Retail store fire insurance

[Elifkaracanay]

Hi, this is Elif. I am preparing my business plan to open my retail store in Haarlem now. As you know, I need all of the info about insurance.

As I understood for personal insurance it is 130€ monthly, but is there any obligation for fire or etc. insurance in my retail store at the first step ?

Should I mention in my business plan?

[Norbert Bakker]

Hi Elifkaracanay, and welcome at the Higherlevel forum!

 

38 minuten geleden, Elifkaracanay zei:

but is there any obligation for fire or etc. insurance in my retail store at the first step ?

 

Not by law, but undoubtedly any party which would provide you with credit (either in currency or goods) will expect or demand proper insurances for both property damage (fire, theft, water etc) and liability. 

 

And of course  those insurances are for your own benefit to help the continuity of your business and protect your personal equity.

[Elifkaracanay]

Just now, Norbert Bakker said:

HiElifkaracanay, and welcome to the Higherlevel forum!

 

 

Not by law, but undoubtedly any party which would provide you with credit ( either in currency or goods) will expect or demand proper insurances for both property damage (fire, theft, water etc ) and liability. 

 

And of course those insurances are for your own benefit to help the continuity of your business and protect your personal equity.

thank you so much, where could I see the average rates for fire insurance?

[Norbert Bakker]

Zojuist, Elifkaracanay zei:

where could I see the average rates for fire insurance?

 

There are no suitable averages. Anything between  0,1%  and 1% over the new value or replacement value of inventory and goods is possible as an annual premium. 

 

It al depends on the nature of the goods, the value, location, available prevention and security measures. 

 

For example: a store with high fashion clothes or cellphones will come with a much higher premium and more prevention and security demands for theft  than a candystore. 

 

Best way to get a reasonable estimate is to ask your insurance consultant or - if you have non - an insurance company like Centraal Beheer for an actual quote