Insurance for Hair Stylists
Thursday, 14 November 2019
There are a lot of potential for things that could go wrong at salons. Between the number of products and chemicals used, there are liability claims lurking around every corner. It is very important to protect yourself if you are a salon owner. You spent all the time and money to open your own business, to pay your staff, pay for products and other expenses, why would you risk it all and go without having the proper insurance for hair stylists in place? Here are some of the main coverages to think about when assessing your needs as a hair stylist or salon owner.
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General Liability Insurance for Hair Stylists
Often, claims result from two things, a dissatisfied client, or accidents that take place in the salon. General liability insurance for hair stylists helps to cover any injuries or harm that is inflicted on anyone in your salon. This coverage is there to help protect against third claims that may be filed against you or your business. For example, if a client slips and falls on some spilt water by a sink, your Commercial General Liability coverage would cover any suit brought again the business due to the bodily injury suffered.
With this being said, it is important to speak with an experienced insurance broker to help determine what type of coverage you need. Salon insurance is a combination of coverages that are unique to your business. There are several factors that contribute to insurance costs and how that relates to policies and coverage. Things like how you run your business, how much revenue you make, how many people you have employed, the amount of your deductible, and the location of your salon.
Professional Liability Insurance for Hair Stylists
Also known as Errors and Omissions Insurance, professional liability insurance for hair stylists helps to cover your business when a claim arises from a dissatisfied client. For example, if you accidentally colour your client’s hair the wrong colour as a result of them leaving out previous chemical treatment they have had done, they could end up suing your business. This is where professional liability insurance comes in, it will cover the legal fees that come from your client suing you for the alleged professional mistake. Whether it was your fault or not, you are covered.
Other Types of Insurance Coverage for Hair Stylists
Product Insurance: If your salon carries products for sale, the Commercial General Liability policy can cover any Product Liability. In the event of a manufacturing error or chemical imbalance in these products, you could be held responsible for the injury or illness your client experiences. Product liability coverage will help protect your business financially, so you won’t have to suffer from the manufacturer’s mistake.
Property Insurance: This covers the physical assets of your business, including your inventory, furniture and the building itself. These things are expensive to accumulate, so it is important to protect them, you wouldn’t have a business without them. If there were a fire or broken pipe, you could have to close your business for weeks. Aside from potential physical damage, theft can play a large role as well when it comes to inventory, check fraud or counterfeit money. Luckily, property insurance can cover the cost of damages and thefts.
Auto commercial insurance: If you often have employees driving to different destinations for their service, consider auto commercial insurance. If your employee were to get into an accident on the way, your insurance would be able to cover the cost of repairs for the vehicle, while workers’ compensation insurance will cover the employee’s lost wages and any medical bills that may be incurred.
Insurance for Independent Hair Stylists
If you are working on your own or renting a booth at a salon you don’t permanently work at, you’ll need your own insurance for hair stylists. Commercial General liability and professional liability doesn’t typically cover independent contractors, so you can be held responsible for injuries or damage, similarly to a small-business owner. Even if the salon owner does not require you to purchase your own insurance, you should still consider it to protect yourself.
As mentioned earlier, each business is different in what is required in terms of coverage. Talk to a commercial broker about what type of coverage you need on your policy. Even if you’re just thinking of opening your own salon, or practice, having all your insurance questions out of the way would be a weight off your shoulders when it comes down to the nitty gritty. Let us know how we can help! You can also start your quote right now, online!