Here’s the thing about businesses: no two are exactly the same. So, when it comes to protecting your business through business insurance policies, it is important to choose coverage designed to fit your business, appropriate for the risks you face.
A Closer Look
Consider two businesses that share space in the same commercial strip mall. The first is a tattoo shop, the second is a second-hand clothing store.
Let’s start with the similarities: both businesses are leasing commercial space, so both will need to carry some basic liability coverage and coverage for business property, as required under their leases.
Both stores also have employees, so they will need worker’s compensation insurance protection. In addition to worker’s compensation insurance, they both might consider getting employment liability coverage.
When it comes to liability insurance though, the two businesses will have very different coverage needs. The tattoo shop, just by the nature of the work that it does, runs a much higher risk of being sued by a customer than the clothing store does. Because of the equipment needed in the tattoo shop, the risk of damage to the premises is also greater than with a retail store.
Why Specialty Insurance Coverage Matters
Specialty business insurance is just what it sounds like: coverage for specialized niche risks. Some examples of specialized insurance coverage include:
Abusive Acts Liability – this coverage is especially important for day spas, salons and tattoo/piercing shops, as it covers liability for claims that an employee physically abused or molested someone.
General Liability – this type of coverage protects business owners from damage or injuries caused when employees or customers are injured on the premises, or when injured by products
Property Coverage – this type of coverage protects your business against the risk of loss from fire, theft, burglary, etc.
Malpractice Liability (Professional Liability)– malpractice insurance is just as important for specialty businesses as it is for professionals like doctors and lawyers.
Temporary Guest Artists Coverage for Tattoo/Body Piercing Shops – if your shop has temporary guest artists, you will want to make sure you are covered for anything that could go wrong while they’re at your business.
Coverage for Surface Piercings and Genital Piercings – if your business handles piercings, you’ll want to make sure you are covered for these types of losses.
Liability Coverage While Exhibiting Off-Site – massage therapists, tattoo artists and body piercing pros may be asked to participate in trade shows or fairs. If you do so, make sure you are covered for losses that could occur while you are off-site.
Coverage for Independent Contractors – because not everyone who works in your shop or salon is an employee, make sure your insurance policy covers acts by independent contractors.
Business Interruption Coverage – what would happen if your business had to be closed for a period of time because of another covered loss – could you afford the loss of income that would result? Some specialty businesses may qualify for business interruption coverage to provide funds for these situations.
Contact Marine Agency
At Marine Agency Insurance, we understand business insurance, and we understand the specialty coverage needed by certain types of businesses. We can help any type of business owner, but if you own a tattoo shop, a day spa, body piercing shop or a salon, you owe it to yourself to make sure you are addressing the higher level of risk that can come with your business.
Contact us today to review your coverage needs and any existing policies you have in place. We’ll help you identify potential gaps and can discuss options to help you protect what’s most important to you – your business.