Barbershop, Beauty Salon and Day Spa Insurance
Whether you operate a barbershop, beauty salon, or day spa, having the right insurance to cover your risks is critical for the long-term success of your business.
A standard business owner’s policy is not enough to handle the specialized insurance needs of your business. The better you understand the risks you face and the protection you need, the better prepared you are to get the business insurance coverage and protection you require.
Risks Your Business Faces
Beauty salons, day spas, and barbershops might not seem to be hot spots for risk. Some of the risks aren’t all that obvious either. These are just a few of the risks your business experiences on a daily basis.
- Slip and fall
- Broken pipes that flood your shop and damage your fixtures
- Inventory losses from theft
- Vandalism (damage to your sign)
- Tanning bed malfunctions that cause a client to experience a severe sunburn
- Damage to your shop that requires you to relocate during repairs
- Loss of income due to a covered event that damages or destroys your shop
- A former employee sues over his or her treatment while employed by your business
- Worker injury that occurs while on the job
- Leaving chemicals in a client’s hair too long resulting in damage so severe his or her hair must be trimmed ultra-short to recover
These represent a few of the risks your business faces that the right insurance protection can help your barber shop, beauty salon, or day spa recover from.
Insurance Products for Beauty Salons, Day Spas, and Barbershops
When you think of all you do in a day, there are plenty of opportunities for accidents and/or injuries to occur to your guests or employees.
You need the right liability protection in place.
General liability is no longer sufficient to meet the needs of a business that deals with the types of services you provide. You need the following types of insurance liability protection as well.
- Professional liability coverage. This type of insurance protection will help cover your business when things go wrong during the treatment process, such as hair mishaps).
- Workers’ compensation insurance. Protects your business from lawsuits resulting from employees who get injured while on the job.
- Cyber liability insurance. Delivers protection for your business if your computers are hacked resulting in personal or financial information stolen.
- Employment practices liability insurance. Offers protection from lawsuits related to the treatment of employees for promotions, discipline, and firing.
- Excess liability insurance. This insurance provides additional liability limits for your general liability coverage beyond what your business owner’s policy (BOP) and general liability policy provides.
These are simply the liability protections your business needs to minimize your exposure to risk. Other types of insurance you need for your beauty salon, barbershop, or day spa, include the following:
- Commercial property insurance. Protects your building, equipment, waiting room furniture, computers, fixtures, and hair and beauty inventory from a variety of covered
- General liability insurance. Offers protection against claims made for trips and falls on your property or in your shop as well as damage done by your property to others (as in the tree limb falling on a customer’s car).
- Loss of income. When your business is forced to close while repairs are being made from covered events (like fires or tornadoes), it costs your business money. This coverage helps to protect your income by replacing a portion of it. This protection is sometimes referred to as business interruption insurance. This type of coverage may also provide for the added expenses of operating from an alternate location during the repair process.
- Key employee protection. With this type of policy, your business can designate a select employee or owner, such as a star hair stylist or aesthetician who brings in clientele simply by working there, as a key employee and you will be paid additional compensation if that person is no longer able to work for your beauty salon, barbershop, or day spa.
- Equipment breakdown coverage. Mainly for salons and spas, as you have more costly equipment that is essential for your business, this policy helps cover the costs of repairs to your equipment if it breaks down.
- Employee dishonesty coverage. Helps protect your business if you employ people who commit crimes against your business, such as embezzlement, stealing inventory, etc.
If you have a business vehicle, you need commercial auto insurance. If you do not have an automobile for your business, but an employee makes deliveries or runs errands for your business in his or her personal vehicle, you will need to purchase non-owned vehicle insurance to protect your business interests as well.
Trust Insurance Center of North Jersey for Insurance Needs
We understand that finding the right policy that meets the unique needs as a barbershop, beauty salon or day spa owner can feel like unraveling a mystery. Let us help you get the right amount of coverage for the right price by working with you to come up with a personal solution for your business risk management needs.
We’ve been serving the needs of New Jersey families and businesses since 1927. Get in touch with us today and experience for yourself why we’ve developed a reputation as an agency that cares about you, your business, and the things you value most.