Commercial Property Insurance for Beauty Salons
Limits Of Commercial Property Insurance for Beauty Salons
| Value |
|---|
| Building coverage limit | $15,000-$500,000 |
| Contents coverage limit | $10,000-$50,000 |
| Outdoor signs, fences, trees, and other exterior installations coverage limit | $2,500-$10,000 |
| Money and securities coverage limit | $1,000-$2,500 |
| Employee dishonesty coverage limit | $5,000-$10,000 |
| Credit card loss or damage coverage limit | $500-$1,500 |
| Water backup and sump overflow coverage limit | $5,000 |
Building a beauty salon or renovating a commercial space into one takes a lot of money. There are a lot of costs to account for such as labor, materials, interior decors, equipment, and others.
Protect your investments against the unexpected through commercial property insurance.
Commercial property insurance will help you recover lost money and get the flooring, roofing, siding, walls, or the entire building fixed if the beauty salon gets destroyed or damaged by:
Fire
Theft
Civil commotion
Vandalism
Riot
Malicious mischief
Sprinkler leakage
Smoke
Sinkhole collapse
Aircraft
Vehicle
Impact
Lightning
Rain
Wind
Snow
Hail
Commercial property insurance also covers the valuables inside your beauty salon’s building such as employee personal effects, chairs, massage tables, tanning devices, hair dryers, computers, television, and others.
Though comprehensive and covers a wide range of situations that will result in business property damage or loss, commercial property insurance doesn’t protect your beauty salon against floods, earthquakes, mudslides, and landslides.
A rule of thumb: Always remember that commercial property insurance must provide a building and contents coverage equal to the replacement cost of your beauty salon’s building and personal property.
Equipment Breakdown Insurance for Beauty Salons
Commercial property insurance doesn’t usually cover the breakage of equipment. Because of this, consider getting equipment breakdown insurance for your beauty salon. Equipment breakdown insurance protects all items you use for a beauty service.
Typical items this insurance covers are seats, tables, wash bins, hair dryers, facial machines, electric massage chairs, blowers, carts, trolleys, brushes, scissors, razors, and hair styling stations. Use this insurance when beauty equipment becomes lost or damaged due to:
Fire
Theft
Operator error
Impact
Electrical surge
Electrical shorts
Mysterious disappearance
Workers Compensation Insurance for Beauty Salons
The part-time and full-time employees of your beauty salon constantly face dangers.
For example, hair stylists might get burned while using hair straighteners, massage therapists can exhibit severe reactions to oils and lotions, and nail technicians can get cut or punctured by their nipper or pusher.
Protect employees and prevent them from suing you for work-related injuries or diseases by getting workers compensation insurance. Workers' compensation insurance covers these costs on your behalf:
Employee medical treatment costs and private EMT fees
Hospital bills such as food, nursing, room, laboratory, etc.
Prescription medicines
Rehabilitation and retraining
Lost wages
Funeral expenses and allowance to dependents
Workers' compensation insurance only covers the occupational disease or injury of part-time and full-time employees. It doesn’t automatically cover independent contractors, interns, and volunteers. Get these workers covered by naming them as additional insureds in your beauty salon’s workers' compensation insurance.
Also, workers' compensation insurance doesn’t have a set limit. The amount of coverage from this policy is provided by the worker's comp law of the state where your beauty salon is registered.
Employer’s Liability Insurance for Beauty Salons
Limits Of Employer’s Liability Insurance for Beauty Salons
| Value |
|---|
Each employee injury by accident coverage limit
| $1 million |
| Each employee injury by disease coverage limit | $1 million |
| Employee injury per policy limit | $1 million |
You will find employer’s liability insurance automatically included in the workers' compensation insurance of your beauty salon. You can also add or exclude this from workers comp yourself.
Employer’s liability insurance helps to pay settlements, defense costs, and court judgments when an employee holds your beauty salon liable for a work-related injury or disease.
Ideally, your beauty salon must get an employer’s liability insurance offering $500,000 coverage for each employee injury by accident or disease.
Commercial Auto Insurance for Beauty Salons
We suggest you get commercial auto insurance if your beauty salon has its own commercial vehicle or if you use a van, bus, or truck as a mobile beauty salon.
Commercial auto insurance provides protection against the exposures associated with the use of a commercial vehicle. You can use this to:
Cover the medical treatment or property damage of third parties who got involved in an accident caused by your van, bus, or truck
Pay for vehicle repair expenses if your business’s van, bus, or truck got damaged due to collision, fire, theft, vandalism, hail, weather, and other covered perils
Cover the medical treatment of the driver and passengers if the other driver who caused the accident can’t grant indemnification with his insurance policy
Reimburse rental expenses if you need to hire a commercial vehicle for your beauty salon
Cover the repair or replacement of equipment attached to your beauty salon’s vehicle
Inland Marine Insurance for Beauty Salons
Similar to commercial auto insurance, inland marine insurance isn’t very useful if you’re running a beauty salon in a commercial space. However, get this if you’re making money through a mobile beauty salon.
Inland marine insurance, unlike commercial property insurance, recovers your financial losses if business equipment gets damaged or lost during transit. Coverage applies on instances of theft, mysterious disappearance, malicious mischief, impact, and error.
While available as a stand-alone policy, you can get inland marine insurance as a rider to commercial property insurance or general liability insurance with a business equipment floater.
Home Beauty Salon Insurance
Home beauty salons are typically a lot more affordable to ensure than larger operations because home salons typically don’t have many employees.
This reduces the cost of insurance because the carrier is taking a smaller risk when you have a smaller operation. However, there are a few specifics to consider if you’re trying to get home beauty salon insurance.
Consider that your homeowners' insurance policy won’t cover you during your business hours. The minute you start using your home for a commercial purpose, it is excluded from the vast majority of homeowner's policies, so you’ll need to get separate commercial coverage on your own.
If you’re running a home beauty salon, get general liability insurance and professional liability insurance. Also, look for insurance companies that allow their commercial property insurance to cover home-based businesses.
