Magazine stands and newsstands are often found in large, heavily populated urban areas. While some operate seasonally or out of kiosks, permanent magazine stands are becoming increasingly common and operate much like any other retail establishment or convenience store.
Many permanent magazine stands are single-proprietor establishments with only a few employees and products limited to a vast selection of magazines and perhaps candy, chewing gum, snacks, or beverages.
If you run a magazine stand, you should be aware of the many unique risks that you face including theft, vandalism, and damage to your products caused by weather, fire, or other unexpected events. To protect your livelihood, you need magazine stand business insurance.
With the help of an independent insurance agent, you can find insurance companies that specialize in businesses like yours, and get coverage that meets your needs and budget.
Why Do You Need Magazine Stand Insurance?
Permanent magazine stands sell mainly magazines, comic books, and newspapers, as well as candy or snacks and a few other items. If you operate a permanent magazine stand, you operate year-round out of a building or rented space. You likely have an extensive inventory of magazines for just about any interest.
At any time, your building and inventory can be damaged by fire, theft, or vandalism. With an inventory that is highly flammable and easily damaged by smoke or water, there is no such thing as a “small fire” in a magazine stand.
What’s more, you need to protect your building and all of its other contents, your customers, and your employees from mishaps, injuries, and property damage that can occur during the normal course of operating your magazine stand.
What Does Magazine Stand Insurance Cover?
You need a variety of business insurance policies in order to have a comprehensive magazine stand insurance program that fully protects your livelihood. These policies protect your physical assets when they are damaged, and your financial assets if you are sued.
Property insurance covers your shop structure (if you own it) and its contents, such as inventory, fixtures, display cases, furniture, computers, cash registers, etc. Liability insurance protects you from lawsuits that result when people visiting your newsstand are injured or somehow harmed.
- Commercial property insurance helps you rebuild or make repairs when an unexpected event — like a fire, a flood, hail, lightning, or a tornado — destroys your merchandise and your physical space (structure). It helps you replace, rebuild, or repair computers, cash registers, inventory, equipment, furniture, fixtures, and more after a covered event.
- Business interruption coverage reimburses you if you sustain a substantial loss of revenue or you must close your doors temporarily after some type of covered loss. If a windstorm blows down part of your roof and you must close for repairs, this coverage pays for lost income, salaries, and other expenses during that time. It may also help to pay for relocation expenses if you must set up a temporary space.
- Commercial general liability (CGL) insurance offers financial protection if a person is injured on your premises or if someone (vendor, delivery person, customer) sustains some type of property damage as a result of your operations. Magazines left on the floor can be slippery! If a customer trips on a fallen periodical and is injured, this policy would cover the medical bills or other expenses related to the accident. And it would pay for your legal expenses and any financial payouts if you were sued for additional damages.
Other Magazine Stand Insurance
In addition to business property and liability insurance for your magazine stand, you will likely need a variety of additional stand-alone policies or policy endorsements. Talk with your independent insurance agent to determine if you need:
- Commercial umbrella insurance: This provides excess liability protection beyond the limits of several other policies you might have, including commercial general liability or employer’s liability.
- Employer’s liability insurance: This covers you if a current of former employee sues you for discriminatory employment practices.
- Workers’ compensation insurance: This pays for lost income and medical expenses for employees who are injured on the job.
- Commercial auto insurance: if you have any business-owned vehicles or if you simply drive your personal vehicle for business purposes (delivering magazines, picking up inventory, going to the bank), you need commercial auto insurance to cover your liability risks if you cause a car accident.
- Flood insurance and earthquake insurance: may be necessary if your shop is in an area that is prone to these natural disasters. Talk to your independent insurance agent about your need for this type of coverage.
A Word about Crime Coverage
Magazine stands are particularly vulnerable to crimes such as burglary, shoplifting, vandalism, and even employee theft. You sell small items that may be easier to steal, and you frequently have only one employee on hand, making your inventory vulnerable to thieves and shoplifters.
If you accept frequent cash purchases or keep a lot of cash on hand, you’re more likely to be a victim of theft by outsiders or even by your own employees.
Crime coverage can be purchased as a stand-alone policy or as an endorsement on other business insurance policies. It protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business. It also includes coverage for theft of money in the cash register or safe, as well as shoplifting and vandalism.
How Much Does Magazine Stand Insurance Cost?
The cost of magazine stand insurance will vary widely depending on the size and location of your shop, and most importantly, the value of your inventory.
Business insurance costs also vary depending on the number of employees that you have, the weather and crime risks in your city, and the amount of coverage that you need to fully cover your risks.
Talk to an experienced independent insurance agent who can uncover all of your risks and find the policy options that specifically address them.
Find and Compare Quotes
An independent insurance agent can work with you one-on-one to determine the types and amounts of coverage you need. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right magazine stand insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.