As a business owner, it’s essential to have the appropriate protection in place. This is especially relevant if your customers rely on you to help them look and feel their best.
Beauty services insurance shields you from a range of potential threats that could put your business at risk. This coverage includes professional liability, property insurance, and more to safeguard your enterprise.
Professional Liability
If your salon provides services or sells products, errors and omissions (E&O) insurance can shield you in case clients sue for damages caused by beauty treatments you perform. It also shields you against claims for inaccurate client advice.
Errors and omissions insurance also referred to as professional liability insurance, is essential for your beauty business. It helps cover legal defense expenses and any money awarded to plaintiffs in court.
General liability and property insurance policies are essential for any salon. They can be combined into a business owner’s policy (BOP), which makes it cheaper than purchasing all the policies separately and simpler to manage. Systems breakdown insurance is another great choice as it helps cover repair or replacement costs when equipment breaks down. This coverage is especially important if you use expensive hair dryers, makeup, or styling tools frequently.
Property Insurance
Property insurance is necessary to safeguard the contents and equipment inside if your beauty salon is situated in a physical structure. This includes furniture, chairs, massage tables, computers, TVs and other items used for providing services.
This coverage pays to repair or replace the contents and equipment of your business if they are damaged due to a covered peril such as fire, smoke, vandalism, explosion and more. It will also cover any lost income if damage prevents your establishment from opening.
In addition to property insurance for your beauty business, you can also get other policies like commercial general liability and professional liability. These will safeguard financial losses in case your services cause injury or damage to clients. You can get quotes for these policies online; then select one that meets your needs best. You even have the option of comparing multiple insurers in order to find the most affordable value and coverage.
Business Interruption Insurance
Business interruption insurance is designed to cover your company’s costs if your operations are disrupted due to physical damage. It can cover rent, salaries, utilities and taxes while you wait for repairs or other necessary changes.
If you own a beauty salon, chances are you have expensive equipment such as chairs and professional-grade styling tools. Furthermore, you may possess inventory like makeup or colouring gels.
You can purchase systems breakdown insurance as part of your beauty services insurance program to cover the costs of repairing or replacing equipment in case an insured event occurs.
Business interruption insurance can be purchased as a standalone policy or part of a Business Owners Policy (BOP) package that includes general liability, property and commercial auto coverage. Purchasing the BOP package tends to be more cost-effective than purchasing separate policies for each type of protection.
Employee Injuries
A salon’s employees must contend with a range of workplace hazards. Accidents caused by unsanitary tools or surfaces, chemical exposure, or the misuse of defective equipment can leave them with serious injuries.
Employee injuries insurance offers your business a safety net in case an employee suffers an occupational injury. It covers all costs related to that injury, such as medical bills and compensation for time missed from work.
Professional liability (errors and omissions) insurance is another essential requirement for beauty services businesses. This covers legal expenses and any money awarded to the plaintiff in case a client sues you for damages.
Property insurance safeguards your building and equipment. It comes standard in a business owner’s policy (BOP), but you can purchase optional add-ons if you require more protection.