If you are opening a new hair salon, it is not as simple as purchasing the equipment you need and opening the door for your customers. Insurance is one of the most important things. Insurance will not only protect your physical items but also protect you. Below is some information about some different types of insurances to help you get started.
Professional Liability Insurance
Professional liability insurance will protect your business. For example, if you give someone a haircut and you accidentally cut them, professional liability insurance would cover you if the customer sues. If you make a mistake when cutting someone's hair, they may sue you and this insurance would protect you from this also. When purchasing a professional liability insurance policy, it will be customized to meet the needs of your business.
No matter if you own or lease your hair salon, you should have property insurance. This will provide coverage if your building catches on fire, if there was a flood, etc. It would also cover you if someone breaks into your hair salon and steels one or more of your pieces of equipment. The insurance would pay to replace all items in your hair salon, such as your chairs and other furniture, as well as shampoos, conditioners, and any other beauty products you may use.
Some insurance companies will not automatically cover things like fires and floods, so you may have to add this as a separate policy.
Business Interruption Insurance
If something were to occur, such as a fire or a flood, that would shut your business down, this may be detrimental to you if you do not have any kind of savings. This could even cause you to completely close your business down. For this reason, you should have business interruption insurance. This will replace lost income to you and to your staff until you can get your business up and running again.
When you visit a bank to get the loan for your business, they may ask if you have a life insurance policy as this may be a requirement. The amount of the life insurance policy must be high enough to cover the loan if you were not able to pay it due to your death, become disabled, or other reason.
Contact your insurance agent to learn much more about these insurance policies. The insurance company may also go over other policies that your business may need.
After I moved out of my parent's home, I started learning more and more about insurance policies. I was involved in a bad car accident, and I ended up working with my car insurance company as well as my medical and dental insurance companies. I paid my premiums and enjoyed coverage, but I didn't really understand how the entire insurance claim process worked. I wanted to make this blog to help other people like me to learn more about insurance coverage. Check out this blog for more details on insurance coverage, how to file a claim, and what you should expect throughout the shopping process.