Barber Shop Insurance
It is important to have good barber shop insurance in place to protect the owner, the employees, and the assets of the business.
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 accidentally nicking a customer’s face while shaving could lead to a lawsuit. By obtaining barber shop insurance you are able to protect your shop from all types of risks.
Types of Barber Shop Insurance…
General Liability
General liability covers any type of lawsuit resulting from customers visiting your shop or services you provide. This includes completed operations, and premises liability covering costs related to a customer harming themselves while in your shop. If you sell products, such as a type of shampoo, and a customer gets an allergic reaction, you can be sued for damages; products liability is also included in general liability.
Property Insurance
Your barber shop might also need property insurance. This covers any type of damage done to your business property and its contents. Water from a faulty sink can cause a flood in the building that affects your electrical wiring and in turn cause a fire. This can damage your equipment, furniture, and the building itself. Property insurance will help to cover the damage along with replacing anything that was destroyed.
Crime Insurance
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.
Business Owners Insurance
A business owners insurance policy (BOP) may be the best option if you are looking for a policy that covers many types of risk. 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 barber shop 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.
