Insurance for Cosmetics Wholesalers

General Liability Insurance: Protects against third-party claims of bodily injury or property damage.

• Importance: Crucial for covering legal fees and medical costs resulting from accidents.
• Coverage: Legal fees, medical expenses, and settlements related to accidents involving non-employees on your premises.
• Best for: Client bodily injuries, client property damage, libel, and slander lawsuits.

Business Owner’s Policy (BOP) Combines general liability insurance, business interruption and commercial property insurance, offering a cost-effective way to cover common risks.

• Importance: Provides comprehensive coverage for common business risks.
• Coverage: General liability, property damage, and loss of income.
• Best for: Small to mid-sized businesses needing bundled coverage, liability, business property damage and operational interruptions.

Required in most states for businesses with employees, this policy covers medical expenses and lost wages if an employee gets injured on the job. It also protects sole proprietors from work injury costs that health insurance might deny.

• Importance: Mandatory in most states, it protects employees and sole proprietors.
• Coverage: Employee medical expenses, missed wages, injury lawsuits.
• Best for: Employee-related medical and legal expenses.

Commercial Auto Insurance: Necessary if your company owns vehicles used for business purposes.

• Importance: Protects against accidents and damage involving business vehicles.
• Coverage: Covers damages and medical costs from auto-related incidents.
• Best for: Property damage caused by your vehicle, liability coverage in an accident, repairs due to vandalism or weather.

Cyber Insurance: Protects against the financial fallout of cyberattacks and data breaches.

• Importance: Crucial for any business handling sensitive personal information.
• Coverage: Client notification expenses, data breach investigations, fraud monitoring costs.
• Best for: Protection against cyber threats and data breaches.

Commercial Umbrella insurance: Provides additional coverage when the limits of your other liability policies are reached.

• Importance: Offers extra protection beyond standard policy limits.
• Coverage: Excess liability for auto, general, and employer’s liability.
• Best for: High-value lawsuits, extensive liability claims, catastrophic events.

Depending on your business needs, consider these additional coverages:

• Inland Marine Insurance: Protects goods in transit or at off-site locations, including high-value items in transit. Essential for businesses frequently moving goods.
• Product Liability Insurance: Provides financial protection against lawsuits related to products you sell. This insurance is crucial for businesses that manufacture, distribute, or sell products.
• Product Recall Insurance: Covers the costs associated with recalling a defective product, including notification, shipping, and disposal expenses. This is critical for maintaining brand reputation and financial stability.
• Employment Practices Liability Insurance (EPLI): Protects against claims of employment-related issues such as harassment, discrimination, and wrongful termination.
• Equipment Breakdown Insurance: Covers costs of repairing or replacing broken equipment, ensuring continued operations. Essential for businesses relying on machinery.
• Commercial Property Insurance: Covers damage to your business property from events like fires, floods, or vandalism. This coverage is essential for protecting the physical assets of a business.