The success of your business depends on two things: your people and your studio. With business insurance, you can help protect them both.
Imagine if there were a serious accident, fire or theft at the studio. As a business owner, you know that accidents and injuries can result in lawsuits that are expensive, stressful and time consuming. Meanwhile, fire, theft and other disasters affecting your space could impact your ability to operate your business.
Business insurance isn’t something only the big salons splurge on. On the contrary, beauty businesses just like yours need insurance to protect yourself from the everyday risks of doing business. Otherwise, you could have trouble bouncing back if something happens.
About Business Insurance for Beauty Studios
One of the most important decisions you will make is the insurance coverage you choose for your business. Business insurance helps protect your company’s assets from common losses that may occur during normal operations.
There are different types of business insurance to choose from, depending on the risks you face, but the most important coverages for a beauty studio to have are General Liability, Professional Liability and Property Insurance.
General Liability, Professional Liability and Property Insurance coverage are essential for all businesses with a physical address that face the possibility of being sued and have assets at risk of damage or theft.
General Liability Insurance
General liability coverage protects your business from lawsuits or damages from third-party personal injury or property damage claims.
It’s designed to cover your business’s legal responsibility for damages it may cause to others, because of things you or your employees do or fail to do as part of business operations.
General Liability includes coverage for medical bills for a client’s accident or injury as well as damage that happens to a customer’s property.
Coverage also extends to cover certain legal fees, court costs and judgements or settlements resulting from damages your business is claimed to have caused others.
Professional Liability Insurance protects you for the advice or services you provide.
Should a client file a claim against you alleging harm, negligent acts or error from the services you provided, this coverage would protect you from the cost of certain legal fees, and judgments or settlements.
Property Insurance protects your studio building and its contents against damage and theft.
It’s designed to cover you whether you lease, rent or own your building. It also applies to additions, in-progress additions and outdoor fixtures.
Property Insurance also takes care of the contents of your buildings, including your equipment, furnishings, computers, inventory and supplies.
Standard coverage will cover common named perils, such as fire, wind, hail, vandalism and theft. Special coverage is available for a broader open-peril or all-risk coverage.
Examples of Business Insurance Coverage
Business insurance is a smart choice, offering protection from many of the real-life risks you face in the beauty industry. Consider these examples:
- A client enters your studio and trips over the floor mat in the entryway. In the fall, she fractures her hip, resulting in costly medical bills and a claim for personal injury damages. Your General Liability coverage protects you and covers the costs.
- A rash of burglaries hits the area and your business is broken into overnight. The thieves steal computers, equipment and supplies from your inventory. Your Property Insurance coverage helps you replace the stolen property.
- A client alleges they sustained injuries because of the services received at your studio and files lawsuit against your business. Your Professional Liability Insurance would respond and defend on your behalf, if you are found to be liable for the client’s injuries.
- An old toaster oven in the breakroom catches fire. The cabinetry is burned and there’s smoke damage throughout the studio. Your Property Insurance covers the damage to the building and its contents.
Business Insurance Protection for Your Studio
There are many challenges to running a beauty business. You have a lot of money invested in your studio space, equipment, inventory and supplies. Plus, there’s the risk of accidents and injuries, property damage or liability lawsuits affecting your ability to run your business and cater to your clients.
Business insurance helps protect your investment and safeguard your studio from the risks you face. Lockton Affinity’s Wellbiz Insurance program has coverage available tailored to the needs of businesses like yours. Call (866) 597-1346 or visit us online to see what coverage will look like for your studio.