Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Quick thinking insurance for small businesses.
Business location
Do you rent a salon chair? Is your business based in a rural location or is it located in a busy strip mall? Where you work will affect how much you pay for insurance. Busy locations with higher amounts of foot traffic usually mean more risk, which translates into higher costs.
Policy length
The longer your policy length, the more you’ll pay for coverage in total. For example, if you only work one day a week, it makes sense to pay $16.94 (Thimble’s average cost for daily coverage). On the other hand, if you work two or more days a week, paying our average weekly cost of $29.52 makes a lot more sense.
Crew size
It costs more to insure a large team than a small one because more scissor-wielding hands mean a higher risk of accidents. Furthermore, if you need to purchase workers’ compensation for your employees, you will pay more.
Amount of coverage needed
The amount of coverage you need will impact your monthly premium. Higher coverage limits translate into higher Beauty Business Insurance costs — and more protection in case something goes wrong.
Additional coverages
If you own studio or salon space and/or have equipment you want to protect you may want to opt for commercial property insurance. It’s available through Thimble when you purchase a BOP. It protects both the structure you own and any of the business equipment you keep inside or within 100 feet of it. Business Equipment Protection is another option available through Thimble to cover your beauty tools of the trade when you’re on the go.
General Liability Insurance
General liability insurance or “CGL” provides coverage against third-party claims for property damage, bodily injury, and personal and advertising injury. That means the everyday accidents that can happen on the job: slip and falls, flying tools, or spilling coffee on a customer’s laptop—you get the idea. CGL is one of the most basic types of insurance for small businesses.
Professional Liability Insurance
Professional liability insurance, also called errors & omissions (E&O) insurance, covers claims of financial loss as a result of providing—or failing to provide—professional services properly.
Business Equipment Protection
Business Equipment Protection is a type of first-party insurance that covers business equipment that you own, rent or borrow and is used in connection with your business. (Other insurance companies for small businesses call it inland marine insurance, but we like to keep things clear and simple.)
Commercial Property Insurance
Commercial property insurance covers costs as a result of direct physical loss or damage to a building or its contents in situations like a fire or windstorm. Even your accounts receivable can be protected by commercial property coverage.
Beauty Business Insurance FAQs
Does Beauty Business Insurance cover my employees?
For third-party liabilities, your employees will have the same coverage as you. However, Beauty Business Insurance does not cover employees for work-related injuries. For that, you’ll need workers’ comp insurance.
What if I need coverage for my salon?
We’ve got you covered. Salon owners like the affordability and convenience of a Business Owners Policy (BOP) because it includes both general liability insurance and commercial property insurance.
Does Beauty Business Insurance cover barbers?
Yes indeed. Beauty Business Insurance covers barbers, hairstylists, nail artists and techs, and makeup artists.
Does Beauty Business Insurance cover estheticians?
No, estheticians are not currently eligible for coverage in our program.
What other types of insurance should beauty businesses have?
One highly important type of insurance is for your auto. If your business owns a vehicle, you need commercial auto insurance.