Top 3 Things To Consider When Buying An Insurance Plan For Your Salon

Do you have the insurance of your salon? If not, then it is time to get the insurance so you will secure your liability.

Beauty salons are professional work that one can achieve after spending their whole life. If you don’t have the professional insurance liability of your beauty salon, you are taking a risk that would be expensive for you in the future. Moreover, it’s a business responsibility to have insurance and be a part of the service industry.

If you decide to purchase beauty salon insurance, it can be a challenging process for you. But don’t worry, we are here to hold you back. First, keep in mind that it is not an investment that you can make based on its cost. Every insurance policy is different and costs various amounts and provides benefits.

So here we will share the top three things you need to look at before purchasing beauty salon insurance.

Cover general, professional, and product liabilities

When you choose the insurance for your salon, then ensure that it covers every professional, general, and product liability to save you from stress in the future. For example, if anything goes wrong during the services, you will provide a professional hair salon license. Moreover, several things can go wrong in beauty salons. So it can be daunting at times.

General beauty salon liability can cover falls, slips, or minor accidents in the salon. In addition, the product liabilities will cover the incident if you use the product and the client is allergic to it and faces adverse reactions.

Shared and individual aggregate insurance policy

You may look for the cheapest liability insurance policy for your salon that costs less and provides the shared aggregate. So it is a significant loss for you. The shared aggregate in a policy means that if you have the $2 million net safety per year, another professional also has the same protection net. The other professional has an injury or mishap and uses their liability. Now, what do you have for the remaining year? You will have zero net safety for the remaining year, and it’s a total loss.

So it’s better to go for the individual aggregate policies. It will bring more peace of mind, and you have the whole year’s safety net that you can use individually.

Kinds of insurance

There are two types of beauty salon insurance policies. One is claim-made insurance, and the other is the occurrence from insurance. The claim-based policy means that you will only get the insurance company protection if you have the current policy signed on the date of claim. We all know that it’s a rare case that a policy claim is filed on the incident date.

However, the other is an occurrence-based insurance policy that you will have protection when your former client fills the claim against you. The insurance company will check the claim and protect your back. If you have the insurance liability on the date of the incident, then you will get the safety.

We hope this guide will help you choose the right policy for your beauty salon insurance, and you will be able to protect your back shortly after incidents.