During the COVID-19 pandemic, you may be working at a reduced rate or not at all. As a result, your income and business revenue may be negatively affected, and you may even have fears about contracting the virus yourself. Here is a breakdown of what your ASCP membership with liability insurance covers and other types of insurance you may want to consider for the future.
ASCP Membership with liability insurance
Your ASCP liability insurance covers you for general, professional, and product liability. It’s an insurance policy that protects you when you are being sued and/or alleged to be legally liable for claims of negligence resulting from damage or injury to a person or property. Simply put, you’ve been accused of being negligent in some way at work with an alleged injury to a client or damage their property.
Business Personal Property Insurance
Business Personal Property (BPP) insurance is coverage for the personal property within your workspace in the event there is damage. While a local insurance broker is your best bet for this type of coverage, ASCP offers Business Personal Property Coverage up to $25,000.
Advanced Modality Insurance
Advanced Modality Insurance (AMI) is for those who have advanced their education and are performing esthetic services deemed beyond the basics. This coverage is an endorsement to the policy offered through membership to cover advanced services like laser, permanent makeup, and body contouring to name a few.
Other insurance for consideration as a sole proprietor or contractor worker:
Short term Disability/Long Term Disability
Short term disability insurance is insurance that replaces your income for a short period of time if you experience a disability. The benefit period usually lasts 2 weeks to 3 months. Long term disability usually starts after short term disability runs out. For business owners specifically, there are disability policies that cover your business overhead and pay down business loans if you get sick or injured.
*ASCP members can apply for disability insurance with our discount partner, Salon & Spa Benefits! Learn more here.
Business Owner Policy
A business owner policy (BOP) provides insurance coverage for things like commercial property, general liability, and business income—all under one umbrella. Commercial property insurance protects your building, equipment, and inventory; general liability insurance covers any medical expenses and/or property damage you or your employees are legally responsible for; and business income coverage helps you to pay bills and employees if your business has to temporarily close.
Loss of Income/Business Interruption
Loss of income insurance is usually a rider to your business owner policy. It replaces business income lost in a disaster.