Every year, disasters and accidents occur that can cost businesses big money. In fact, in 2019, businesses in Mississippi collected $3,120,632,000 in business insurance claims. As the owner of a barber shop in this state, you can help your shop stay profitable in times of trouble by purchasing barber shop insurance.
When you are looking for the best and most affordable coverage, a local independent insurance agent can help. These agents can explain your various coverage options and can obtain customized quotes from a few competing providers. That way you can be sure you are getting your coverage at a competitive price.
There are more than 200 independent agents in Mississippi so it should be easy to find an insurance agent with an office near you to get started.
What Can Go Wrong at a Barber Shop?
As with any business, there are a few things that can go wrong at a barber shop, such as the following.
- What if a client slips on a wet floor and is seriously hurt?
- What if a tornado tears the roof off your shop and all of your furniture, equipment, and supplies are damaged or destroyed?
- What if one of your barbers accidently injures someone while performing a shave?
A comprehensive barber shop insurance policy can keep problems like these from causing your business to experience large financial losses.
What Is Barber Shop Insurance?
How Much Does Barber Shop Insurance Cost in Mississippi?
The cost of barber shop insurance can vary from one shop to the next. Rates are based on the following factors.
- The size of your business and its annual revenues
- The number of people you employ
- The value of your barber shop’s assets
- Whether you own or rent your business space
- The crime rate and weather risks in the ZIP code where your business is located
For the most part, barber shop insurance is very affordable. This is because these shops typically have low overhead and few potential risks. On average, Mississippi barber shop owners pay between $500 and $750 a year for their coverage.
To find out how much a policy will cost for your shop, you can consult a local independent agent, who can provide you with a variety of customized quotes.
What Does Barber Shop Insurance Cover?
A well-built business insurance policy for your Mississippi barber shop will supply your business with the following coverage.
- Commercial property insurance: This can pay to repair or replace your barber shop’s property if it is lost or damaged due to a covered event.
- Business interruption insurance: This can provide your business with a continuation of income if it must shut down temporarily while repairs are made following a covered event.
- Workers’ compensation insurance: This can cover worker injuries if your employees are injured on the job. It is required in Mississippi only if your barber shop employs at least five regular workers.
- Business liability insurance: This can cover court costs, legal fees, settlement costs, awarded judgements, and other damage if your barber shop is sued for a covered event. There are many types of commercial liability insurance available.
A local independent insurance agent can help you build a barber shop insurance policy that provides your business with all the coverage it needs.
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Do I Need Any Specific Liability Coverage for My Mississippi Barber Shop?
Liability insurance can save your barber shop a lot of money if you find yourself on the wrong end of a liability lawsuit, but you need to make sure you have the right liability coverage in place if you want to be covered.
A standard BOP or business insurance policy will include commercial general liability insurance (CGL). This can cover your shop against many of the common liability risks businesses face. It includes coverage against libel and slander as well as the following.
- Premises liability insurance: This covers third-party injuries that occur due to an accident on your barber shop’s premises.
- Product liability insurance: This covers third-party injuries or illnesses caused by products sold by your barber shop.
General liability insurance may be enough to cover your barber shop but there are additional business liability insurance products you may want to consider, such as the following.
- Professional liability insurance: This can protect your barbers if an unhappy client sues them for a poor job that results in physical, emotional, or monetary losses.
- Employment practices liability insurance: This covers your barber shop if a current, former, or prospective employee sues you for illegal employment practices such as harassment, discrimination, or wrongful termination.
Let a local independent insurance agent help you assess your barber shop’s liability exposures and recommend the appropriate insurance products to cover against them.
What Is Not Covered by Barber Shop Insurance?
As with any insurance policy, barber shop insurance has some limitations. For instance, although damage caused by severe weather events is covered by your barber shop insurance, some hazards are not, such as the following.
- Damage caused by floods: The risk of flood damage is high in Mississippi, especially during hurricane season. Fortunately, a local independent agent can help you obtain a supplemental flood insurance policy through the National Flood Insurance Program (NFIP).
- Damage caused by earthquakes: Barber shops in the northwestern corner of Mississippi have an elevated risk of facing damage caused by earthquakes. Fortunately, an earthquake insurance policy can cover against damage caused by seismic events.
If you would like to have coverage against these hazards, a local independent insurance agent can help you find appropriate supplementary policies at an affordable price.
How Can an Independent Insurance Agent Help Me Find the Best Coverage?
Independent insurance agents live and work in your community, so they are familiar with the risks you face as a business owner in your Mississippi city. These agents can help you build a comprehensive barber shop insurance policy package that doesn’t leave you with any accidental coverage gaps.
Also, because they are not tied to a particular insurance company, independent agents are free to shop around to help you find the policies you need at the most competitive prices. Contact an insurance agent near you to get started.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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