Whether you own an established nail salon or you are about to open a new business, buying nail salon insurance is a fundamental requirement that can protect your company from severe financial stress. From salon liability coverage to employee insurance requirements, there’s a lot to consider when you set out to find the best insurance for your nail salon.
If you lease your business premises, then your landlord might require you to have certain insurance in place as part of your lease agreement. Aside from this, there are additional coverage options that are tailored to the individual business needs of a nail salon, and which give you extra insurance for salon-specific operations.
Business Owner Policy for Nail Salon Owners
The first type of insurance you might want to buy for your salon is a Business Owner Policy (BOP). This combines general liability coverage with business property insurance, and in some cases, business interruption insurance is also included. The benefit of buying a BOP for your nail salon is that it usually costs less than buying each policy in isolation, and you have a single insurance provider to deal with, making it easier to manage your insurance.
Professional Liability Coverage
This is different from general liability coverage because it covers your professional services, whereas general liability covers a third-party claim for injury or property damage. If your advice or your services cause harm to a person or their property, then this will pay any resulting costs.
Product Liability Insurance
As a nail salon, you will use products on a daily basis, and you might even sell some additional products as well. Because of this, you need to buy product liability coverage for protection in case a product you use, sell, make or distribute was to cause harm to a person. This is sometimes included within a nail salon BOP, but it can be bought as a standalone insurance product as well.
Workers Compensation Coverage
If you hire staff in your salon, then you will need to buy workers' compensation coverage. Every state has its own regulations regarding this, so it’s worth checking with your local business insurance agent exactly what your obligations are. It gives your nail salon coverage that will help you pay for medical treatment for physical injuries or work-related illnesses.
Employment Practices Liability Coverage
Also known as EPLI, if you hire any staff in your salon, then this type of coverage for your nail salon can safeguard your business against claims made by your employees.
The cost to buy nail salon insurance is worked out using a number of factors. The length of time you have been in business, the location of the salon, the number of staff you employ, and the levels of coverage you buy will all contribute to determining the cost of insurance for your nail salon.
To get a price to insure your nail salon, you should speak directly with an expert commercial insurance provider in your state. They can offer suggestions for the best type of coverage, and they have access to some of the best insurance companies for nail salons as well.
Do freelance or mobile nail technicians need to buy insurance?
Absolutely. Buying insurance for a mobile nail technician business is essential. Although you might not need to buy the same types of insurance as a salon, you still have your equipment, your inventory, your vehicle, and your liabilities to insure. If you fail to buy the right insurance for a mobile nail technician business, then any lawsuit could have a significant impact on your personal finances and assets.