Frequently Asked Questions About
Commercial General Liability Insurance
How much does small business 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. (read more)
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. (read more)
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.
Pennsylvania Cosmetic Store Insurance
Pennsylvania 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 Pennsylvania cosmetic store insurance provider and policy terms.
Pennsylvania 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 Pennsylvania 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 Pennsylvania 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 PA 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 Pennsylvania 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 Pennsylvania 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, PA 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 Pennsylvania 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.
Pennsylvania 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.
PA 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 Pennsylvania 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.
Pennsylvania Economic Business Outlook & Commercial Insurance Requirements
While you might have a fantastic idea for a business, if you aren't setting up shop in the right PA location, there's a good chance that you won't see the success that you hope to achieve. With that said, it's important that you have an understanding of the economic status of the state that you are thinking about doing business in. It's also important for you to know what type of rules and regulations regarding insurance are in place in that state.
If you are thinking about doing business in the Commonwealth of Pennsylvania, keep on reading to find out some valuable information that you can use to make the best choices for your operation.
Pennsylvania's Economy Now And Into The Future
In terms of the economy, Pennsylvania's future looks pretty bright. It boasts the sixth largest economy in the United States. It is also home to some of the largest private and public organizations in the nation, as per sales.
The job market is expected to see steady growth in Pennsylvania during the 2019 calendar year. That rate is expected to be 1 percent, which is a marked increase from previous years. This is largely due to the high pool of educated laborers that reside in the state. Currently the unemployment rate is 4.9 percent, which is on-par with the rest of the nation. It is believed that the unemployment rate will continue to drop as more jobs are added.
For business owners, there are several industries that will afford success. The food products industry, particularly related to agriculture, contributes largely to the state's economy. This is expected to continue moving forward throughout the 2019 calendar year. Other industries that are forecasted to see growth include:
- Printing & Publishing
If you are thinking about doing business in PA, working in one of these industries will likely afford you success.
Insurance Requirements For Businesses In Pennsylvania
The Pennsylvania Insurance Department regulates insurance in PA. Business owners are legally required to carry workers compensation insurance. This type of coverage is a must for any business that employs any W2 part-time or full-time employees, and for employees that are either hourly or salaried. You must also carry PA commercial auto insurance if you plan on using a vehicle to conduct anything related to your business.
While commercial liability insurance is not required in Pennsylvania, it is still a wise idea to invest in. This type of coverage will protect you from the cost of any lawsuits that could potentially arise.
Additional Resources For Retail Insurance
Read valuable small business retail insurance policy information. In a retail business, you need to have the right type of commercial insurance coverage so that your store, employees, and inventory are protected.
- Adult Novelty
- Appliance & Electronics Store
- Art Gallery
- Auto Service Repair
- Auto Supply Parts Store
- Bicycle Shop
- Book Store
- Bridal Shop
- Candy Confectionery Store
- Car Wash
- Carpet Store
- Clothing Store
- Collectibles Memorabilia Store
- Convenience Store
- Cosmetics Store
- Dry Cleaning
- Equipment Rental
- Funeral Home
- Furniture Store
- Gas Station
- Gift Store
- Hardware Store
- Home Improvement Store
- Hotel Motel
- Ice Cream Shop
- Jewelry Store
- Lingerie Store
- Luggage Store
- Music Store
- Office Supply Store
- Paint & Wallpaper Store
- Pet Store
- Pharmacy Liability
- Plumbing Supplies Fixtures Store
- Scrap Metal Dealers
- Sewing Store
- Shoe Store
- Sporting Goods Store
- Stationary Store
- Thrift Store
- Ticket Agency
- Tobacco Store
- Toy Store
- Travel Agency
- Wig Store
Retail stores are susceptible to premises liability claims because of customer traffic, but large department and specialty stores are more susceptible than most.
All retail stores have significant property exposures. The on-hand stock represents a considerable investment, but the amount on hand fluctuates seasonally. For this reason, physical damage insurance on this property must be arranged carefully. When the insured occupies a non-owned building, insurance coverage must be arranged for the insured's interest in extensive improvements and betterments made to the premises.
Crime insurance, in the form of employee theft and money and securities coverage, is also very important.
The businessowners policy was designed with retail exposures and operations in mind. For this reason alone, it should always be the first type of package coverage to consider. However, for those risks not eligible for the business owners policy program, the commercial package policy (CPP) is a practical and convenient way to combine a number of coverages into one policy.
Retail businesses generate income through interaction with customers. This interaction is also how a customer can sustain an injury and then sue the retailer for damages. Hazards, exposures and operations both on premises and off are important and must be covered, but liability the retailer may incur because of the merchandise sold must also be considered and insurance protection arranged.
Inventory or stock is the major property exposure for most retail operations. Because stock values tend to fluctuate or have significant peaks at certain times of the year, value reporting or peak season valuation options should be considered. Business income coverage, including business income from dependent properties coverage, may mean the difference between a retail operation staying in business or being forced into bankruptcy following a loss.
When the insured occupies a non-owned building, insurance coverage must be arranged for the insured’s interest in extensive improvements and betterments made to the premises.
Most retail businesses offer endless opportunities for a variety of criminal activities. For this reason, the coverages needed must be carefully evaluated. Holdup and robbery losses may be the most obvious concerns but employee theft, fraud and counterfeit money losses are also serious issues that cannot be dismissed.
Retail businesses are gaining greater exposure to international issues because of the growth in sales via the internet. As these sales increase, the added exposures faced by these retailers must be evaluated. While their operating horizons are expanding so are their potential loss exposures.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.