VELVET PANTHER
Custom Tattoo and Piercing Insurance Programs
Terms & Definitions
To help understand the differences and importance of the coverage you choose for your shop, we added some insurance terms you should know.
To help understand the differences and importance of the coverage you choose for your shop, we added some insurance terms you should know.
CLAIMS MADE POLICY - A type of policy which ONLY pays covered claims that occur and are reported during your current policy term (or back to the Retroactive Date). If the incident occurred before the Retroactive Date or after your policy ended, the insurance company has no obligation, and you have NO COVERAGE.
OCCURRENCE BASED POLICY - The Occurrence policy protects you against incidents that occur while the policy is in force, regardless of when the claim is reported. This automatically protects you both now and in the future for any covered incidents that occurred while you were a policy holder. This means you can report claims during the current policy year AND after your policy has ended.
EXCLUSIONS / LIMITATIONS - Items or procedures not covered by insurance. Remember.... EVERYTHING IS COVERED EXCEPT FOR WHAT'S EXCLUDED!
CARRIER - Insurance Provider. Your Insurance Company
CARRIER RATING - A.M. Best Financial Stability Ratings
Example: Scottsdale Insurance Company has a rating of A+ 15
A= Performance of business (Claim Handling, Operations, Profile etc.) A++ and A+ are considered "Superior"
15= Financial Strength and Size of Insurance Company (15 is the highest)
AGENT - Represents specific carriers only
BROKER - Represents multiple carriers
GENERAL LIABILITY - Providing protection against claims that arise from Bodily Injury or Property Damage for which your business may be liable.
PROFESSIONAL LIABILITY - Provides coverage for a covered ERROR you make, or something that you don't do, that you should have done - that injures another person.
GROSS SALES - All sales/money your shop makes before expenses and taxes.
ADDITIONAL INSURED - Someone who wants to be named on your policy in case you do something that results in a claim toward them (Usually your landlord or convention/show)
LOSS OF INCOME/EARNINGS INSURANCE - What if your shop is non functional from vandalism, robbery, or fire? What happens if your income level drops just dealing with the situation? How long will it take you to recover? How will you pay the house payment or the bills that continue to come? This coverage helps with many monetary issues that happen with a loss. The average price for someone making 60k a year is $198.00 extra per year of premium, and it's a good thing to have!
OCCURRENCE BASED POLICY - The Occurrence policy protects you against incidents that occur while the policy is in force, regardless of when the claim is reported. This automatically protects you both now and in the future for any covered incidents that occurred while you were a policy holder. This means you can report claims during the current policy year AND after your policy has ended.
EXCLUSIONS / LIMITATIONS - Items or procedures not covered by insurance. Remember.... EVERYTHING IS COVERED EXCEPT FOR WHAT'S EXCLUDED!
CARRIER - Insurance Provider. Your Insurance Company
CARRIER RATING - A.M. Best Financial Stability Ratings
Example: Scottsdale Insurance Company has a rating of A+ 15
A= Performance of business (Claim Handling, Operations, Profile etc.) A++ and A+ are considered "Superior"
15= Financial Strength and Size of Insurance Company (15 is the highest)
AGENT - Represents specific carriers only
BROKER - Represents multiple carriers
GENERAL LIABILITY - Providing protection against claims that arise from Bodily Injury or Property Damage for which your business may be liable.
PROFESSIONAL LIABILITY - Provides coverage for a covered ERROR you make, or something that you don't do, that you should have done - that injures another person.
GROSS SALES - All sales/money your shop makes before expenses and taxes.
ADDITIONAL INSURED - Someone who wants to be named on your policy in case you do something that results in a claim toward them (Usually your landlord or convention/show)
LOSS OF INCOME/EARNINGS INSURANCE - What if your shop is non functional from vandalism, robbery, or fire? What happens if your income level drops just dealing with the situation? How long will it take you to recover? How will you pay the house payment or the bills that continue to come? This coverage helps with many monetary issues that happen with a loss. The average price for someone making 60k a year is $198.00 extra per year of premium, and it's a good thing to have!
