As a beautician, your number one goal is to make your clients feel, well, beautiful. People come to you to feel relaxed, pampered, and well cared for. Maybe they’re looking for stress relief, or maybe they need a boost in their self-esteem. Either way, it’s your job to make them feel taken care of.
But while you’re at it, don’t forget to take care of yourself! And your business. Beauticians need protection with small business insurance. So, where to start? Liability, property, and workers’ comp can be hugely beneficial to those in your industry.
Types of beauty insurance
There are a lot of types of coverages to consider when you’re self-employed working as a beauty technician. Whether you need beauty therapist insurance, hair and beauty insurance or beauty technician insurance we’ve got you covered.
Some of the beauty professionals we serve:
Professional liability insurance for beauticians
Professional liability — also known as e&o or malpractice insurance — is a great fit for those in the beauty industry. Why? Because people rely on you for your services. This policy protects you against claims regarding negligence, as well as failure to deliver promised goods or services.
As an expert in your field, people depend on you to get the best service. Should something go wrong, you may be held liable – even if it’s not technically your fault. Here’s an example: You perform a chemical peel on a client. The chemicals cause an allergic reaction. Terrible timing… because this happened right before your client’s wedding! In this case, your client could sue you for emotional distress, claiming negligence.
Beauty salons might expect to pay an average of $37/month for professional liability, which amounts to $444/year.
Professional liability covers:
- Negligence claims
- Claims against personal injury
- Professional errors
- Failure to deliver promised services
Professional liability insurance for beauticians average around $37/month, or $444/year.
Beauty liability insurance
General liability insurance is a basic insurance policy most businesses have. In a nutshell, it covers third-party bodily injury, property damage, libel, slander, copyright infringement, and more.
Additional coverages include legal defenses and settlements, in the event you face a lawsuit regarding the work you performed. That’s a nice perk, and it definitely beats paying for a lawyer out-of-pocket.
- Third-party bodily injury
- Personal injury
- Property damage
Many things can go wrong in the beauty industry… a client could slip over a cord and break their ankle. You could be curling someone’s hair and burn their face. Really, anything can happen… and that’s why there’s general liability. It covers basic mishaps that could occur while operating a business.
Beautician liability insurance tends to cost around $25/month, which is a mere $300/year. Not bad!
Workers’ comp for beauticians
Workers’ comp insurance is something that most states legally require, especially if you have employees. It’s pretty cut and dried, this policy protects you and your employees against workplace illnesses and injuries. If something happens on the job, workers’ comp will cover medical expenses.
- Workplace injuries and illnesses
- Lost wages
Let’s say you’re a hair stylist and slice your finger while doing hair. Need stitches? Let workers’ comp pay the bill. A nice perk with this coverage is also that if you or an employee require time off work to recover, your lost wages may be supplemented.
Beauticians may pay as little as $63/month for workers’ comp insurance. Because this policy is based on payroll, the greater your number of employees, the higher your rate may be.
Learn about workers’ comp costs.
Commercial property insurance covers property. There’s not much you can do in a beauty salon without tools and equipment. It’s kind of important to have the inventory, machines, gear when it comes to performing treatments.
Property insurance covers
- Damage to your property due to a natural disaster or theft
- Replacement or repair costs
What happens if there’s an incident, and you aren’t protected? Unfortunately, you’d have to pay for damages out-of-pocket. Which is no fun! The great thing about business property insurance is that it covers replacement and repair costs in the event something happens. This could be a natural disaster, fire, or burst pipe, among other events.
Beauty salons pay an average of $30/month for business property insurance, which is $360/year.
Looking for a sweet deal? A business owner’s policy saves you money. It packages commercial property insurance with general liability insurance. It’s more bang for your buck, because you get more coverage and at a lesser price than purchasing each policy separately.
BOPs have benefits of business property insurance and general liability insurance. There are several add-ons (known as endorsements) available.
BOP insurance covers:
- Claims against you related to third-party bodily injury
- Claims against you related to advertising injuries, like libel or slander
- Damaged equipment or inventory
- Claims against you related to property damage
A beauty salon might expect to pay around $50/month for a BOP, which is around $600/year.
Learn about business owner’s policy costs.
Cyber insurance is important for small businesses these days.
Cyber insurance can cover:
- Customer notification
- Identity theft
- Reputation management
- Credit monitoring
- And more
A cyber insurance policy can cost as little as $41 a month.
Umbrella insurance give you higher liability limits and more protection against claims.
Beauty insurance cost
Because the beauty industry is so varied, it can be difficult to pinpoint exactly how much insurance will cost, without knowing specifics regarding your business.
Wondering how much insurance might cost? It all depends on things like your location, the size of your business, the amount of coverage you need, and more. Some businesses face a lot more risk than others. Usually, the bigger your business is the more risks you will face. That’s why your insurance will cost more as you grow.
Looking for inexpensive beauty insurance? We can access top insurance companies to find you the best price–at no extra cost.
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