Millions of people visit hair salons each year. Some want simple haircuts whereas others are looking to transform their hair color and style. At the same time, salons are popular venues for professional makeup, waxing, hair extensions, and many other services. They’re available to help people look their best and enjoy all the confidence that comes along with it. Though most people have nothing but positivity and promise in mind when they think of salons, these are businesses. As is the case with any other type of business, things can go wrong from time to time. Because of that, having the right insurance coverage is crucial.
Exploring Insurance Options for Hair Salons
While those on the outside don’t often think of insurance coverage when they see a salon, that’s certainly not the case for the owners of those establishments. Even a small mishap could cost the owner thousands of dollars without the right precautions in place. Having said that, numerous types of coverage exist. Determining which one fits the situation isn’t quite as straightforward as most salon owners would like. Take a look at the following essential types of insurance for your hair salon to better understand the coverage you need.
General Liability Insurance
General liability insurance is a must for all businesses. It’s one of the most basic types of coverage on the market, and it protects businesses in the event of unfortunate incidents. These could include customers slipping on slick floors or tripping over loose rugs. General liability will also cover issues like customers being injured by the equipment used in your salon. One lawsuit is all it takes to devastate a small salon or even a medium-size one for that matter. Without general liability coverage, you could have to cover the costs of a customer’s injuries and lost wages out of pocket.
Commercial Property Coverage
Commercial property insurance is also a helpful type of coverage to have in your corner. Whereas liability covers injuries and similar problems, commercial property coverage protects the business itself. There’s no way to predict what might happen down the road. Your salon could be destroyed by a tornado, flood, or earthquake. Thousands of businesses are also damaged or destroyed by fires each year. If you’re not covered for eventualities like those, you may not have enough capital to rebuild after the fact.
Workers comp, or employer liability, is critical as well particularly if you have stylists, receptionists, and other people working for you. More than two million people are injured at work each year around the world. While work-related injuries at a hair salon may seem unlikely, it’s certainly possible. Heat and chemical burns, cuts, and falls are only a few of the possibilities. This type of coverage protects your workers against injuries and their resulting costs. It pays for medical expenses and lost wages stemming from work-related injuries.
Covering Your Best Interests
Numerous types of business insurance are available. These are some of the most important for hair salons. They’ll cover your business, customers, and employees if the unexpected comes to pass. Those who sell beauty products may also want to consider product liability insurance as part of their coverage packages. All these measures will help protect your best interests as well as those of the people you serve and employ.