Nail Salon Insurance
Like every business, nail salon also has their unique risk exposure, especially when they are dealing with strong chemicals. Nail salon and nail technicians' insurance gives you peace of mind and protect you from potential disasters. Avantika's Insurance Agency will help you match coverages to the specific risk you may face at your salon, so you can save money get protection from unexpected financial losses.
The most common types of insurance nail salon and technicians need are:
- Business Owners Policy (BOP): This policy covers a broad spectrum of exposers through different types of insurance policies:
- General Liability Insurance: General liability insurance protects businesses from bodily injury of a person on your premises, damage caused by you or your employees, fees for some legal suits brought against you & medical payments. This is one of the most essential coverages for your business. For example- A technician is cleaning the sink beside a customer getting their nails done. She accidentally spills a bottle of chemical all over the customer's expensive purse and ruin it. This coverage will trigger at times like these to cover the payments that are owned to the customer to replace the purse.
- Commercial Property Insurance: Every nail salon business has physical items used to complete their job and a shop to keep them in. Commercial property insurance is designed to fund the replacement or repair of the building, tools, furniture, inventory, computers, and any other physical object in the event of a covered catastrophe.
- Business Interruption Insurance: Your business may suffer more than just the loss of a building or supplies in case of major disasters like hurricane or fire. It will be very difficult to operate business at a normal level while also recovering from a loss. Business interruption insurance will replace some of your lost revenue for a period of time after a covered loss.
While BOP will cover many of the risks that your business will face, there are some liabilities that it doesn't account for. To cover liability risks you need to have
- Professional Liability Insurance (E&O): Also known as errors and omissions insurance, this type of insurance protects salon owners against claims of inaccurate, negligent, or undelivered work.
- Workers Compensation Insurance: All nail salons have employees, and this insurance policy is designed to provide financial assistance for these employees in the event of a work-related injury. It also replaces wages. If an on-the-job injury renders an employee unable to work, this policy will pay the employee partial wages for a specified period. In a case where an injury is not covered by workers' compensation insurance, it is possible for an employee to sue their employer for the cost of medical fees and lost compensation. Workers' comp insurance is there to help cover the legal fees incurred by your business throughout the course of a lawsuit.
It is important to keep in mind that there are several factors that determines the cost of your policy. These include your location, deductible, and number of employees.
Please setup an appointment or call us at 209-400-9785 to review your policy or insurance need with us. You can also get a free quote by filling up the following form: