Newsstands and magazine stands are often found in large, heavily populated urban areas. While some operate seasonally or out of kiosks, permanent newsstands are becoming increasingly common, and operate much like any other retail establishment or convenience store.
Many permanent newsstands are single-proprietor establishments with only a few employees and products limited to a vast selection of newspapers, magazines, and perhaps other items like candy, chewing gum, snacks, or beverages.
Newsstand owners face many unique risks including theft, vandalism, and property damage caused by severe weather, fire, or other unexpected events. Newsstand insurance helps you mitigate your risks and protect your livelihood.
Why Do You Need Newsstand Insurance?
Permanent newsstands sell mainly newspapers, magazines, comic books, and other publications as well as candy or snacks and a few other items. If you operate a permanent newsstand, you operate year-round out of a building or rented space. You likely have an extensive inventory of newspapers 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, there is no such thing as a “small fire” in a newsstand.
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 Newsstand Insurance Cover?
Newsstand owners face several unique risks. You need a package of tailored business insurance policies to ensure that you are fully protected.
The basic building blocks of any newsstand insurance program are 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 need to 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 Newsstand 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 or 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: This may be necessary if your newsstand 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.
Crime Coverage Is Important for Your Newsstand
Newsstands 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 by outsiders and even 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 and vandalism.
How Much Does Newsstand Insurance Cost?
The cost of newsstand insurance will vary depending on the coverage that you need as well as your unique risks. Your location, number of employees, size of your store, and the value of your inventory all play a role in how much it will cost to insure your newsstand.
The more risk exposures you have (more employees, more than one location, more valuable inventory, more dangerous location, several business-owned vehicles, etc.), the more you can expect to pay.
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 newsstand 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.