Newspaper stands are more prevalent in big cities and usually placed on street corners. Thy carry different types of local newspapers, as well as a variety of periodicals and magazines, such as fashion, wedding, sports, business, finance and other specialty magazines. Newspaper stands also carry snacks, candy and beverages. If you run a newspaper stand you should be aware of the common risks, including theft, vandalism and the elements that damage your products. To protect your risks, you need newspaper stand business insurance.
Types of Newspaper Stand Insurance
There are many different types of risks exposed to you when owning a newspaper stand, therefore requiring different types of insurance policies. The following policies are the most important ones to consider:
The foremost type of insurance policy you need for your newspaper stand business is general liability insurance. This includes different coverages, including premises liability, product liability and completed operations. For your type of business, the premises liability portion is most important. This is because if a customer is injured while at your stand, due to an incident such as a nail coming out of your stand that injures them, or tripping over a fallen magazine, you’re responsible for their medical costs. General liability will help you pay for these costs.
You probably use a vehicle to move the stand, bring in inventory or visit your local bank. Every time you use a personal vehicle for business use, you need to have a commercial auto policy, called business auto insurance. This policy covers things like vehicle accidents, bodily injury, property damage, vandalism and theft of your vehicle. If you get into a collision with another car and they are injured, the business auto policy helps cover it.
Business property insurance is very important for your newspaper stand. A single fire in the neighborhood destroys every newspaper or magazine you have. You may also have products that are flammable, further increasing the fire risk. Plus, since you’re outdoors, you are at risk for damage from extreme weather conditions or natural disasters. Business property insurance helps to cover these types of costs so you’re not liable for the loss on your own.
If you have an online store where you sell newspapers or magazines, you should also have a cyber liability insurance policy. This policy protects you from various cyber crimes, like fraudulent activity and causing viruses of your computer. Cyber crimes occur even with extra security measures, so you want to get this policy just in case. It protects your business assets and protects your customers as well.
Workers compensation is an insurance policy meant for the protection of your employees. They are at risk for injuries from moving the cart every day or loading inventory. Boxes of magazines and newspapers are heavy and your employee could get a back or shoulder injury. If this occurs, the workers’ compensation policy will help pay their medical costs and some income coverage until they’re able to return to work.
One of the biggest risks for a newspaper stand is that of a crime like theft and shoplifting. The items are typically easier to steal because you are probably the only one working and can’t keep an eye on the entire stand all the time. Theft is also a concern because most people pay with cash, therefore others know you have a lot of cash on you. You can’t always prevent crimes from occurring, but you can protect your business with a crime insurance policy as part of your newspaper stand insurance package.
With these newspaper stand insurance policies, you can effectively protect your newspaper stand from various business risks. Remember to consider your expected risks and start there, then begin adding additional insurance policies to your total package.