What damages are covered?
- personal injury, property damage and consequential damage to assets
- damage caused by products and cyber attacks
- damage to inventory, warehouses and electronics
- costs for legal disputes
- damage during transport of goods
How much will my insurance cost me?
You insure your retail business with us already
from 14.30 € / monthly
Insured in 9 minutes*
Step 1 – Answer questions about your business
Step 2 – Get a product recommendation and quote calculation
Step 3 – Take out your insurance directly and manage it 100 % digitally
*Depending on the insurance product chosen, the start date or the insurance partner.
The most important insurance cover for retail businesses
Christian Gengler, MSc.
Tailor-made insurance for retailers
Individual insurances for your store – the advantages:
commercial insurance tailored to your risks
quote calculation in just nine minutes
optional personal consultation with insurance experts
convenient online management of contract adjustments and claims notifications
ARAG, R+V and Hiscox as insurance carriers and experienced partners
Why should I insure my retail business?
What insurance do I need in retail?
As a general rule, commercial insurance for your retail business should be as individual as your business itself. This means that insurance coverage must always be tailored to the specific goods, sales channels, company size and similar factors. In this article, we can therefore only give you an overview of recommended insurance products that retailers should consider. But if you want to know exactly, no problem. You can use our online process to get a non-binding quote in just a few minutes.
Public / product liability insurance: If damage occurs to a third party
Public liability insurance is especially important if you have direct contact with customers. It ensures that the injury of a visitor in your store or the damage of other people's property does not result in high costs for you. The insurance covers the costs for personal injury, property damage and consequential damage to property of third parties. In combination with the product liability insurance, this protection also covers corresponding damages caused by a product that you sell under your name. It doesn't matter whether you manufactured it yourself or imported it – you are always liable in the same way. In this case, those who have taken out business and product liability insurance can consider themselves fortunate.
Public liability including product liability: examples of damages in the retail sector
Example 1: A customer falls in the entrance area of your store and injures her leg to such an extent that she cannot work for several weeks (= personal injury). She works as a self-employed trainer and cannot work due to the injury (= consequential financial loss). She reclaims the resulting damage from you.
Examplel 2: A customer buys sweets from you and suffers a severe allergic shock. The packaging was incorrectly labeled by a foreign manufacturer (= product liability/personal injury). In this case, you are liable like the manufacturer and have to pay a compensation.
Business legal protection insurance: When retailers get into legal disputes
Legal protection for businesses – also known as commercial legal protection insurance – is crucial when it comes to a legal dispute. It can happen faster than you think and can lead to expensive damages. The reasons for a legal dispute can be manifold – for example, accusations from a frustrated former employee who states that sales from your retail business were not taxed correctly. In this case, a commercial legal protection policy will cover the costs of lawyers' fees, court costs or expert witness fees. Without such insurance, it is often difficult to defend your interests in court or to seek advice from a lawyer. Corporate legal protection is therefore one of the most essential insurances for every company.
Contents insurance for retail businesses: Covering goods, equipment and electronics
Goods are the most important asset of retailers. If they are destroyed, this can initially have serious financial consequences, but can also cause a business interruption. Content insurance covers damage to warehouses and inventory caused by storm, hail, tap water, fire or burglary. This means that not only goods, but also furnishings and electronics are insured as such. In addition to the actual amount of damage, content insurance also covers the costs of business interruption – for example, ongoing fixed costs.
Content insurance: examples of damage in retail
Example 1: A fire in your warehouse destroys the entire stock for the next season. The damage amounts to several hundred thousand euros.
Example 2: A tree falls on your retail store during a storm. The damage is so severe that you have to close down for some time (= business interruption).
The contents insurance compensates you for the damage and consequential costs in the above examples. If you are not insured, you have to pay for it yourself.
Transport insurance for the delivery of goods
Shipping goods is more popular today than ever before. Not only online shops but also many retailers benefit from this additional source of income. However, damage to goods in transit can also be expensive. That's why it is worth investing in transport insurance. It covers retailers when they deliver goods to customers and assumes the damage caused, for example, by a traffic accident, theft or delayed delivery. Damage caused by natural events, the loss of goods and any salvage costs are also covered.
Transport insurance: examples of damage of retailers
Example 1: You deliver electronic devices to a customer with a transporter. In the evening, you load the truck for the next day. During the night, the vehicle is broken into and the entire load is stolen. This damage is covered by the transport insurance.
Example 2: You are delivering furniture to a customer and get into an accident through no fault of your own. The delivery is destroyed. In this case, transport insurance would cover the damage.
Who is covered by my retail insurance?
Our custom-fit retail insurance coverage protects not only you, but all of your employees from covered risks. This includes:
salaried and freelance employees
working students, interns and volunteers
mini-jobbers and employees of temporary employment agencies
subsidiaries in the European Economic Area