Salon Insurance Types for Business Owners
Just like other industries, protecting your hard-earned investment is indeed vital to ensure the financial interest of your small business. Whether you are a newbie to this industry, planning to expand to a new location or an established beauty parlor that needs security, you need the right type of salon insurance to keep your business protected from unfortunate events.
Salon Liability Insurance
Familiar as General Liability Insurance, this policy provides protection should a customer suffer from an accident resulting in bodily injuries. It is also applicable for property damage that occurs within your place of business. A great example where salon liability insurance comes extremely handy is when a customer accidentally slips at a wash basin. The policy will help pay for medical expenses, legal defense and settlement costs in case the customer decides to file a lawsuit against you.
Property and Casualty Insurance
Whether you own or lease the salon, this commercial property insurance will help protect your property against physical damages. It provides coverage for any belongings kept inside your business such as computers, counters, chairs, tables, tanning beds, styling equipment, salon products, sofas and more. Note that Property and Casualty insurance does not cover plate glass walls, and a separate add-on must be purchased on top of your premium.
You can bundle Salon Liability Insurance and Property and Casualty Insurance with a Business Owner's Policy (BOP).
Professional Liability covers your mistakes resulting from your professional services. The newest addition to Professional Liability insurance is contingent bodily injury and property damage coverage. This will cover claims against you when the bodily injury or property damage is directly caused by your professional service.
Workers’ Compensation Insurance
Depending on the state where you operate; Workers’ Compensation is a must-have policy for all salon owners. It provides employee protection in case of job-related injuries or illnesses. It helps pay for medical bills, lost wages, and rehabilitation expenses as a result of the incident. Also, as the owner, you are equally protected from legal charges due to negligence because the employees will not be allowed to sue.