So, you want to sell your own skincare products? You work with clients in this industry each day. You know exactly what they like, what they’re searching for, and where they look for it. You’ve created the perfect skincare product and business model, but now you need to protect it.
As leading industry professionals, we know insurance can be confusing. There are many risks and coverages you may not know about. Here we have broken down the basics of skincare insurance and how it can benefit you.
WHY DO I NEED SKINCARE INSURANCE?
Just as great skincare is important for humans, great skincare insurance is important for your business. Even with the most rigorous product testing, accidents can and will happen. A single cosmetics product liability claim could cost you thousands in out of pocket expenses, as well as damage your reputation, halt production, or lead to recalls.
For more than a decade, Insurance Canopy has helped a variety of businesses in the beauty industry access niche coverages, litigate claims, and expand their market. Because our talented agents have handled a diverse range of claims and coverage requests, we understand the unique needs your business has and what obstacles you may face.
Whether you are big or small, your business is an important investment to protect. Insurance Canopy can help you potentially avoid financial pitfalls from claims such as:
- Allergic reactions
- Chemical burns
- Infections or illnesses
- Property damage
- Mislabeled products
- Failure to provide instructions or warnings
Having skincare liability insurance can also boost your credibility and increase your business’s risk management plan. This helps you meet industry standards and show others you are serious about your product. Insurance Canopy has helped businesses get their products into stores like Ulta Beauty, Target, Amazon and Walmart—offering them coverage in online and in-store spaces.
WHAT TYPES OF POLICIES DO I NEED WITH SKINCARE INSURANCE?
When it comes to coverage, we understand each business has different needs. At Insurance Canopy, we know there is no “one-size-fits-all” policy which is why we created affordable coverage you can customize.
Every policy starts with the foundational General Liability Insurance plan. This policy can cover bodily injury and property damage claims that come as a result of your business operations—such as someone slipping in your store. Your policy will also include Product Liability Insurance, which covers claims of bodily injury or property damage as a result of using your product—such as a cream giving someone a rash or staining their clothes.
Insurance Canopy’s skincare insurance also includes:
- Completed Operations Coverage, which could protect against someone claiming bodily injury after you used a sample on them in the store
- Personal & Advertising Injury Coverage, which can protect against cases of slander or libel
- Medical Expense Limit, a no-fault medical policy that can cover medical expenses for claims of bodily injury caused by business operations
Additionally, we offer the following optional coverages that allow you to personalize your protection:
- Tools & Equipment (Inland Marine) Coverage, which may protect against damages to products or business equipment that occur during transportation over land
- Excess Liability Limits, a policy that gives you additional coverage beyond your general liability limit
- Cyber Liability Insurance, coverage that can help you recover from the devastating losses of a cyber attack
- Professional Liability Coverage, which could protect against claims where you suggested or advised an individual to use your product
- Worldwide Reimbursement, coverage that can reimburse you for expenses incurred during the defense of a legal claim
- Product Withdrawal, a policy that can help you in the case of product recalls
- Employee Benefits Liability, a policy for employers that can protect from errors or omissions in the administration of an employee benefit program
Ready to customize your coverage? You can build your policy entirely online in 10 minutes or less.
HOW MUCH DOES SKINCARE INSURANCE COST?
Starting at $99 a month, Insurance Canopy offers competitive pricing for the range of coverages and limits. That’s as low as $3.25 a day, making skincare insurance more affordable and accessible to you.
There are many factors that go into calculating the costs, such as ingredients used in the product, annual gross sales, additional policies, and more. When comparing the cost of insurance to a product liability claim, you are saving yourself hundreds or thousands of dollars. Additionally, the peace of mind that comes with being insured is something you can’t put a price tag on.
WHAT IS NOT COVERED BY SKINCARE INSURANCE?
Every policy has its limits and not every product can be protected due to the high risk factors it carries. The following are some items excluded in our coverage options:
- Non-topical products (ingestibles)
- Aerosol products
- Products containing CBD (require a separate policy)
- Products requiring a prescription
- Any product containing human stem cells
For a more comprehensive list of exclusions, please see the eligibility section of our application or speak to an agent at 844.520.6993.
WHAT KIND OF INFORMATION DO I NEED TO GET A POLICY?
With Insurance Canopy, applying for your skincare liability insurance can be done entirely online in 10 minutes or less. Our application process screens you with a series of questions, such as asking for your gross annual income, a list of labels and ingredients, and your past claims history.
You will also need to be sure your product does not contain anything our policies exclude and be prepared to provide us with basic business information, such as the business type, name, location, and website. This allows us to better understand your business operations and the types of coverages you need for your products.
HOW DO I FILE A SKINCARE LIABILITY INSURANCE CLAIM?
In the case of an incident, it can be unclear to know what your next steps are. The online user portal with Insurance Canopy makes it easy to quickly file a claim. Here’s what you do:
- Log in to your dashboard
- Go to “Manage Policies”
- Click on “File A Claim” and fill out the correct information
- Submit your claims
After you submit your claim, you will be assigned a claims adjuster who will help you move forward through the rest of the process. If you still have questions, our experienced agents are happy to help walk you through filing a claim.
FEEL SECURE WITH YOUR SKINCARE INSURANCE
You work hard to help others feel confident in themselves. With Insurance Canopy, you can feel confident in your coverage. For over a decade we have been insuring skincare products for businesses both big and small. We take pride in protecting people like you—individuals who are passionate about helping others feel their best.
Your business deserves top-rated coverage, so get covered today with Insurance Canopy.
