If you own and operate a toiletries store, you sell a wide range of products, like lotion, cosmetics, shampoo and conditioner, soap, deodorant, toothpaste and mouthwash, and additional items. You may operate your own toiletry store, or carry items in a larger department store or beauty salon. No matter where you operate your business, you have a variety of risks to deal with. The most common include shoplifting, dishonest employee practices, general liability and workers’ compensation. Protect these and other risks with toiletries store business insurance.
Types of Toiletries Store Insurance
As an owner of a toiletries store, you have a medley of insurance policies to choose from, including the types below:
One of the most important business insurance policies to have is general liability. Your toiletry store is at risk for various liabilities, such as damage and bodily injury caused to your customers. General liability includes three basic types of coverage: premises liability, products liability and completed operations. If a customer is injured in your store, you are responsible, but general liability will cover it as part of premises liability. Products liability covers any damage or loss caused by the products you sell, such as cosmetics causing an allergic reaction for one of your customers.
If you or employees use their own vehicle for business errands, like picking up supplies or making deliveries to local customers, you should be protected with business auto insurance as an important toiletries store insurance policy. The business auto policy covers vehicle damage, property damage and bodily injury if you were to get into an accident while running business errands. You can also choose to add other types of coverage, such as theft and vandalism.
You rely on your business property to continue selling toiletries; therefore any unexpected event could cause a loss of business income. Things like extreme weather and natural disasters destroy your property and much of your contents as well. With a business property insurance policy, you get protection from these losses and help making the necessary repairs or replacing destroyed merchandise.
If you run an online site for your toiletries store, you should have protection against cyber crimes. Cyber crimes are those that occur with an online website or store, such as paying with stolen credit cards, fraudulent activity and hacking into personal information. This could lead to a legal claim from customers if their information is stolen while they are visiting your website. The best protection available is with a cyber liability insurance policy.
Workers’ compensation is a type of business insurance policy specifically for your employees. It covers work-related injuries, such as an employee cutting his hand with a box cutter or having a heavy box falling on a stock employee and causing an injury. Diagnostic, medical and recovery costs are covered by worker’s comp. It also prevents your employee from suing your business as a result of the injury.
Toiletries Store Crime Insurance
Protect your business income by getting a crime insurance policy. This type of business insurance policy covers a wide range of crimes, including theft, vandalism, shoplifting and fraud. Customers who pay with a fraudulent credit card could later result in the loss of goods they purchased with that credit card, for example.
To fully protect your toiletries store and business income, you need to choose business insurance for each category of risks. Rather than one policy, purchase several different toiletries store insurance policies for maximum coverage.