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Why is a shop insurance makes sense?

The protection of the company owned property,
of things that are rented for operation or other assets a central element of a secure economic base.

Not only burglaries or carelessness endanger the values ​​of a company. Natural forces or impacts of third parties can sometimes cause considerable damage.

The shop insurance specializes in covering damage in the business area of ​​businesses with shops, small to medium-sized office equipment, shops, craft shops, etc.. The main advantage of shop insurance is the traditionally broad coverage of possible claims. From broken glass to robbery, damage caused by the forces of nature to services after environmental damage can be covered in the shop insurance.

The selection of offers between the insurers is correspondingly comprehensive due to the broad field of application. Many insurers offer their own package solutions to specific industries, which in addition to the elementary hedges special specializations tailored to the business field are integrated into the insurance benefits.

The advantages of the shop insurance benefit in particular trading transactions with stocks as well as handicraft enterprises, for which especially the safeguarding of production and processing machines is essential. In addition, the business insurance can also insure benefits for damage to company property, which occurred in vehicles or on third-party property. Since not all services are interesting and meaningful for all forms of shops, offices, shops and businesses, a large selection of packable package solutions has become established on the market. Thus, tailor-made cutting of the insurance contents to the needs of the shop operator or owner can be achieved. The risk of over-insurance and associated additional costs will be significantly reduced.

What services, risks and damages are insured in a shop insurance?

Retail insurance is a comprehensive insurance to cushion the basic and far-reaching risks of daily business and corporate operations. Its content is adaptable to the different business areas and operating modes. Against this background, a wide range of hedged risks is available in the service portfolio of the retail insurance. Other topics include: content insurance, business insurance, glass breakage insurance, business content insurance and inventory insurance.

Insured dangers
The shop insurance insures fundamental threats to the business content and the business establishment in:

  • Fire and fire
    The insurance benefits in case of fire or as a result of fires in the operating rooms occur when damage occurs after lightning, explosion or implosion, impact of an aircraft or other strange reasons. Even in case of overvoltage damage after lightning strike, the insurance benefits come into force. Included in the insurance benefits are benefits after clearing and cleanup.
  • Tap water, water and backwater
    In addition to insurance against damage in connection with fire and lightning, the shop insurance also protects against damage from uncontrolled events in connection with water quantities. Specifically, these include:
  • Damage caused by improper tap water leakage
  • Damage in case of flood and flood
  • Damage caused by backwater in insured buildings or on the premises.
    Included are damage caused by frost on the pipes. Depending on the insurance provider, gas pipelines may also be included in the scope of the risk protection.
  • forces of nature
    The insurance covers damage caused by storms and hailstorms, including consequential damage or indirect effects. This applies, for example, to damage caused by swirling objects. In addition, the insurance benefits include:
  • Earthquake and landslide
  • Snow pressure and avalanche effect
  • volcanic eruptions.
  • Burglary, burglary and robbery
    The shop insurance replaces damage caused by burglary, burglary or robbery. This includes the replacement of stolen / stolen goods, the cost of repairing damage caused by the burglary / robbery, damage caused by devastation and vandalism or that have arisen on a transport route.
  • Other damage: Extended coverage
    Most policies on shop insurance apply the principle that what is not excluded is insured. In addition, extended coverage clauses summarize damage caused by strikes, civil unrest, intentional damage, smoke, etc..

What should be considered when concluding a shop insurance??

The shop insurance should be optimally adapted to the requirements of the policyholder.

Not only their benefits should be at least the main risks. Rate and duration must also be chosen within reasonable limits for a viable insurance policy.

Reduce overinsurance
The retail insurance is offered by insurance companies in a wide range. It should comprehensively provide business models and various types of office and retail stores, but also craft businesses, medium-sized businesses, retailers, etc., with sufficient insurance coverage. The insured contents are correspondingly broad.
The design of the insurance rate depends in part on the insured content. In some cases, benefits are included anyway (eg clean-up costs or damages after fire extinguishing, even if the source of the fire was not located in the insured business area). On the other hand, certain modifications to the insurance benefits can be made through inclusions and exclusions, which may affect the rate.

The reduction of overinsured content (ie of completed insurance benefits that are not faced with any real risk of the policyholder) represents a key step for the cost optimization of the shop insurance.

Customize shop insurance of business form
One of the optimizations of the shop insurance is to specifically adapt their services to the insured environment. Questions that may help in the determination are:

  • What values ​​should the shop insurance replace in the case of a claim??
  • There are many shipping and warehouse items in the insurance sector?
  • How high is the public traffic?
  • Which production machines must be insured in each case?
  • What replacement value additional costs must be reckoned with in the event of a claim – they must be insured?
  • Is there a vehicle fleet??
  • If valuable assets or cash holdings are stored in the business area, which may require special securities?
  • What special risks must be insured?

These and other questions can help to specify the insurance sector more specifically and to better tailor the services of the shop insurance.

Depending on the insurer, the shop insurance may be named differently. It is common as:

  • Operating contents insurance
  • Business contents insurance
  • operational or commercial content insurance
  • business insurance
  • Etc.

Some of these terms are not designed to cover only the damage caused to the Company’s own assets. They serve as collective and package names for comprehensive commercial insurance solutions. For example, business interruptions, personal or environmental damage can be included in business insurance. Depending on the type of insured operation, a corresponding comparison is worthwhile.

What costs are covered by the shop insurance in case of damage?

In addition to certain damages that the shop insurance is to replace in the event of a claim, it also covers certain services that may arise in connection with a claim. The respective benefits can vary in specific cases due to adjusted insurance conditions, but usually include:

  • Experts and experts costs from a certain amount of damage (depending on the insurer, if necessary, with deductibles)
  • Costs for the restoration of documents, papers and documents of the business
  • Cleaning up, also for fire extinguishing and blocking
  • Costs for items stored outdoors or items attached to the exterior of the store
  • Costs for locking system replacement
  • Additional costs in the new procurement with price increases
  • Cash in vaults and cash registers up to fixed heights (usually very low for cash registers)
  • various services in connection with a company car.

Depending on the insurance contract and above all the form of the insured company, further inclusions may be agreed (or are already included with certain insurers).

What costs are not covered by a shop insurance in the event of a claim?

The shop insurance is designed to replace costs incurred from real loss values. The beneficiary is the policyholder himself. His damage is covered by the insurance and replaced according to the respective conditions. This leads to factual exclusions of the takeover of

financial losses
Any damage not directly to insured property but directly or indirectly to the monetary assets, production and trading assets of the Company. The store insurance in the classical sense does not cover such damages. There are various interruption and production insurance policies. Notwithstanding, additional components may be incorporated to cover financial losses.

Liability claims
These include damages for which the insured company is liable to the injured party. The field of liability claims includes personal injury, property damage and financial loss.
To cover the aforementioned damages to third parties, various forms of company liability insurance are available, which should be selected according to the type of business or business model and structure of the company. This includes:

  • Public liability insurance
  • Professional liability insurance (compulsory insurance for some professions, such as legal and medical professions)
  • Property Damage Liability Insurance
  • Environmental damage liability insurance
  • Etc.

How do I behave in the shop insurance in the event of a claim??

In the event of a claim or loss, the carrier or administrator of the shop insurance (ie the insurance company itself or the broker under which the insurance is managed) must be notified immediately. Many insurers offer corresponding hotlines, which additionally support, if it has come to the harm. Depending on the nature and extent of the damage, measures may have to be taken immediately in order to reduce consequential damage or prevent safety measures from further damage.

In addition to the necessary notification, the loss of damage usually requires the policyholder to take action to limit the damage.
Exact provisions regarding the obligations are regulated by the respective policies for the individually concluded shop insurance. In general:

  • an obligation to minimize the damage after the first damage occurrence, if justifiable (this includes safe precautionary measures, removal of undamaged insured property from a danger or damage area and, if necessary, early official involvement in the remedying of incidents)
  • Proof of suitable documentation about the actual extent of the damage
  • Proof of official submissions and lists of damaged material
  • if necessary, detailed information on possible repairs or residual purchase or residual material values ​​(depending on the case of damage, however, the shop insurance can assist with the survey)
  • Comprehensive commitment to transparency and cooperation with the insurance carrier or the managing broker.

The claims are usually processed in cooperation with the insurance company. Here, the concrete damage scenario is evaluated and set in relation to the damage incurred.
Damage of minor proportions is usually handled by the insurance company on the basis of formal condition checks.

When does the insurance cover begin??

The shop insurance begins with the conclusion of the insurance contract. As a rule, the contract becomes effective with payment of the first installment.

A retroactive insurance cover before the start of the insurance contract is not possible in the shop insurance. Damage date is the date of the damage. This also includes direct consequential damage if the damage itself did not occur during the insurance period. In this specific case, a good will check for consequential damage, especially if the sequence is not clear.

Immediate start of insurance coverage: When does the shop insurance provide in the event of a claim??
Claims in the shop insurance usually begin immediately after the start of the insurance. This concerns exemptions from services for the basic damage scenarios, above all natural and environmental disasters, burglary, etc.
In certain contracts, individual benefits (such as warehousing) are deferred. It can be extended up to 3 months after the start of the insurance. Exactly it is determined to the exact conditions in the insurance contracts.

Scheduled commencement of the shop insurance: Determination important when changing
The shop insurance can be set to a specific date. The conclusion of the contract for this case is independent of the beginning of the insurance cover. However, this date must be in the future.
This agreement is particularly important against the background of a change of shop insurance. Time gaps in the insurance protection are not recommended especially for operational basic insurance, which includes the shop insurance.

Which coverage amount or which sum insured makes sense?

In shop insurance, the determination of the amount of cover determines the amount of the maximum compensation available to the policyholder in the event of a claim. As a rule, it does not concern the insured costs but refers to the insured property that must be replaced in the event of a claim.

To calculate the coverage amount, the total of the insured property is taken as a basis. It is determined partly by real values, partly by statistical values. Thus, damage to buildings, parts of buildings or infrastructure facilities are usually statistically mapped.

The real values ​​are based on the determination of the sum insured u.a. at

  • Consideration of the establishment of the store
  • Optional extras or special furnishing elements
  • the type of goods or services offered and specific values ​​in this context (goods, special equipment)
  • the type of shop (craft, trade, office, etc.) and its specific furnishings
  • the establishment of specially insured means of production
  • Etc.

This basis makes it possible to prepare a suitable sum insured. The more precisely the sum insured is set, the lower the risk of under- or over-insurance. Both situations involve far-reaching financial risks for the company in the event of a claim.

In the case of underinsurance, the insurance company determines the amount of compensation for the individual loss relative to the lower total coverage. That Here the full benefit of the shop insurance is not called for a single damage, but it becomes the relation of the total cover to the basis for the individual compensation.

(For example: The company is underinsured with 20% coverage in total.To this extent, the total sum insured amounts to EUR 5 million for certain types of damage, but represents only 80% of the actual property value that is to be covered by the insurance Machine whose value is EUR 10,000, only 80% will be paid here, EUR 2,000 will be paid by the entrepreneur himself.)

Note: In the case of considerable (deliberate) underinsurance, the insurer can also refuse the service completely. The up-to-dateness of the coverage should be checked regularly against this background.

The over-insurance on the other hand makes little economic sense, since the coverage amount can never correspond to a compensation value, but the insurance premium is based on the coverage amount.

What depends on the contribution and what factors influence the contribution rate?

Volume (volume) of insured property
The basics for calculating the contribution rate in the shop insurance vary depending on the exact type of insurance. As a classic business content insurance, business insurance can cover damage to the company’s property and to merchandise or products in storage. Here the volume is decisive for the determination that is to be covered.

risk Medium
In connection with the nature of the insured business, certain risks are assumed to which the policyholder is subject by sector or product range.

Contents and concrete services of the shop insurance
The exact insured inclusions in the shop insurance determine significantly the design of the contribution rate. These include certain liability insurance policies that can be integrated into the shop insurance as well as special inventory protection or certain product-related types of insurance.

Duration of the contracts, possibly previous damage or damage
The contracts are concluded for a certain period of time. Depending on the insurance company, longer terms with lower contributions are recommended. Likewise, consideration is given to non-pecuniary damages, which also have an effect on the formation of contributions.

What are the advantages of comparing the shop insurance?

The comparison of the shop insurance should ensure that optimal insurance benefits are available in relation to the amount of the insurance rates.

This does not only include coverage and contract contents. Runtime and the determination of industry or business variables are also included.

In many cases, store insurance does not have to be as large as possible to be optimal – because for some businesses, there are no specific risks.

The comparison analyzes a large number of current rates for the retail insurance of various market-relevant insurance companies and clearly and concisely filters out the most favorable ones in the sense described above.

Regular comparison to improve the insurance conditions
Often, the online comparison is used for shop insurance to be informed regularly about the current status in the insurance market. Switching from home insurance can usually be done without much delay and have a noticeable impact on the balance sheet.
In some cases, the offered product or activity segment changes and new or fewer or more areas need to be insured. Here the comparison provides a reliable basis for decisions for or against the existing shop insurance.

Search help for the decision on a shop insurance
To decide which form and content the shop insurance should have and which conditions can be expected, the decision-making aid of the online comparison is fundamental. It provides a range of current offers on the insurance market and thus facilitates the economic and informed decision for a specific product or supplier.

Can the contributions to the shop insurance be deducted from the tax?

The tax deductibility of contributions to the shop insurance is fundamentally dependent on the type and scope of the shop insurance. In any case, individual components can be claimed for tax purposes.

Those components of the shop insurance (which may include the entire package, if it serves the basic security of the business substance), which serve to secure the business and economic fundamentals of business operations, shops, offices or operations, can generally be extensively claimed for tax purposes.

Expenses intended to provide additional protection, but not to the substance of the undertaking (this applies to various default or insurance policies whose beneficiaries are individuals, legal expenses insurance, and various others) must be taxed by other means. In most cases, the costs are assessed through “other expenses” – with the disadvantage that the total deductible volume applies to all other expenditure as a whole. For example, also for payments in pension and social funds.

Note: Identification of the shares of individual components of the shop insurance
Often it is recommended that the individual components of the shop insurance are shown individually in the policy, especially against the background of tax information. Thus, even with an existing overall policy between the different deductible contents of the shop insurance can be distinguished and the deductible amount can be optimally divided.

The shop insurance can often be concluded as a package of extended business content insurance.
The conclusion of insurance packages is a tried and tested means of optimizing the insurance rate. If, on the other hand, the ingredients of the package can be clearly and accurately identified by a differentiated listing of the components, the package can also be optimally adapted to the overall budget of the business for tax purposes.

What should be considered when canceling the shop insurance??

The shop insurance can take place regularly at the end of the insurance period. As a rule, the insurance period is considered as one year, starting either with the date of the conclusion of the shop insurance, with the date of the first validity day or the calendar year oriented. The exact regulation will be stated in the insurance contract.

Partial termination in the shop insurance
Depending on the business situation, individual components of a package from the shop insurance are to be terminated. It is important to note already at the conclusion, which components are optional and which belong to the overall package so that it would have to be completely canceled, even if only individual components should no longer apply. The structure of the package should, in principle, be optimally suited to the business situation and be adaptable.

If the components are individually terminable, they usually have the character of individual insurance policies, which result in separate notice periods or regulations specifically set for this component. Here a timely termination of the component is sufficient.

Note: Before terminating the shop insurance, it should be ensured that there are no gaps in coverage or that significant operational risks are unsecured. Various business content insurance policies compensate for this, where the previous concept of shop insurance might have been inadequate. In addition, it should be examined whether insurance coverage can be optimized by adding or removing individual components.

Complete cancellation of the shop insurance
If the shop insurance is completed as a package and thus contains several components, then this package can also be terminated altogether. This is also the case if individual components are explicitly added as part of the previous package.

Note: The beginning of the insurance period may change by additional completion of a package component. This may also affect the timing of the timely termination.

What should be considered when changing the shop insurance??

The shop insurance can be changed against the background of various considerations. The most important are:

  • Change of shop insurance for economic reasons
  • Change of the shop insurance for content-related reasons.

In both cases, a comprehensive comparison of different offers is recommended.

The listing in comparison includes not only the amount of the rate but also the content components (ia with
the basic values ​​cover, claim and duration) of a particular offer.
The comparison provides the appropriate decision-making basis for changing the shop insurance. From a variety of tariffs offered, it offers a simple, yet comprehensive overview of the rates and benefits of the most important providers of business insurance.

Note the schedule before changing
In order to ensure a straightforward change without cover and insurance gaps, it is advisable to conclude early with an insured start of insurance. Thus, after termination of the existing shop insurance, the follow-up contract can be used according to the last validity date of the previous contract.
In advance, attention should be paid to the conditions for termination: which dates apply to which components of the shop insurance, which can be terminated in the package? The change should be made only after ensuring a complete and complete risk protection.

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Christina Cherry
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