Insuring Your Beauty Salon’s Future

Insuring Your Beauty Salon’s Future

There are millions of people who earn their livelihood through a small business. However to ensure that the business keeps going for long without too

There are millions of people who earn their livelihood through a small business. However to ensure that the business keeps going for long without too many losses, it is important to invest in a good insurance plan. A salon or a spa center might need a proper and well planned insurance coverage than you would require for any other business line, as this needs direct interaction with the customers.

Small business enterprises like beauty salons need a specialized insurance plan as these one-shop businesses are prone to break-in, lawsuits by customers or say disasters due to natural calamities for that matter. In order to protect your small business or provide some coverage to the employees working in your firm, a comprehensive insurance package is highly necessary. Few of the essential insurance plans for restoring your beauty salon’s future are:

  1. Third Party Liability Insurance
  2. Property Insurance
  3. Fire Insurance
  4. Theft and Burglary Insurance
  5. Workman Compensation Insurance
  1. Third Party Liability Insurance

A third party liability insurance is nothing but a coverage that is required to provide financial protection to the business in case a customer suffers some sort of bodily injury and sues you. These injuries may or may not be caused by you, however if it is caused within the premises of your salon, you are liable to pay for the expenses incurred at the medical center, if required. It is recommended to go for high sum insured so that you don’t suffer any losses.

  1. Property Insurance

Property insurance refers to protecting the building that is used to run the business, whether you own it or lease it. Other than this, the properties that are inside the building and are used for running the business are also covered. For example, the computers, tables, equipments used for salon services etc are covered under property and casualty insurance. However the basic property insurance may not cover storefront glasses, so look for the exclusion clauses and keep a plate glass insurance handy by paying little extra premium.

  1. Fire Insurance

Fire insurance is another basic type of insurance coverage that you can provide to your beauty salon. It covers damage to the personal property in case there is an outbreak of fire. Damage to other nearby structures caused due to electricity, natural disaster and overflow/bursting of pipes are also covered under this policy. However if the fire is caused due to war or riot, the damages caused may not be covered.

  1. Theft and Burglary Insurance

A theft and burglary insurance is a must have as you have the constant fear of forceful entry into your salon premises when it is closed. A theft and burglary insurance covers for violent entry into the premises and damage caused due to it. Up to the limit of sum insured, the indemnity is provided up to the intrinsic value of the properties to which damage is caused.

  1. Workman Compensation Insurance

You would require employees to run your salon smoothly and to protect against the financial loss that is caused due to on-job injuries, this kind of insurance policy is required. This policy is required to pay for the medical bills and other rehabilitation expenses that are incurred by the workers working in the beauty salon.

In order to protect the salon’s future, it is important to keep different insurance policies handy. This way you can remain assured that your business runs smoothly over the long run.

For guidance call us on 415-227-9833 or write to us at sandy@sandyblee.com.

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