Salons, Barber Shops and Beauty Parlors will typically need the following stylized coverages:
Contents/Business Property Coverage insures all equipment and stock on the premises and protects against risk of damage, loss, or theft. Contents Coverage is not required by law, but it is recommended if your company owns expensive items that may need replacing. If the business premises are owner-occupied, Contents and Building Coverage may be bundled together under one policy. If the business premises are not owner-occupied, the tenant must arrange for Contents Coverage under a separate policy.
General Liability Coverage is designed to cover bodily injury or property damage to other persons or businesses as a result of your operations. Normally triggered from either an injury sustained on your business premises or as a result of your business operations or products where a loss occurs, this type of policy will typically pay for both damages to the claimant and the cost to hire an attorney for you.
Businesses of all sizes have a variety of Group Health Coverages to choose from. As an employer, you know that benefits such as health insurance are an incentive for prospective employees and provide your current employees with the ability to maintain a healthy and productive lifestyle.
The problem with providing health insurance for your workforce is the cost, but there are many affordable Group Health Insurance options available. Carolina Industrial is here to help make the right choices for you and your employees.
Professional Liability Insurance or Errors & Omissions (E&O) Coverage protects your company from lawsuits or claims if your customer holds you responsible for errors or mistakes, or the failure of your work to perform as promised in your contract. Coverage usually includes both litigation costs and any damages awarded by the court up to the coverage limits on your policy. This coverage is most commonly associated with doctors and other healthcare providers; however, there are many occupations where this coverage would be more appropriate than General Liability.
Workers' Compensation Coverage provides employers and employees with medical care, death benefits, and lost wages for work related injuries and illnesses, normally to the first dollar.
The cost for Workers’ Compensation Coverage is based upon how much employees are paid on a per $100 basis. In other words, if you have a clerical office you can expect to pay .38 to .42 cents per $100 of payroll. Another easy way to figure the cost is to divide your total yearly payroll by $100, then multiply the answer by the given Workers’ Compensation rate.
There are certain exceptions to this rule: Sole Proprietor, Corporate Officers, and Members of a Limited Liability Company.