Being an owner of a salon or an individual contractor who works in a salon, you can never stop the unexpected. Not being fully prepared for accidents and fatal injuries in your business and your finances is the most foolish thing to do when you run such a profitable business.
For instance, you would never expect a dissatisfied customer filing a claim against you, a customer experiencing skin rash due to some chemical reaction, a customer slipping and falling down on your floor or even some physical damage happening to your property.
Whether or not, sometimes you experience some serious damages, or you are wrongly accused, protecting your business and your finances is the most important thing to do.
This is exactly where salon insurance comes into place and saves you from all the unexpected expenses that can seriously affect your financial condition.
Although, there are numerous insurance agencies that can give you quotes for different type of policies, here are some standard packages that have been customized for salon insurance:
- General Liability Insurance – insurance covers almost every asset of the salon if it is at fault or has been sued for causing personal injury to a customer or any property damage. This general insurance policy can be purchased individually or combined with property insurance.
- Property insurance - this covers any kind of theft, fire, damages due to natural calamities and all other risk of owning a salon. A property insurance policy can be customized to meet the needs of the salon by combining it with any other policy or increasing their coverage amount. The policy can cover your expenses in two ways - by giving you the actual cash value or by replacing with the same value.
- Marine Insurance - best insurance has been specially designed to cover all your salon property while it is in transit. This coverage protects all your salon products, tools and equipments along with any cargo expenses during transit. This insurance is generally purchased in combination with any of your existing salon insurance policy.
- Workers insurance – being a salon owner does not put you under any less risk, but you need to always worry about protecting your employees against any job-related accidents, injuries and illnesses. This insurance also covers for any medical, income loss or rehab cost that you might have to encounter. As an owner you need to make sure that your employees are working under safe conditions and under unfortunate accidents, you need to cover their expenses. To protect you from such kind of emergency expenses, this insurance is the best recommended. This insurance can protect you against many lawsuits resulting from accidents that happen to workers in workplace.
- Liability insurance - in addition to the standard insurance policies, liability insurance is a recommended add-on that gives you extra safety. There are different types of liability insurance like:
- Property damage – Covers any damages caused to your customer’s property while working off premises.
- Additional insurance – gives special insurance to individuals who are not automatically insured.
- Fire liability - covers any liability caused by fire on the rented premises
- Additional liability - covers any damages caused from exposure to different treatments.
- Professional liability - covers any expenses when a client finds a claim against your professional services.
- Property Although, property insurance comes under the standardized insurance policy, you can purchase individual coverage, which include:
- Equipment breakage
- An event when the master key is lost
- Any damage to the structure of the building
- Appurtenant structure
- Any income discrepancies
- Coverage for any newly constructed building
- An crime that takes place inside the salon
- Covers any loss or damage of computer and other EDP accessories.
- Any damage of formal records
- Drain or sewer damage coverage
Never underestimate the unforeseen danger that can happen to a salon, because it too runs of a lot of elements, which when disrupted can cause serious damage to your potential income. By making sure that you have proper salon insurance, you can relax and be confident about your financial status, because you will never have a chance of losing money due to unexpected financial commitments.