When was the last time your day went exactly as planned? The most likely answer is “never.” That’s because business ownership is inherently unpredictable — a characteristic both refreshing and at times, frustrating. Despite the regularity of routines, schedules, and systems, no two days ever really look the same. As the proud owner of a salon, spa, or barbershop, this is something you already know.
What you may not know is what can happen to your business on the worst of days, when accidents or criminal actors strike. Bad luck can happen to anyone — and when you’ve put your heart, soul, and countless hours into building your business, the last thing you want is to risk it all on a circumstance that’s out of your control. There’s only one thing that can help you truly prepare for the unforeseeable: business insurance.
Discover the importance of insuring your salon, spa, or barbershop, the different policy types available, and how to get coverage.
Why do salons, spas, and barbershops need business insurance?
As with any industry, there are always risks involved with owning and operating a business. Thanks to your entrepreneurial spirit, you’ve fearlessly learned how to navigate them. However, there are some chances that just aren’t worth taking. When burglary, weather-related damage, workplace fires, and customer injuries are among the most common insurance claims filed by small businesses, it’s safe to say that anything can happen. And while insurance comes with a cost, consider the cost of not being insured.
If your business ends up facing a lawsuit, natural disaster, or property damage crime, the financial impacts could be devastating. Any one of those scenarios could end up costing you thousands. By protecting your salon, spa, or barbershop financially with business insurance, you’re also protecting your brand, your employees, your reputation, and your growth aspirations.
What are the different types of business insurance for salons?
According to a recent report from Forbes, more than half of small business owners say their biggest barrier to insuring their business is simply the fact that they don’t know what type of insurance their business might need. So, let’s start with shedding some light on the options available. Below is a summary of common policy types offered by commercial insurance providers.
| General Liability | Protects from financial loss associated with bodily injury, personal injury, or property damage claims | Example: A client gets injured after falling in your salon and sues your business for medical expenses. |
| Property | Protects your business property from natural disasters, accidents, or vandalism | Example: Your salon suffers damages from a fire and you’re forced to close your business while repairs are made. |
| Business Owner’s Policy (BOP) | A bundled policy that offers a combination of business property and liability coverage | Example: Your salon is the target of a burglary that disrupts your business operations. |
| Professional Liability | Covers claims of negligence or personal injury as a result of professional services rendered | Example: A client is accidentally cut by a pair of shears and files a lawsuit. |
| Umbrella | Offers additional coverage if you’ve exceeded the limits of your other policies | Example: This may help cover attorney fees if your spa, salon, or barbershop faces a lawsuit. |
| Workers’ Compensation | Covers some costs resulting from work-related injuries or illnesses, which may include medical expenses and lost wages | Example: An employee is injured while working at your salon and takes several weeks to recover. |
How can I insure my salon, spa, or barbershop?
Finding a business insurance provider with coverage plans that fit your needs and budget may take some research and cost comparison. It can be hard to know where to begin looking, which is where referrals become particularly useful.
If you have a salon, spa, or barbershop software that you use to run your business, they may have existing partnerships with insurers that you can leverage. Using a trusted insurance provider that’s synced up to the platform you’re already using is a simple way to streamline the application and management of your policy. You may even unlock discounts offered to existing platform subscribers.
If you already have a policy with a business insurance provider, it’s never too late to evaluate your current coverage and explore other options. It’s important that you feel protected by your plan, supported by the provider, and comfortable with the rate.
With a perpetually full plate of responsibilities, business insurance may be one of those things that gets pushed to the bottom of your to-do list. However, it’s not something to put off for too long.