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Published on: 03 Apr 2017 by patri
Starting a salon can be a wise business decision and producing lucrative business for beauticians who are considering securing a decent income. Despite the economic gains and losses, personal grooming is an aspect that remains a necessity and is a priority for mostly people out there. There will never be a shortage of a hair to be cut, nails to be painted and skin to be tanned. On the other hand, as large as the profits can swell in these salons, they can quickly be deflated if the salon owner does not have appropriate insurance cover. Below are some vital aspects to check for when buying or updating salon insurance.
Every business requires property insurance. This is very much similar to the house insurance cover that the homeowners in the USA pay for yearly. It covers any damage that the salon may sustain due to natural disasters, fire and other structure altering events. You need to be careful though, not all property insurance covers are the same and it should be extended to cover equipment and mechanical breakdowns, stolen property along with flood damage in some areas.
Another imperative aspect to check for when you are considering buying salon insurance cover is the general liability coverage. Oftentimes the salon owner can find a company to group together the property and general liability insurance to keep payments easier and to offer small discount to the company owner. General liability cover offers property damage and injuries received in the salon. If a client sues a salon because they fell on the wet floor, general liability insurance will cover this incident and keep the owner from forfeiting profits to pay for legal responsibility. Make sure you check for any holes or exclusions in the coverage though.
No salon owner should be opening the doors for business before they protect their employees. Employee claims can put a salon out of business real quick if appropriate measures are not in place. This includes cover for harassment, claims regarding unlawful discharge, and of course the horrifying worker’s compensation. Several salons can find cover for employee claims from the same companies that offer their general liabilities and professional coverage.
Always remember, it is better to be safe than to be sorry and protecting not your salon, but also your clients with appropriate provision can greatly prevent financial disasters in the future. There are several competing insurance companies out there willing to provide you with salon insure quotes online or even over the phone. You can always check the insurance company’s reputation, credentials, and client list before committing, and most imperatively, never skimp on coverage. You can look out for salon insurance cover online and do salon insure quotes comparison to pick the best of all.