Welcome, Cosmopolitan Academy Students!

Beauty insurance describes several insurance policies that are combined to provide comprehensive coverage. Typically, beauty insurance includes the following coverages:

• Commercial General Liability Insurance: Also known as “slip-and-fall insurance,” CGL is basic coverage that protects you against day-to-day risks that could be encountered while running your business. It protects your business against claims of third-party bodily injury or property damage that occur at your business location. CGL generally covers medical fees and legal expenses, regardless of the lawsuit’s outcome.

• Commercial Property Insurance: Commercial Property Insurance protects your business location and the property within from an insured peril. An insured peril (an event that is covered by your insurance policy) is a listed risk that occurs beyond your control, such as a fire or theft. There are a lot of components within this coverage, and one of our brokers can happily walk you through the policy to ensure you know what events are covered by this insurance. Commercial Property Insurance policies often include business interruption (a.k.a. business income) coverage, which provides reimbursement for net income lost following an insured event.
  • Please note, that business interruption coverage will not cover income lost due to a pandemic, infectious disease, or government-mandated closure.

• Professional Liability Insurance: Also known as Errors & Omissions Insurance (E&O), PLI offers coverage for misconduct, negligence, or failure to deliver a service as advertised. If a client feels your professional advice didn’t have the expected results, they could sue. For example, a client took your professional advice and purchased a face cream that you assumed was safe for sensitive skin. After using the product, the client has a bad reaction. They then discover the ingredients are harmful to sensitive skin so sue you for negligence. Professional Liability Insurance typically covers legal fees and damages, including monetary judgments.

• Product Liability Insurance: Product liability coverage protects against claims alleging that a product used during a treatment, or sold to a client caused bodily injury or property damage. Damages ordinarily covered by product liability are usually the result of a design, manufacturing, or marketing defect, such as an incorrect label or a lack of safety warnings.