A news dealer is defined as a business that “deals in,” or sells, newspapers, magazine, and paperback books. News dealers are similar in nature to magazine stands and newsstands who operate year-round out of a permanent location.
News dealers often operate in large, heavily populated urban areas or places like train stations or airports.
Many news dealers are single-proprietor establishments with only a few employees and products limited to a vast selection of newspapers, magazines, and paperbacks. You might also offer other items for sale including candy, chewing gum, snacks, or beverages.
News dealers face many unique risks including theft, vandalism, and property damage caused by severe weather, fire, or other unexpected events. News dealer business insurance helps you mitigate your risks and protect your livelihood.
A local independent insurance agent can help you find insurance companies that specialize in news dealer insurance, and get coverage that meets your needs and budget.
Why Do You Need News Dealer Insurance?
News dealers are similar to other permanent newsstands and magazine stands. News dealers sell mainly newspapers, magazines, comic books, and other publications as well as candy or snacks and a few other items.
If you are a news dealer, you likely offer an extensive inventory of newspapers, magazines, and other publications from around the world in order to satisfy a highly diverse group of customers who frequent your shop.
At any time, your building and your newspaper inventory can be damaged by fire, theft, or vandalism. With an inventory that is highly flammable and easily damaged by smoke or water, what would otherwise be a small fire could fully engulf your store and destroy everything you’ve worked for.
You also 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 business.
What Does News Dealer Insurance Cover?
News dealers are unique businesses. A one-size-fits-all approach to your business insurance will probably leave you with gaps in coverage and significant vulnerability to financial losses.
You need a package of tailored business insurance policies to ensure that you are fully protected. Most news dealer insurance programs will start with property insurance and liability insurance.
- 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 fire damages your stockroom and your sprinkler system destroys a portion of your inventory, you’ll likely have to close your shop in order to make repairs and replace some inventory. 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. If a customer falls on a slippery floor on a rainy day, 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 News Dealer Insurance
In addition to business property and liability insurance for your newsstand, 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 newspapers, 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.
News Dealers Need Crime Coverage
News dealers are particularly vulnerable to crimes such as burglary, shoplifting, vandalism, and even employee theft. You sell small items that may be easy 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 as well. Unfortunately, the cash thieves might be 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, and for shoplifting vandalism.
How Much Does News Dealer Insurance Cost?
A variety of factors come in to play when determining how much your news dealer insurance will cost. Insurance companies evaluate your individual business risk factors, such as your location, your store size, the number of employees, and the value of your inventory.
What’s more, the types of policies you need and your coverage limits have a tremendous impact on what it will cost to insure your business.
Some small business owners can get the best rates by purchasing a business owners policy (BOP), which combines commercial liability insurance, commercial property insurance, and business interruption coverage into one affordable and efficient package policy. Other coverage can be added on to complete your comprehensive business insurance program.
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 news dealer 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.