Insurance for Cosmetics Stores
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What Insurance Do Cosmetics Stores Need?
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Frequently Asked Questions
Why do Cosmetics Stores need insurance?
This industry retails products like makeup, toiletries, perfumes, and other similar personal grooming supplies.
Running a cosmetic store comes with plenty of risks, and without any risk management in place, your business could lose a lot of money. Insurance will pay for the medical costs, attorney fees, court costs, and related fees when covered under the policy.
What risks do Cosmetics Stores face?
The more people are at your cosmetic store, the more customers you have on the premises, the more there are at risk. For example, if a customer trips, slips or falls, you will be responsible for the medical treatment. You will also need to pay for the repairs to any damage to your property. Some examples include:
- When a tornado or fire hits your property or a burglar breaks into a window, you need to make the repairs right away. This can be costly if you don't have insurance.
- When you employ several people, you need to provide a means to cover their medical fees if they get sick or injured on the job.
How much does insurance Cosmetic Store Insurance cost?
The cost of insurance for cosmetic stores depends on the type of business you offer, the number of employees you have, the size of your business property and many other factors. To get the cost of your insurance simply apply online or give us a call. Our customer services representative will be very glad to assist you.