else for a desired item, there’s always the possibility of trouble looming right around the corner. Being an auctioneer, you face the responsibility of not only leading the auction, but also being held accountable in the event that something goes wrong. With such a large quantity of items up for bidding, it’s very easy for a mix-up to happen or accidentally getting the starting price wrong.
Pretty much all auction companies have insurance to protect themselves from liability, but this doesn’t always cover the auctioneer’s liability. This is why it’s important for all auctioneers to have auction liability insurance in the event that something goes wrong and they are being held responsible. Since many auctions feature private collectors auctioning off their belongings, an auctioneer could easily face a liability lawsuit seeking monetary damages if something goes wrong, even if it isn’t the auctioneers fault. The best way to avoid a misshape like this is to take every precaution necessary and that includes getting a custom auctioneer liability insurance plan.