What can’t be insured these days? Your home, car, motorcycle, boat, ATV, and RV can all be insured. Add your beauty parlor to that list. Business insurance is an important investment. Before opening your own beauty parlor, you should insure it.
Discover the many benefits of business insurance by reading below.
1. What’s Business Insurance?
Business insurance is also known as general liability insurance. It covers risks like bodily injury, property damage, personal and advertising injury, legal defense and judgment, and medical payments.
You’re not legally required to ensure your beauty parlor. However, the risks of not doing so outweigh the cost of insurance.
2. What Does Beauty Salon Insurance Cover?
If, for example, one of your stylists trips and accidentally cuts a client with a pair of shears, you’ll need insurance to cover that. The client could justifiably request that your salon pays for treatment. Insurance would cover it.
3. How Much Is It?
The average American beauty salon only has to pay between $350-$750 per year for $1 million in general liability coverage. That price will depend on your salon’s location, deductible, number of employees, per-occurrence limit, and general aggregate limit.
4. What Kinds of Coverage Does Your Parlor Need?
The most essential kind of insurance to have is general liability insurance. The next most important kinds are professional liability insurance and commercial property insurance.
5. What Other Kinds of Insurance Are There?
You should also consider getting workers’ compensation insurance and product liability insurance for your salon. Most states require employers to have the former. The latter handles your legal fees if a customer sues you claiming that your product harmed them.
6. Compare Business Insurance Quotes
Don’t buy just any insurance. Compare quotes to secure the best possible deal.
Review prices from at least 10 different insurers as you shop around. Take full advantage of your power to choose freely as a consumer.
7. What’s Property Insurance?
Commercial property insurance is vital. It protects you from the financial consequences of theft and damage. If either of those occurred while your parlor was uninsured, you’d have to foot the bill and potentially postpone business operations to raise funds.
8. What’s Personal Accident Insurance?
Any salon owner should be covered by personal accident insurance. Since you’re self-employed, an injury or illness that prevents you from working can reduce your income.
With this insurance, you’re safeguarded against loss of income.
9. What About a Mobile Beauty Parlor?
If your parlor is mobile or will maybe someday be so, you still need insurance. General liability insurance is recommended.
10. What Other Options Are There Besides Insurance?
Besides insurance, you should use contracts and other business documents to protect your company. You also need to stay current with business licensing. Try arranging a corporation or limited liability company (LLC) to shield your assets.
The Value of Commercial Business Insurance
You shouldn’t even consider opening a beauty parlor without business insurance. It’s a non-negotiable for any aspiring entrepreneur.
Insurance protects you against misfortunes before they can ever occur. Start your journey toward opening a parlor today by getting a quote from Insured ASAP Insurance Agency.