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When deciding where to get your hair done, it’s important to consider the options. If you’re in the market for a new salon, check out these five best companies that offer health insurance and other benefits.
The “small salon business insurance” is a type of insurance that protects businesses from financial losses. It covers the cost of property damage, theft, and liability.
Because beauty salons may provide a broad variety of services, finding the correct insurance can be tricky. Salon owners should seek insurance companies that can provide coverage for their activities at a reasonable cost. We looked at hundreds of beauty shop insurance providers to see what they have to offer and selected the top five.
The Hartford is the best overall insurance company for beauty salons.
Because of its solid financial grade and flexibility to adapt coverage to your specific activities, The Hartford takes the top rank among salon insurance providers. The Hartford’s business owner’s policy (BOP) has five optional endorsements salon owners can use to increase their protection, including coverage for professional errors, Breach of personal informationes, and loss income due to off-premises utility services, in addition to bundling property and general liability coverage.
Travel to Hartford, Connecticut.
Coverage
General liability, commercial property, and business interruption insurance are all included in traditional BOPs. The Hartford takes it a step further by automatically offering $1 million in professional liability coverage. This may be adequate protection for many salon owners, but those that want extra coverage may go to The Hartford for:
- Compensation for employees
- Breach of personal information
- Autos that are rented and those that are not owned
Costs
There are four tiers of online quotations for The Hartford: good, better, best, and build your own. The Good level is a basic BOP plus professional liability for hair salons and barber businesses, with later levels adding to this package. The following yearly premium ranges were observed based on revenue, geography, and other company characteristics:
- Good: $800 to $1,000 for $1 million each incident, $2 million total, and $1 million professional liability insurance.
- Better: $950 to $1,100 for everything in the Good level plus Autos that are rented and those that are not owned coverage
- Best: $1,200 to $1,400 for everything in the Better level plus Breach of personal information coverage, employment practices liability insurance, and a waiver of subrogation
Beauty & Bodywork Insurance: Best for Cheap Liability Insurance
Beauty & Bodywork Insurance is a low-cost option for a wide range of beauty professionals. For just $96 per year, hairstylists, estheticians, cosmetologists, and nail technicians can get up to $3 million in general and professional liability coverage and $2,000 in property coverage. Students working on their clinical hours can get a policy for just $67 per year.
Visit Beauty & Bodywork
Coverage
Beauty & Bodywork Insurance specializes in salon insurance, offering a professional and general liability package that includes property insurance with inland marine coverage. The aggregate coverage limit is set at a combined $3 million for professional and general liability coverage and $2,000 for business property and inland marine. There isn’t much flexibility in Beauty & Bodywork’s coverage, but it does offer a couple of endorsements for:
- Treatments using microcurrents
- Cupping
- Personal trainers
The coverage limits and endorsements seem to be enough for most spas and salons, but company owners should carefully study the insurance to ensure that it covers their risks.
Costs
With annual premiums of $96 for professional stylists and $67 for students, Beauty & Bodywork Insurance has the lowest priced salon insurance we saw in our research. It’s can offer rock-bottom prices because it’s a risk purchasing group (RPG)—essentially, a group of businesses with similar risks that purchase insurance together.
As an RPG, Beauty & Bodywork Insurance gets to be a bit more transparent with its premiums. The other costs to consider include adding:
- $33 per year for a fitness trainer endorsement
- Microcurrent approval costs $35 per year.
- $35 each year for a cupping endorsement
- $15 per year for one extra insured, $30 per year for an infinite number of additional insureds
Best for Comparing Policies is CyberPolicy.
Beauticians that wish to market their company to top-rated providers like Chubb, biBERK, and Nationwide will benefit from CyberPolicy. When a company owner submits an application to CyberPolicy, they often get various quotations. Salon owners may explore their choices on their own or get assistance from a CyberPolicy professional through email or phone after they receive their quotations. Representatives at CyberPolicy are rewarded based on service rather than sales, so they’re motivated to provide unbiased and useful advice.
Go to CyberPolicy.
Coverage
CyberPolicy can give quotations for practically any salon insurance coverage, despite its name. This covers the basics, such as general liability, professional liability, and property insurance, as well as the following:
Costs
CyberPolicy is one of the only internet brokers that advertises minimal premiums, with BOPs, general liability, and professional liability beginning at $240 per year. Quotes in the following ranges, however, were seen:
- General liability insurance costs between $250 and $1,300 per year.
- Professional liability insurance costs between $600 and $1,500 per year.
- Annual BOP: $360 to $850
Few company owners pay the bare minimum, and these charges don’t seem to be out of line with salon insurance costs we’ve seen elsewhere. In addition, CyberPolicy does not charge a commission to brokers.
Best for BOP: Allstate
Allstate provides salon owners with general liability and commercial property insurance in the form of a business owner’s policy (BOP), which includes coverage for employee theft and dishonesty. Because most carriers provide crime insurance as an add-on, Allstate is an excellent choice for salon owners worried about staff theft.
Allstate may be found on the internet.
Coverages
Salon insurance quotes from Allstate normally come in three levels:
- Basic coverage includes $1 million per occurrence, $2 million aggregate for general liability, and $1 million aggregate for professional liability, as well as property coverage limits depending on the value of your business-owned property.
- Standard: Includes business interruption insurance, $25,000 in employee dishonesty coverage, and $10,000 in money and securities on your premises.
- Enhanced: Same coverage and limits and the other two levels plus Breach of personal information coverage and employment practices liability insurance
Costs
Unfortunately, Allstate does not publish minimum rates on its website, although quotations for its BOP have ranged from $900 to $2,000. It’s more expensive than a couple other beauty shop insurance providers we looked at, but that might be due to the property insurance coverage. For commercial property, Allstate’s app only provides three coverage limitations choices. To lower your limit, you must contact an agent.
Hiscox is the best choice for home-based salons.
Hiscox can provide inexpensive BOPs to hairstylists that operate their companies from their homes. The organization is also one of the few significant insurance carriers that provides an easy-to-use online application for salon insurance that provides estimates in seconds. The carrier’s BOP begins at $41.67 each month and has coverage limits of up to $4 million. In addition, Hiscox provides discounts of up to 5% for home-based enterprises.
Hiscox is a place worth visiting.
Coverage
Hiscox has larger coverage limits for general liability, professional liability, and BOP than some of the other carriers on our list, including up to $5 million for liability policies. Furthermore, since spas and salons are a leading business for this insurer, it is able to create policies for some of the more difficult-to-insure modalities, such as:
- Acupressure
- Services provided by an esthetician
- Services of a nail technician
On the other hand, Hiscox is unable to create these core policies in all states. Except for Alaska, the two most essential policies, general and professional liability, are accessible everywhere, while Hiscox can only provide BOPs in 19 states and the District of Columbia.
Costs
Hiscox is one of the few companies that publishes minimum premiums on its website, with general liability beginning at $350 and professional liability at $270 per year. The BOP’s minimum yearly premium is $500.
Few firms obtain a quotation for a carrier’s minimum premium, and Hiscox liability plans are no exception. General liability prices ranged from $800 to $1,900 per year, while professional liability quotes ranged from $1,200 to $2,000. Quotes for BOPs, on the other hand, were much more likely to be for the $500 yearly minimum premium.
How Did We Pick the Best Beauty Salon Insurance Providers?
Our selection criteria for the finest salon insurance begin with the two most common concerns that salon owners have: how can I safeguard my company and how much will it cost? We looked examined each carrier’s financial strength in addition to coverage choices and rates since it’s an indicator that they’ll be able to pay claims whenever the time comes. Finally, we looked at any features that may make purchasing and maintaining insurance more convenient, such as online applications, claims reporting, and chat options.
Conclusion
Insurance for your beauty salon is necessary to secure your company, but the cost may be prohibitive—especially if you provide treatments that insurance companies consider too hazardous to cover. The best approach to guarantee you’re obtaining the correct coverage at a reasonable price is to compare offers, either by applying to various carriers or dealing with a broker.
The “salon booth rental insurance” is a type of insurance that can be purchased for businesses. It protects against losses due to fire, theft, and other disasters.
Related Tags
- beauty industry insurance
- insurance for bodywork
- cosmetology insurance texas
- barber shop insurance
- allstate esthetician insurance
