When opening a store, an entrepreneur faces not only the usual risks — competition, rising prices, falling demand, but also unforeseen circumstances that he cannot influence — fire, flood, robbery, damage to property. Insurance can protect the business. How to properly insure a point of sale and receive a pay-out.
Insurance case
You can insure a store or a retail space in several ways:
- Standard events (fire, flood, flooding, explosion, theft, glass breaking, natural disaster, etc.).
- Losses incurred by the company due to the forced shutdown of the organization.
- The onset of civil liability — the opportunity to insure civil liability to third parties who may be harmed in the course of your business activities and the operation of your property (fire in the room, injury to the buyer, for example, due to a faulty rack in a retail space, damage to neighbouring premises due to a fire that occurred in the store, etc).
The providers of insurance for market traders, as a rule, offer their clients standard insurance packages or the opportunity to form an individual insurance program that will take into account all the specifics of the organization’s activities.
What you definitely need to insure
For retail outlets, stores and large retail chains, it is important to insure all property that is owned. What is important to insure in the store:
- Goods — from any situations that may arise;
- Cash funds stored in the store;
- Store premises — if the premises are leased, the procedure for property insurance is usually specified in the lease agreement;
- Commercial equipment — insure your equipment with a separate list to get insurance compensation faster.
Insurance procedure
To insure your store, as well as the current and fixed assets that are in it, you need:
- select insurance objects;
- identify insurance claims that you would like to protect yourself from;
- choose an insurance company;
- conclude a contract;
- pay the cost of the insurance policy.
To make everything go well and avoid even more problems, you need to choose a professional insurance provider, then your business will be insured successfully.
Photo by Artem Gavrysh on Unsplash