In 2019, Illinois had $16,998,439,000 in commercial insurance claims paid. If you own a business here, you'll want the right protection for all the what-ifs. Hair salon insurance will provide coverage for your operation and keep your doors open.
An independent insurance agent can help find a policy for an affordable price. Since they work with multiple carriers, they have access to options at no additional cost. Connect with a local expert for custom quotes.
What Is Hair Salon Insurance?
If you run a hair salon in Illinois, there are several coverages you could need for adequate protection. While not every operation is the same, there are some standard coverages that almost every owner will find necessary. The most common policies will include limits of protection for the following.
- Bodily injury
- Property damage
- Employment practices
- Employee injuries or illness
- Cyber crime
- Theft and vandalism
What Does Hair Salon Insurance Cover?
Illinois has roughly 1,200,000 small businesses today. If you're one of them and own a hair salon, your insurance will cover various claims. Some standard policy options for your company may include the following.
- General liability insurance: Pays for bodily injury or property damage claims where you and your employees are responsible.
- Business interruption: This will pay for regular business expenses when you are temporarily shut down due to a covered loss.
- Commercial property insurance: Pays for building, equipment, and inventory damage from a covered loss.
- Crime insurance: Pays for a claim involving forgery, fraud, or theft to your company.
- Commercial auto insurance: Pays for an auto accident involving a company vehicle.
- Workers' compensation insurance: Pays for an employee's medical expenses resulting from an injury or illness on the job.
- Errors and omissions insurance: Pays for negligence, personal injury, and consulting lawsuits of a client.
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How Much Is Hair Salon Insurance in Illinois?
What your hair salon will pay for insurance won't be the same as one down the street. There are so many variables that carriers review when quoting your policies. Check out the risk factors insurance companies use when rating your hair salon insurance in IL.
- Type of operation you run
- Prior claims reported
- Number of years in the industry
- If you have employees
- If you have sanitation practices
- If you have safety practices
- The value of property owned
- Hours of operation
While you won't know your exact costs until you obtain quotes, you can understand how they are figured. One way for instant savings is by bundling your policies. When you bundle your commercial insurance with the same carrier, they reward you with lower premiums.
Will My Location Impact My Rates?
The location of your hair salon will affect your premiums. Carriers look at several factors that have to do with the area in which you conduct business. Take a look at what could affect your rates based on your Illinois location.
- Local crime rate
- Local natural disasters reported
- Local claims reported by other insureds
- Flood zone assigned
How at risk for a flood you are will impact your costs as well. Every property will be assigned a flood zone based on a land survey. If you are in a flood zone A or V, you are at a greater risk for flooding and will be required to carry coverage.
How an Independent Insurance Agent Can Help
If you're not a licensed professional, finding the right commercial protection can be daunting. Your hair salon insurance will have many moving parts and will be different for everyone. Fortunately, a trusted adviser can review your policies for free, so you make the best decision on coverage.
An independent insurance agent will have access to several carriers, giving you options on policy and premium. They work on your behalf so that you can save time and money. Connect with a local expert on TrustedChoice.com to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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