Nail salon and nail technician insurance is customized to fit the needs of nail salon owners and nail techs. Choosing the appropriate coverages for your nail salon is vital, as it can protect against costly losses from things like customer injuries and resulting lawsuits.
Types of Nail Salon Insurance….
General Liability
If you’re ever sued, general business liability coverage will protect your salon’s assets whether at fault or not, for causing personal injury or property damage. This policy can be purchased on its own or in combination with a property insurance policy.
Professional Liability: This coverage, also called errors and omissions insurance, protects from claims of negligence against your business.
Property Insurance
Property insurance coverage provides protection against fire, theft, and lightening damage which are all risks of owning a nail salon. Open peril and named peril policies cover different loses. An open peril policy covers losses not excluded specifically in the policy. Named perils must be listed individually on the policy in order to provide coverage for a loss. A property insurance policy can be customized to meet specific needs of your salon. Adding endorsements allows for an increase of coverage if needed. There are two ways in which property coverage pays for losses: 1) actual cash value or 2) replacement value
Crime Insurance
Crime insurance covers various types of crimes including vandalism, theft, shoplifting and dishonest employee practices. Many customers pay for services in cash, which is usually kept on your premises at any given time, making you much more liable for crimes of theft. Most of these crimes come from your own employees, new or existing customers,
vendors and visitors that put you at increased risk.
Inland Marine Coverage
Inland marine insurance protects your nail salon’s property while in transit. In addition, this coverage protects your inventory being held in storage. When a salon’s equipment, or inventory is stolen in transit or at the storage site, an inland marine policy would cover you for the loss. Referred to as a floater, this coverage is highly recommended to account for various gaps in your insurance coverage and is usually purchased as a supplement.
Business Owners Insurance
A popular policy form is a BOP. This type of policy combines different types coverage into one packaged policy, such as newly acquired buildings, building and contents, business income or extra expense, and dishonest employee coverage. The BOP can cover repairs and replacements of your shop’s equipment If there was a natural disaster in your area that caused damage to your building and contents. It would also help cover the business income you lose while the repairs are being done. These policies are usually less expensive because they are structured within a package of coverages.
How much does nail salon insurance cost?
The cost of nail salon and nail technician insurance is based on a variety of factors. For example, a nail salon with three nail technicians will have a different cost to insure than a larger salon with twenty techs.
Choosing the cheapest business insurance may not cover everything you need it to. Make sure you’re selecting the right coverages and limits to match your particular needs and fully protect your business.
Other insurance you might need:
• Workers’ Compensation: protects against employee injuries or illnesses that occur while on the job.
• Commercial Auto: If you use a vehicle for commercial purposes, such as driving to an off-site appointment, commercial auto insurance is a must. Most personal auto policies do not cover accidents that occur while a vehicle is being driven for business use.
