Commercial Insurance For Retail

Whether food, clothing or electronics – anyone who runs a mobile catering van insurance business must protect themselves against damage to the contents as well as against claims for damages by third parties. The type of distribution of the transaction is irrelevant. Shop or online mail order, the required commercial insurance protects against high damage costs. The risk of causing personal injury, for example, is particularly high due to the lively contact with customers in shops. The contents of the company also want to be secured. If, for example, goods for sale are damaged, the replacement costs for this often rise sharply.

What risks of damage exist in retail?

Running a retail business comes with some risks of damage. Damage to your own inventory, but also damage to other people or property can quickly become a major financial burden for the company. Such costs are often prohibitive for retailers. For this reason, the self-employed person must be adequately insured against potential damage.

Personal injury and property damage

Personal injury or damage to property is when a third party or their property is damaged within the business premises. This risk is particularly high in retail due to the heavy customer traffic. If the operator is responsible for personal injury or damage to property, he must be fully liable for this. Such unexpected costs can severely endanger the economic existence of the self-employed. Personal injuries in particular can cause high costs, as these can quickly accumulate due to treatment and lost work costs. Business liability   insurance for retailers covers such damage and pays for it.

Personal injury to third parties is covered by business liability insurance.

Content damage

If your own or rented company inventory is damaged, this is referred to as content damage. If supplies, stored goods, furniture or other operationally used items or rooms are damaged by storm, hail, fire, mains water or burglary, this can result in high repair and replacement costs.  Contents insurance covers such damage and protects against high costs. Business interruption can also result from content damage. This leads to loss of profit and contributes to the ongoing financial burden. If you expand the contents insurance with business interruption protection, the costs for this are covered.

Legal damages

If discrepancies arise with customers, suppliers, the landlord, etc., it can happen that these are settled in court. Legal proceedings entail high costs: On the one hand, legal fees have to be borne, on the other hand, court costs also have to be paid if the case is lost. Company legal protection insurance covers all costs incurred in the event of damage. 

What insurance does a retail store need?

Retail is not the same as retail – the various businesses sometimes differ greatly from one another:  clothing, groceries or electronics; self-service or not; Shop or online mail order business – the insurance needs of the individual shops are not identical. However, the following types of insurance are strongly recommended for retail businesses of all kinds, as the risks of damage covered affect every independent trader.

1. Public liability insurance

Catering Liability Insurance for the retail trade covers personal injury, property damage and non-genuine financial losses caused to a third party through the fault of the self-employed person or his employees. If a claim for damages is made to the self-employed, the BHV first checks whether this is valid. Justified claims are settled, unjustified claims are fended off, if necessary also in court.  Business liability insurance is one of the most important types of insurance for every self-employed person.

2. Contents Insurance

If fire, mains water, storm, hail or burglary causes damage to the contents of the business, the contents insurance will cover the damage incurred and pay for repair and replacement costs. Damage to inventories, stored goods, work machines, furniture or your own or rented premises can also result in a temporary business interruption. Additional business interruption protection covers lost profits and ongoing costs.

3. Legal expenses insurance

In the event of discrepancies with landlords, customers, suppliers, etc., legal disputes can often arise.  High legal fees and possible legal costs represent a costly burden for the self-employed. In order to be protected against this, it is worth taking out legal expenses insurance, which covers such costs. In addition, many insurers offer a free mediation service for legal expenses insurance. In the best case scenario, disputes in court can be avoided and legal fees saved.

What tariff options are there for retail insurance?

Self-employed retailers can choose the offer that best suits their individual needs and ideas from the large selection of insurers and tariffs. However, there are a few things that need to be clarified before choosing a tariff: Which services are required? How high must the maximum sum insured be? Should there be a deductible?

The maximum amount of coverage should generally be based on the maximum amount of potential damage.  However, a minimum coverage of three million euros is recommended for business liability insurance in retail. The coverage of the content insurance can be determined by the new value of the entire business content. The following generally applies to deductibles: the higher the deductible, the lower the monthly insurance premium. However, it is important to remember that the deductible in the event of damage is undoubtedly bearable.

How do you find the right retail insurance plan?

Once the desired insurance and the performance requirements for it have been determined, a comparison of all relevant insurance and tariffs will help. With its online comparison calculator, Gewerbeversicherung24 offers the ideal opportunity to compare the various offers easily, quickly and transparently in order to be able to find the Fish and Chip Shop Insurance with the best price-performance ratio and take it out directly online. An insurance comparison with Gewerbeversicherung24 is worthwhile for several reasons.