Insurance for Health and Personal Care Stores
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What Insurance Do Health and Personal Care 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 Health and Personal Care Stores need insurance?
This industry consists of establishments like convalescent supply stores, prosthetic stores, hearing aid stores, and sick room supply stores.
Your business needs insurance to protect you from having to pay a huge amount of money for medical expenses, third-party property repair or replacement, and most importantly lawsuits. Insurance will cover the costs for covered risks and make sure that you're back on your feet immediately after an incident.
What risks do Health and Personal Care Stores face?
Below are some common risks other health and personal care stores can face:
- A customer files a slander case against your business because an employee said something that injures your customer's reputation.
- Your employee gets sick for working too much. As their employer, you are responsible for the medical payments of the employee until they're able to work again.
- A burglary takes place in your business as a result of which you've lost all the profits that you'd earned that day.
How much does insurance for Health and Personal Care Stores cost?
The cost of insurance for other health and personal care stores varies due to the type of business you have, the size of the business, the number of employees, and your business' unique risks. Without taking these into account, below is the average cost of insurance policies for your business:
- Business Owners Policy costs $1,000 in average annual premiums.
- Workers Compensation costs $1,200 in average annual premiums.
- Product Liability insurance costs $700 in average annual premiums.