You’re in the business of helping your clients look and feel good, but one botched color job could bring that business to a halt. A standard business insurance policy covers a great deal, however barber shops and beauty salons have unique needs that can be addressed with additional coverage.
Barber Shop and Salon Insurance Coverage Options
As you're shopping for insurance for your barber shop or salon, here is a list of things to consider:
- Business Personal Property – Choose a limit high enough to cover all your salon equipment, and don't forget all you office equipment, too like computers, printers, phones, cash registers, and card terminals.
- Important Business Documentation – You probably don't do a lot of business on account, but your customer lists are your keys to repeat business. Pick an adequate limit for the included Accounts Receivable coverage, and pay particular attention to the limit you choose for the Valuable Papers & Records coverage, also typically included in a standard business insurance policy. These coverages provide protection for accounts receivable, electronic data, and valuable papers to help repair, replace, or restore your electronic and printed business records.
- General Liability Coverage – Keep in mind that the included General Liability coverage, also called Liability and Medical expenses as part of packaged policies, does not cover you for claims made as a result of the service you provide (i.e 'your chemical peel left me scarred for life!'). The General Liability coverage only protects you from claims arising out of the general operation of a business (think slip & fall, advertising injury, slander). To enhance your protection, you can add optional professional liability coverage (see below).
- Barber Shops & Hair Salons Professional Liability Coverage – This coverage, designed specifically for barbers and salons, adds coverage for claims of injury or damage caused as a result of the service you provide. When purchasing this coverage, keep in mind that you only need to include the number of people in your business providing the actual service and not support personnel like receptionists or back-office support workers.