Fortier Insurance can tailor a Business Owner’s Policy specifically to your business.
Phelan, CA (PRWEB) November 25, 2013
One of the most important decisions as a business owner should be to purchase a Business Owner’s Policy. A business owner needs to realize that things don’t always go according to plan. Having a Business Owner’s Policy protects the salon owner from unforeseen circumstances. It not only protects the business’s assets, but also the clients.
A Business Owner’s Policy combines Property coverage and Liability coverage. Property coverage covers the building and the business’s personal property. If anything happens, the salon is quickly rebuilt or repaired. This could involve damage like a sewer and drain backup, broken windows, or computer breakdowns. Also included in a BOP is “Loss of Income.” If, for example, the damage to the building and/or the salon is so extensive that the salon is shut down, then not only will the business owner be compensated for lost income, but moving expenses as well.
General Liability coverage covers the business in the event of a lawsuit as a result of someone slipping and falling on the property, for example. It covers legal fees, court costs, and any judgments made against the business. Another important option is Professional Liability coverage. This insurance protects clients in case employees make a mistake and the client sues for damages. One scenario would be if an employee burns a client with hot wax, or a treatment is left on too long. Lawsuits can incur even if worker negligence wasn’t involved. If a client simply has an allergic reaction to a product, the business owner can still be held liable, and General Liability may not cover a particular claim. Product Liability insurance should be considered if there will be products for sale in the salon. It offers protection against any negative claims made by clients.
Worker’s Compensation insurance is purchased separately, and the penalties for not providing it to employees is quite severe. Employees are the business’s most important assets, so they should be protected against injuries on the job. Worker’s Compensation pays for an injured employee’s medical expenses, disability, and a portion of their earnings until they are able to return to work. It also prohibits them from suing the business.
Fortier Insurance Services has licensed insurance professionals who can answer questions on all the different policies available. They can help develop a complete insurance package that’s designed specifically to meet the needs of any business. Call 1-800-927-3566 for a free consultation.