Like all businesses, running a spa or a salon comes with risks. You should protect your employees, business, and clients against possible losses. A client can slip and break an ankle, a worker can get hurt at work, or the equipment and property can get damaged. Keep reading to learn about the different types of insurance for salons and spas you can get to protect your business.
This insurance covers your salon business against losses caused by damage or theft. The coverage protects the salon’s building and its contents. These include things such as fittings and fixtures, stock, and other equipment. However, insure your full value to get maximum compensation in case of a loss. Check to see if your property insurance has any specific requirements, like having a burglar alarm.
General Liability Insurance
Employer liability insurance, public liability insurance, and product liability insurance are policies to consider. This insurance covers you in the case of third-party claims. Third-party claims occur if someone sues you because they believe you are liable for their injuries. For example, liability insurance will cover compensation and legal fees if an employee slips and breaks a hand. It also offers coverage in the event you damage your client’s property while attending to them.
The Business Owner Policy
This insurance coverage combines commercial property and general liability insurance. As a policyholder, you can select additional coverage. It’s also important to get an insurance provider who understands your business to cover most of your needs. Remember that the business owner policy doesn’t cover you if you give bad advice to clients. You need professional liability insurance for that.
Professional Liability Insurance
Professional liability insurance, also known as errors and omissions insurance, protects your business from negligence claims. It covers claims of damage or bodily harm caused by mistakes when performing your duties. If an employee accidentally cuts the client’s hair too short, or the client loses hair due to over-processing, liability insurance can help protect you. According to the United States spa industry, there were an estimated 173 million spa visitors in 2021. As spas continue to grow in popularity, the need for liability insurance increases as well.
Getting the right salon and spa insurance is vital for your business. Contact us at Allied Beauty Experts for more information on insurance for salons and spas. We can’t wait to work with you!