There are always opportunities to build a business in the beauty industry since beautification is often a priority of both men and women. If you’re a business owner in the beauty industry, it’s important to protect yourself and your assets. While you probably don’t think any issues will arise, sometimes things happen that you would never expect. This is exactly why beauty insurance for professional hair salons, barber shops, nail shops and other businesses exist. Let’s examine important considerations when selecting insurance for your beauty business.

Beauty Liability Insurance

There may be instances when someone feels as though they’ve been harmed by your actions. This can be an injury to the person or damage to their property. If this happens, beauty liability insurance offers protection by covering the cost of legal expenses and any compensation that might be awarded. Liability insurance often covers the legal defense, which can be quite costly. There are different types of liability insurance, including employer’s, public and products liability.

If you have employees, you are legally required to have employer’s liability insurance. This provides coverage in the event that an employee makes a claim against you. This includes anyone that you employ, whether on a regular or temporary basis. The purpose of product liability insurance is to provide protection during claims involving products that you provided. Public liability insurance is necessary to provide coverage for any claims from the public.

When choosing public liability insurance, it’s important to understand what’s covered in the standard policy because there are often exclusions that could pose a problem under certain situations. In the event that there are exclusions, it’s possible to obtain extensions that provide added protection for a beauty business. For instance, there might be a need to get an extension that covers claims that arise out of beauty-related services provided. Some extensions are beneficial because they address financial losses. For instance, an extension could be useful in the beauty industry when someone was harmed and experienced a loss in wages because of services provided.

Legal Expense Insurance

Another type of insurance that could be useful is legal expense insurance. This is for the purpose of ensuring you’re sufficiently covered in the event that a legal claim arises. This is a type of insurance that’s often obtained in addition to liability insurance because it can provide more comprehensive coverage. Legal expense insurance can cover issues like criminal charges, contractual disputes and tax investigations, among other issues.

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Property Insurance

The purpose of property insurance is to make sure the physical building is covered, which includes your inventory, equipment and other assets of value. This type of insurance offers coverage for theft and accidents. There are often legal requirements to have property insurance at specific limits.

Personal Accident Insurance

The purpose of personal accident insurance is to replace income that’s lost when you’re unable to work because of an injury. This can include being unable to work on a short-term basis or permanently. Many people that have benefited from personal accident insurance never thought it would be something they would ever need.

It’s imperative to have liability insurance as a beauty business owner because sometimes issues arise that are genuinely out of your control. Liability insurance in this industry should be at the top of your list. In fact, it should be considered a business expense that’s non-negotiable. Whether or not you are at fault, having insurance will provide the peace of mind you need when an accusation or claim is levied against you. It’s always better to be safe than sorry.

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