As a Beauty Supplies Store owner, you are in a specialty retail market that may sell to salons and other licensed professionals as well as to the general public. As a seller of cosmetics, skin and hair care products, nail care and other beauty tools and accessories, your market segment is always in demand and constantly changing including an increased emphasis on e-commerce. You may also offer services and/or consultations to customers on the right beauty products for them or carry other beauty-adjacent products like fashion accessories.
Whatever the nature of your individual business, you have put a lot of effort into building your Beauty Supplies Store and you need to protect your investment with the right insurance coverage.
Appropriate Insurance Coverage For Your Beauty Supplies Store
What is the right coverage for your Beauty Supply business? The insurance package you build with the help of one of our ALIGNED advocates will reflect the characteristics of your specific operation. Here are some types of insurance coverage that typically apply to Beauty Supply Stores:
1. Small Business Property – this coverage protects you in the event of damage to your physical location and/or physical assets like inventory, leasehold improvement etc. due to extreme weather, vandalism and theft. With this insurance option, you are covered for repair and replacement costs that could be pricey.
2. Commercial General Liability – this type of insurance is necessary for any small business, protecting against bodily injury or property damage that might occur to customers as a result of your business’ operation. If someone is injured in your store, this coverage pays for expenses like medical bills or the replacement of damaged third party property.
3. Product Liability – if you happen to sell a defective product that causes harm to your customers, you need product liability insurance. This coverage can include product recall and associated costs as well and is typically included as part of a commercial general liability policy.
4. Professional/beautician Liability– as many beauty supply stores also have their employees or third parties on contract provide services like threading, microblading, lash extensions etc. it’s important to protect your legal entity/organization even if you are requiring the technicians to carry their own separate insurance.
5. Employee Theft – this coverage protects your business in the hopefully unlikely event that one of your staff steals either money or beauty products from you.
6. Auto Insurance – if your company does deliveries to customers, you should add Commercial Auto Insurance to your insurance coverage.
7. Cyber Liability – when you’re selling your products online, you need to protect yourself against potential dangers in the online world. Cyber theft and crime, as well as data breaches, are some of the dangers you could encounter and should protect yourself against.
Why Should You Consider Insurance For Your Beauty Supplies Store?
Here are some of the instances that could occur that would necessitate adequate insurance coverage for your business:
- A hailstorm damages your front windows, causing damage inside your store as well.
- A customers pay for online orders by e-transfer and its discovered that one of your staff person has been depositing them to their own account.
- A popular lipstick is recalled during a sale promotion. You have to pull it from the shelves and also track down customers who have already purchased it, destroy and replace it.
Though normally rare, these examples illustrate the risk involved to your business and you personally in owning and operating a Beauty Supplies Store.
Find the Right Beauty Supplies Store Insurance from ALIGNED
ALIGNED works with top insurance companies to provide custom insurance packages at affordable prices. Click Here To Get A Quote or contact one of our business insurance experts for information or with any questions you may have.