Hair salons need specialized insurance coverage based on the services offered at the salon. Whether you own a traditional barbershop or a full service hair salon with nail, facial, and massage services, protecting your business is one of the most important things you can do.
There are thousands of hair salons in the United States; the vast majority of those salons have less than five employees. Because salons are often small businesses, events such as fires, lawsuits, storms, or break ins can cause major financial issues.
Let’s take a closer look at the risks facing your business – and how to mitigate risk through a comprehensive insurance strategy.
Professional liability insurance for hair salons protects business owners from claims related to professional services offered. Whether it’s a mistake or an act of negligence, if something goes wrong with a service, you can be held responsible for it. Chemicals, high-heat tools, and other aspects of services offered at hair salons can cause issues. This coverage is essential for protecting your business.
Protecting Your Customers & Employees
The environment of a salon makes general liability insurance necessary. Product residue, dry hair, and other substances on the floor could lead to slips and falls. Products sold at your salon could cause allergic reactions. A client who is unhappy with a haircut could potentially even file a personal injury claim against your salon (believe it or not, it’s happened). General liability coverage will help you cover expenses such as legal defense, settlements, and ambulance rides.
Workers’ compensation insurance is also important for your hair salon. Protect your full and part time employees with this coverage, which is required by the State of Indiana. Workers’ comp insurance will help you cover medical costs and lost wages if an employee becomes ill or suffers an injury due to work at your salon.
Protecting Your Business
Commercial property insurance is often required by your landlord or the lender who financed your business loan. Since property damage is one of the most commonly filed claims for salon owners, it’s essential coverage. Depending on your policy, property insurance can cover physical space, business furnishings (such as shampooing stations, massage tables, hair dryers, and more), salon equipment, salon tools, and products used in your salon as well as the inventory you have available for sale. Property insurance will protect your business in the event of a fire, storm damage, vandalism, break ins, and more.
You may also want to consider special coverage options for drain and sewer backups, equipment breakdown, and fire liability.
Shop for the Best Hair Salon Policy
Kincaid Insurance provides coverage for hair salons in the tri-state area, including Evansville, Newburgh, Jasper, Rockport, Owensboro, Carbondale, Louisville, and beyond. Kincaid’s independent insurance agents can help you find the coverage your hair salon business needs. Call Kincaid Insurance today at 1-877-888-5506.