Colorado Cosmetic Store Insurance (Quotes, Cost & Coverage)
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Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Colorado Cosmetic Store Insurance
Colorado Cosmetic Store Insurance. Cosmetic stores specialize in the sale of beauty aids, cosmetics, bath soaps and lotions, fragrances, and related items to customers. Some carry women's accessory items such as handbags, hosiery or scarves. Some offer consulting services to help customers select the proper cosmetics and colorings for their skin types.
Others may be part of a beauty salon, providing hair care, tanning booths or beds, manicures and pedicures, massage, electrolysis, and other personal services.
Operating a cosmetic store means you have several business expenses to consider. One of the most important is your cosmetic store insurance policy. You have to make sure you get it right, not only in terms of the insurance provider, but also the optional coverage you add to your policy.
As a store owner, whether you operate a store front, online/cyber, or both, these are a few coverage options you must consider when the time comes to choose your Colorado cosmetic store insurance provider and policy terms.
Colorado cosmetic store insurance protects your shop from lawsuits with rates as low as $27/mo. Get a fast quote and your certificate of insurance now.
Types Of Cosmetic Store Insurance
To be safe, a cosmetic store should be covered by the following Colorado cosmetic store insurance policies:
General Liability - You want more customers coming in and out of your stores and purchasing cosmetics; but, you don't want customers getting hurt when they step foot in your store. In the event of a slip and fall, injury by defects, or other problems in the store, you are liable as the shop owner to pay for medical bills and expenses; your general liability coverage will protect you from such out of pocket expenses. It would also shield you from paying repair costs to the customer's belongings (if they were damaged) while they were in your stores or on your property (such as a car getting damaged in the parking lot).
Your Colorado cosmetic store insurance policy with general liability coverage will protect you from these very occurrences. Although they are rare, and might never happen in your store, you are better being prepared than having to deal with thousands (or even hundreds of thousands of dollars) of expenses, in the event one of these accidents did occur.
Business Personal Property - Cosmetics are pricey, and the appearance of your stores is important (as customers will make a first impression about your store/product before stepping foot inside). If weather damage (hail, sleet, snow) occurs, if fixtures are broken in your CO stores, or if a burglar breaks a window and steals supplies, this coverage option is going to protect your business from such costs you would otherwise be paying out of pocket to repair.
Without this Colorado cosmetic store insurance coverage you might otherwise have to shut your doors for a period of time, in order to pay for high repair costs. Storm damage, flooding, stolen merchandise, or even issues with alarm and monitoring equipment are all protected under the business personal property coverage you purchase through your insurer.
Commercial Umbrella - This is also called excess liability coverage when added to your Colorado cosmetic store insurance policy. This is for the shop owner who wants the highest level of protection possible, and truly wants to protect themselves from any and everything that can go wrong. If lawsuits take place, if you have to go to court, if there is major damage or injuries which occur in your shop, you will greatly benefit from this optional coverage for your cosmetic store. This basically will cover any costs which exceed the level of coverage you purchased with your liability protection through your insurance provider(s).
Workers Compensation - Workers comp is required in most states for any non-owner employees. Employees can get hurt on the job. If they do, CO workers comp will protect you, and pay for medical bills, lost wages, time off, and even pending lawsuits if a former employee (or disgruntled employee) tries to make false claims about an injury. This is extremely beneficial if an employee has to miss time off work due to an injury, as this optional coverage will pay their wages while they aren't able to work in the shop.
Cyber Liability - In today's online world, more and more shops are selling cosmetics online as well as in stores. With this Colorado cosmetic store insurance policy optional coverage, you can protect yourself in the event of cyber crime, theft, breach, or if a hack occurs, and customer credit cards or accounts are hacked into. Your protection will shield you from personal liability, having to personally repay customers, or possible lawsuits in the event of a cyber crime or attack.
Colorado Cosmetic Store's Risks & Exposures
Premises liability exposure comes from slips and falls due to public access to the premises. Aisles must be adequate and free of debris. Floor coverings must be in good condition, no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked.
Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure. All goods should be kept on easily reached shelves so that customers do not pull down items on themselves. If makeovers are offered, employees performing the makeovers must be properly trained and licensed if required by the state.
Questions regarding customer allergies should be obtained prior to offering services. Equipment and supplies used for servicing customers should be sterilized between uses or disposed of to prevent the spread of disease.
Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls. If the business is open after dark, there should be adequate lighting and appropriate security for the area.
Personal injury exposures are from apprehending and detaining shoplifters. Shoplifting procedures must be fully understood and utilized by all employees.
Products liability exposure is normally low unless there is any direct import of retail products, the sale of "house" brands or re-labeling of products under the establishment's own name. For any of these, the store may have the same liability concerns as a manufacturer. Certificates of insurance should be obtained from vendors.
Workers compensation exposure is from lifting which can cause back injury, hernia, sprains, and strains and from slips and falls. Employees should be trained on proper handling techniques. Skin, eye, and lung irritants may occur from contact with cosmetics or chemical applications used to service customers. In any retail business, hold-ups may occur. Employees should be trained to respond in a prescribed manner.
Property exposures are low since ignition sources are limited to electrical wiring and heating and cooling systems. These should be maintained and meet current codes for the occupancy. Items held as stock may be sensitive to heat, water and smoke, which can lead to a total loss in the event of a fire.
If there are high-value products, theft may be a concern. Appropriate security measures must be taken including physical barriers to prevent entrance to the premises after hours and an alarm system that reports directly to a central station or the police department.
Business interruption is a concern since sales may peak at particular times during the year.
Crime exposures are from employee dishonesty and theft of money and securities either from holdup or safe burglary. Background checks should be conducted on all employees handling money. There must be separation of duties between persons handling deposits and disbursements and handling bank reconciliation. Money should be regularly collected from cash drawers and moved away from the collection area, preferably to a safe on premises. Bank drops should be made throughout the day to prevent a buildup of cash on the premises.
Inland marine exposures are from accounts receivable if the store offers credit, computers to transact sales and monitor inventory, and valuable papers and records due to customers' and vendors' records. Backup copies of all records, including computer records, should be made and stored off premises.
Business auto exposure is generally limited to hired non-owned liability for employees running errands.
CO Cosmetic Store Insurance
As a cosmetic shop owner, you can't ever be too careful, this goes for your stores as well as online sites. For this reason, you need to consider all policy options when choosing an insurance provider for your Colorado cosmetic store insurance policy. These are a few options to add to your premium, to ensure optimal coverage, and to ensure you are fully protected from any possible problems which may occur as a shop owner.
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Request a free Colorado Cosmetic Store insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other CO cities. Also see Pennsylvania Cosmetic Store Insurance, New York Cosmetic Store Insurance, New Jersey Cosmetic Store Insurance, Kentucky Cosmetic Store Insurance, Delaware Cosmetic Store Insurance, Texas Cosmetic Store Insurance, Illinois Cosmetic Store Insurance
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