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With beauty insurance, you can protect your business against financial losses from theft or damages that occur during a beauty or cosmetic procedure. We’ve evaluated the best business insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Simply Business provides insurance policies for a range of professions and small businesses.
For more than 200 years, the Hartford Insurance helped over 1 million businesses just like yours.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
There are a variety of services found within the beauty industry, and there are many factors to consider when insuring your business. For example, a mobile hairdresser would need very different coverage from a hair salon owner. Insurance plans provide coverage for liabilities, equipment, and inventory. It also covers beauty professionals in the event of damages or theft that occur during a beauty professional’s workday.
Any professional or business providing beauty services. This includes:
In addition, most establishments and professionals may be required to purchase beauty insurance by state or local laws.
The insurance policy you purchase should be based on the needs of your business. It is important to know what services, products, or equipment you plan to use during a client’s beauty procedure. Having this information will allow you to select an insurance option that covers damages caused by these items in the event of an accident or theft.
General liability insurance protects you against the day-to-day risks that could happen while running your business. It covers injuries, property damage, medical fees, and legal expenses. Having this kind of insurance is a good idea for all beauty professionals and businesses.
This policy protects your business location and the property inside the building from risks that are beyond your control, such as a fire or theft. It also provides business interruption coverage, which provides reimbursement for income lost following an insured event. If you need this kind of insurance, carefully review your policy to make sure its coverage meets your potential needs. Speak to your insurance agency if you have any questions or want to add specific coverage to your policy.
This insurance policy, referred to as errors and omissions, protects you against claims for damages caused during a beauty procedure. For example, an injury due to the use of faulty instruments, equipment burns from waxing clients, cuts from razors used for hair removal services, or hair loss.
Product liability coverage protects against claims that a product used during a treatment, or sold to a client caused injury or property damage. Usually, the damages covered by product liability are from design, manufacturing, or marketing defect, such as an incorrect label or a lack of safety warnings.
This insurance provides protection to beauty professionals for lost wages, medical expenses, and rehabilitation costs in the event of a workplace injury. State or local laws require some beauty professions to purchase this type of beauty insurance coverage. This includes beauty schools, spas, and salons that have employees on staff.
Beauty insurance has a variety of limits, ranging from $1,000,000 to $2,000,000 for each occurrence or in aggregate. Most insurance covers over a million dollars, which is a good start. However, beauty professionals may need more coverage depending on what their business entails and where they are located geographically.
Business insurance can be affordable, with some plans costing as little as $39 per month or $96 per year in certain states. Also, keep in mind that the more the insurance covers, the more costly it will be on average, but it can range from $400 to $2,000 per year for general liability coverage.
There are aspects specific to you that will also determine your monthly or yearly premium cost. Insurance companies will charge more for a beauty professional or business that they deem to be higher risk. The following factors are some of the determining factors or your premium cost:
There are many business insurance providers out there. Here is what to consider when before purchasing a policy:
