Beauty Salon Business Insurance
As a beauty salon owner, you have a busy and stressful workplace. You have to see to the needs of your clients and employees, keep the shop clean, stock and replace supplies, and maintain your building space. It is not an easy job and if something goes wrong, you need to know that you have the appropriate business insurance.
General Liability Insurance
Beauty salons are often busy places with employees checking in and out, appointments with regular customers, and walk-in clients coming and going. With all this bustling about, chances are good that someone could be hurt, a customer will be unsatisfied, or an employee will make a costly mistake. To protect yourself against these occurrences, you should have good general liability insurance.
General Liability Insurance Includes:
- Premises Liability – General liability insurance protects you from the costs you might otherwise incur when a customer is hurt on your premises or when their property is damaged on site. For example, if you have just mopped the floor and a woman walks in and slips and falls, she may be hurt enough to require medical attention. She may want you to pay for her medical bills and this is where your insurance would kick in and pay them for you.
- Products Liability – The insurance can also protect you if a product you sell is defective. If a shampoo or conditioner that a customer buys from you causes her harm in some way, this insurance can pay for the damages and can also give you funds for legal defense if it comes to that.
- Completed Operations – You will also be protected in the instance that a service you provide does harm to a customer. If a perm damages a woman’s scalp, for instance, your insurance will help you pay the damages.
Business Owners Policy
A business owners policy is another option you have when selecting insurance for your beauty salon. Also known as BOP, it includes general liability insurance as well as other add-ons. You can pick and choose protection that is necessary for your business. This may include:
- Buildings and Contents
- Business Income and Extra Expense
- Electronic Data
- Newly Acquired or Constructed Buildings
- Employee Dishonesty Coverage
Business Auto Insurance
A business auto insurance policy may be something to consider for your salon. This type of insurance covers you in the case of auto accidents that occur during the course of business. If you send your employees out to do hair and make up for a wedding party, for example, you will want to consider this policy. If they get in an accident, business auto insurance will pay for any medical bills or repair bills.
Workers Compensation Insurance
If you have employees, you are required to provide workers compensation insurance. If the employees of your beauty salon get hurt on the job, this insurance pays for their medical bills and recovery time.
Professional Liability Insurance
Professional Liability also knows as errors and omissions insurance, protects the financial aspects of your beauty salon. A client suffering from a financial loss can bring a law suit against you, without professional liability coverage you will have no coverage in a suit.
If you really like to be on the safe side, you can get a commercial umbrella policy. This will act as additional business insurance after your standard policies have reached their maximum payouts. It can be useful when you need to make large claims.