New York, New Jersey, Pennsylvania & Connecticut
Beauty Salon Insurance
As a beauty salon owner, you know the service you provide entails some level of risk. Though these risks may not seem particularly significant, there is nothing insignificant about a multi-
No matter whether just a beauty salon, or offering a combination of services, every salon needs to have the proper insurance.
Types of Beauty Salon Insurance….
A general liability policy can be purchased on its own or in combination with a property insurance policy. If your sued, general business liability coverage will protect your beauty salon’s assets whether at fault or not, for causing personal injury or property damage, unless specifically excluded.
Fire, theft, and lightening damage are all risks of owning a salon, spa or barbershop property. Property insurance coverage provides protection against these perils. An open peril policy covers all causes of losses not excluded specifically in the policy. On the other hand, named perils must be listed on the policy in order to provide coverage for a loss. A property insurance coverage policy can be tailored to meet the specific needs of your salon by adding endorsements to increase coverage. Additionally, property insurance can pay for losses in two ways: 1) actual cash value or 2) replacement value
Employees, customers and passersby put you at risk of theft and the potential loss from the theft. This insurance cover all types of crimes including theft, vandalism, shoplifting and dishonest employee practices. Many customers pay for barber shop services via cash, which you probably carry on your premises at any given time, making you liable for crimes of theft.
Inland Marine Coverage
Inland marine insurance is designed to protect your beauty salon or spa property while in transit. This coverage also protects your inventory being held in storage. When a beauty salon or spa’s equipment, such as hair dryers, curling irons, or inventory is stolen in transit or at the storage site, an inland marine policy would cover the loss. Referred to as a floater, it’s highly recommended to fill in the gaps in your insurance coverage and is usually purchased as a supplement.
Business Owners Insurance
This is a package policy that combines different types coverage into one policy, such as electronic data, newly acquired buildings, building and contents, dishonest employee coverage, and business income or extra expense. If there was a natural disaster in your area that caused damage to your building and contents, the BOP can cover repairs and replacements of beauty salon equipment as well as help cover the business income you lose while the repairs are being done. These policies are usually less expensive as a package policy.
The most common risks for most business include property and products risks. However, cutting a client’s hair in a way they were unhappy with or it may be a dissatisfied customer who files a claim as a result of a skin or eye burn or eye rash from a chemical used, a customer slips and falls in your spa or salon, or even damage to your building.