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Why do you need Salon Insurance?


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You may be running a salon from home or on commercial property; having salon insurance for your business is imperative. Do you have your insurance in place? Suppose you think there's no harm in skipping implementing an insurance policy because eyelash extensions are a safe beauty treatment and that you don't want to add an extra expense to your business. In that case, you couldn't be more wrong! 

Irrespective of the size of your business, having salon insurance is a must for the safety of your clients, yourself, and your business. Salon Insurance may not be talked about often but is essential when stepping into a business venture. Let's talk about the nitty-gritty of needing salon insurance. 

How can insurance help?

You may be the best lash artist around and are using the best products, but consider a situation when a client's ultra-sensitive skin reacts to the glue or you accidentally poke their eye. What about something out of your control? Your client may trip and injure themselves in your space; they may move their arm during the service and get glue on their new $1500 jacket! A sticky situation, hey?

Or consider your property getting damaged after a fire, flood, or break-in? Long story short, the best way to cushion yourself from these unprecedented blows is to have a trusted insurance policy for your business and services so that you do not find yourself under financial and mental stress. 

What are the types of salon insurance?

As a salon artist, you may feel overwhelmed by the plethora of insurances available. But the rule is pretty straightforward. There are a few insurances required by law, and there are some that you may consider in concurrence to your business needs. 

Insurance required by law:

  • Workers' Compensation Insurance: If you have employees working under you or you are a sole trader, it is essential to have it to cover any financial hardship, accident, or illness. 
  • Third-party personal injury insurance: It is mandatory to have this insurance if you own a motor vehicle, such as if you are a mobile artist.
  • Public Liability Insurance: This insurance covers you from any third-party death or injury that may cause in your property or services you have provided.

Insurance that's good to have:

  • Business Insurance: If you are running a business from home, it would be worth considering having business insurance to cover your general liability insurance and commercial property insurance. While the former protects your stock and tools, the latter will protect your building from any disaster or theft. 
  • Portable equipment insurance: If you are running a mobile lash salon, having portable equipment insurance to protect your mobile property like a laptop and other tools of the trade from any damage or theft will be helpful. 
  • Business Interruption Cover is insurance that will help in covering any loss of income during a period of an insurable event such as illness, pandemic, theft, or natural disaster.
  • Professional Indemnity Insurance: This insurance covers you if an accident occurs because of any professional recommendation or advice you or any employee in your salon rendered to your client. 

What to consider before selecting your insurance?

When deciding which insurance is best for you, you need to ask yourself what your business needs to be protected from. Apart from the mandatory business insurances, you may consider if the insurance policies encompass all areas of your business activities and if your salon is at risk of other external factors. You may also consider the total cost of your business inventory against how much your insurance will cover when you claim it.

How much does insurance cost?

Before delving into the world of salon insurance, it is also essential to work out your finances. The bigger your salon, the higher the cost of your insurance will be. Some of the factors are:

-    Services: The more services you provide, the higher the insurance costs. If you only offer eyelash extensions, the prices may be lower than someone who owns a lash studio with a spa or hair salon. 

-    Size of staff: The more your employees, the higher your Workers' Compensation Insurance will be. It also spikes the cost of general liability and property insurance as the risks of accidents also goes up. 

-   Income: Salons with higher turnover pay higher premiums. 

-   Deductible: When a salon takes more financial responsibility, there is less premium to pay because the cost of deductibles increases. 

-    Place of operation: If your salon is in an area where the crime rate is high, floods easily, or has a history of fires breaking out, the insurance costs increase too. 

Salon insurance costs can vary between $50 to $1000 monthly, considering the factors mentioned. 

For the time and effort you exert every single day to grow your business, investing in salon insurance is the best you can do to protect it. It is better to be safe than sorry. You may not see it now, but your wise investment will see you through in a time of need and provide peace of mind in your day-to-day business operations.


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