Beauty salon owners have a lot of responsibility; a solid business plan for a salon includes management strategy, financial planning, scheduling, and making sure that your beauty salon insurance is matched to your operations.
The business of cultivating beauty is a broad spectrum--providing services and products to clients, staying on top of the latest trends and keeping staff educated--but without a solid risk management plan that includes sufficient beauty salon insurance, you won’t be able to sustain your mission to supply your customers with style, if an exposure results in excessive costs to you.
Factors That Influence the Rates of Your Beauty Salon Insurance
- Operations. Do you provide other services besides haircuts and styles? Manicures/pedicures, waxing, and brow/eyelash services all affect your beauty salon insurance coverage.
- Employees. You may have part or full-time employees, or contract stylists and other beauty professionals like aestheticians; adjusting your beauty salon insurance coverage accordingly will be important to protect both yourself and your workers in case of injury or loss.
- Property. The building that houses your salon, implements used by employees, and fixtures are all components that need consideration when acquiring beauty salon insurance for your business.
Generally, beauty shop owners looking for affordable insurance solutions to their varied needs choose a business owner’s policy (BOP). A BOP combines a few standard types of coverage needed for beauty salon insurance into one policy.
A Typical Business Owner’s Policy (BOP)
- Commercial Property Insurance. This is important if you own, rent, or lease the building your business is in. It can also provide coverage for fixtures and furniture, inventory, equipment, and valuable papers and records.
- Business Income Insurance. Meeting financial obligations like your rent or employee’s payroll won’t be suspended just because an event stalls your revenue; Business Income Insurance as a component of your beauty salon insurance will help cover your costs in case there’s an interruption.
- General Liability Insurance. This is a foundational policy that will help to protect you in case of injury to customers or another claim for damages. Just because you did nothing wrong doesn’t mean you can’t be sued...have a solid general liability policy as part of your beauty salon insurance in the event you need it.
Other coverages to consider adding to your beauty salon insurance policy include professional liability, commercial auto, and workers’ compensation.
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