General Liability Insurance
General liability is a commercial insurance coverage that helps protect your business from miscellaneous hazards and loss. If a customer becomes injured while visiting your business, general liability protects you. It also protects you if products you sell, or services you render, cause harm to your customers. For example, a customer may have an allergic reaction to beauty products you use in your salon, and your general liability insurance will cover the resulting expenses for all damages.
Business Owners Policy (Bop)
A business owners insurance policy, or BOP, helps protect the physical assets of your beauty salon. Assets include the building you rent, lease or own and the equipment you use to operate your business.
Business owners insurance helps protect your beauty parlor from the loss of income associated with property damages or loss. If something happens to the primary location of your salon you risk a major loss of income due to the loss of established traffic, and the coverage included in a business owners policy can help mitigate those losses. This coverage also helps support the additional expenses you’ll incur if you need to rent a temporary salon location while you’re waiting on repairs or rebuilding for your primary salon.
A business owners policy provides computer and data coverage. Modern beauty salons keep the majority of their customer data on computers and other electronic devices. However, if a hard drive fails, or the business computers are affected with a virus that destroys all data, the business can suffer critical consequences because they are unable to contact or access their established customer base. Business owners insurance policy helps protect your company from computer and media data loss, and helps you get everything back into working order with the least amount of loss possible.
A BOP is also essential for beauty salons who have invested time and money into improving the interior or exterior of the salon’s location. For example, if you have created a particular interior design, installed expensive carpets or contracted elaborate wall treatments to create the personality and style for your salon, BOP coverage can help you recoup the loss of these investments in the event of a loss.