Beauty and Nail Salon InsuranceIn this day and age, it is crucial to create a business that is recession proof. Fortunately, that is exactly what you have when you open your own beauty or nail salon. However, just because your business is likely to stand the test of time with loyal patrons that come back to you time and time again, you are not free of the risks associated with this unique industry.
One case a few years back involved a young lady who went a salon to have her hair dyed. Unfortunately, she came out with bald patches and severe burns. Thousands of dollars were spent on her recovery and the beauty salon was sued for negligence, pain and suffering. This all happened just because the stylist failed to follow the product instructions for use.
You may have loyal customer and stylists that always follow directions exactly, but accidents still happen all of the time. You can focus on your business and your customers, but it is just as crucial that you have the right salon insurance policy in place in order to protect you from financial loss when disaster strikes.
Important Coverage for Salon OwnersFor most beauty and nail salon owners, their business is their livelihood. It does not matter if you are just getting ready to open the doors or if you are expanding your current business, it is vital that you have the best possible beauty salon insurance in order to protect your investment.
Whether you own a beauty salon, a barber shop or a nail salon, there are three types of salon insurance that every provider of aestheticism services must have, which includes:
- Salon Liability Coverage – This type of beauty or nail salon insurance will provide financial protection in the event that a customer claims property damage or bodily injury caused by your place of business and takes legal action against you. For instance, if a client slips and falls near the wash basin, you need liability coverage to pay for the related medical expenses as well as any settlement or judgement that you are required to pay. The cost of your legal defense will also be covered. When you own a salon, it is best to set your liability coverage limits as high as your budget will allow.
- Casualty and Property insurance – This insurance will provide coverage for the building that houses your establishment, regardless of whether you own or lease the property. Your casualty insurance will protect the property that you keep inside the salon, such as chairs, computers, tanning beds, counters, products and styling equipment. Typically, this coverage will not extend to the plate glass wall of the storefront. If your building has a great deal of glass here, you will need to talk to your Philbin Insurance Group agent about increasing your premium or including another type of coverage to make sure you are adequately protected against property loss.
- Workers Compensation Insurance – Any company that has employees has a need for this type of insurance to protect you against financial loss due to an employee that is injured or becomes ill while on the job. This type of insurance will pay employee medical expenses, rehabilitation costs and loss of income. In addition, you will also be protected against lawsuits, as most policies stipulate that employees who accept payments via workers compensation agree no legal action against the employer will be taken in relation to the incident. This is especially important to include in your nail technician insurance policy because of the chemicals that are used in the trade.
Additional Coverage to considerThere are a number of additional coverage options that you will want to consider including in your beauty salon, nail salon and barber insurance policy. The coverage that you require will depend on the nature of your salon as well as the services that you provide.
If you employ beauty contractors, such as massage therapists, manicurists and hair stylists, that rent space in your salon, they will not be covered under your general liability insurance for any property damage or bodily injury that they cause to your customers. Therefore, you should consider requiring these contractors to carry professional liability insurance to make sure you are both protected.
If you offer beauty products for sell to your customers, you can be held liable for any problems, such as a chemical imbalance or manufacturing flaw. A faulty product can lead to expensive legal action. For that reason, you will want to talk to your Philbin Insurance Group agent about including product liability insurance in your beauty salon insurance policy.
You have worked incredibly hard to build and grow your beauty salon. A single incident can be enough to close the doors. Do not wait until it is too late to make certain you have the best possible insurance coverage in place. Click on the quote request button now for your no obligation quote from Philbin Insurance Group. You will be glad you did.
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