Every year, businesses face disasters and accidents that can prove very expensive for those who are uninsured. In fact, in 2019 businesses in Mississippi collected more than $3.1 billion in insurance claims. Some of these claims were filed by owners of hair salons. That is why hair salon insurance is so important.
Local independent insurance agents can help you be certain that your hair salon is suitably covered against any potential risks it may face. Set up obligation-free consultation with an insurance agent near you to learn more.
What Is Mississippi Hair Salon Insurance?
Hair salon insurance is a general term used to describe a business owners policy (BOP) or a business insurance policy package that has been specifically customized to meet the coverage needs of businesses like hair salons, barber shops, and beauty parlors.
What Can Go Wrong at a Mississippi Hair Salon?
There are a few problems that can occur at a hair salon, many of which could result in large financial losses for your business if is not properly insured. Here are some examples.
- A client could slip on a wet floor near your shampoo station and suffer a significant injury.
- Winds from a hurricane could blow out the front window of your shop, and many of your furnishings, equipment, and supplies could be damaged beyond repair.
- One of your employees could suffer a chemical burn while bleaching a client’s hair and may need medical attention.
These are just some of the many problems that a comprehensive hair salon insurance policy can cover your business against. Talk to a local independent insurance agent to learn more.
How Much Does Hair Salon Insurance Cost in Mississippi?
The cost for hair salon insurance can vary from one business to the next. It can range from $25 a month for a small shop to more than $200 a month for a large, well-appointed salon. Some of the factors that can influence your premiums include the following.
- The size of your business and its expected annual revenues
- The number of workers you employ
- The value of your salon’s business property
- The crime rate and weather risks in the ZIP code where your salon is located
- The amount of liability coverage you want to purchase
- Your salon’s claims history
The only way to find out how much coverage will cost for your salon is by contacting a few competing insurance companies and requesting customized quotes. Independent insurance agents in Mississippi can save you time and money by doing the comparison shopping on your behalf.
What Does Mississippi Hair Salon Insurance Cover?
A comprehensive business insurance policy for your Mississippi hair salon will provide your business with the following coverage.
- Commercial property insurance: This can cover the cost to repair or replace your business property if it is lost or damaged by a covered event like a fire, theft, or severe weather.
- Business interruption insurance: This can provide your business with a continuation of income if it must temporarily shut down while repairs are made following a covered event.
- Workers’ compensation insurance: This can cover medical treatments and lost pay if your employees are injured on the job. In Mississippi, this coverage is mandatory if you have at least five regular employees.
- Business liability insurance: This can cover court costs, legal defense fees, settlement costs, judgments, and other damage if your hair salon is sued for a covered event. There are several different types of commercial liability insurance polices available.
A local independent insurance agent can help you build a hair salon insurance policy package that includes all the coverage your business needs.
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Do I Need Specific Liability Coverage for My Mississippi Hair Salon?
There are several different types of liability insurance available to business owners in Mississippi. Whether you carry a BOP or a traditional business insurance policy, you can expect to have commercial general liability insurance (CGL) as a standard part of your coverage. CGL coverage includes the following.
- Premises liability insurance: This can cover against third-party injuries that occur due to an accident at your salon.
- Product liability insurance: This can cover against third-party injuries or illnesses caused by products used or sold by your salon.
- Advertising liability insurance: This can cover against accusations of deceptive pricing, false advertising, misleading marketing, or copyright infringement.
In addition to your standard CGL coverage, your insurance agent may recommend adding some or all of the following liability products.
- Errors and omissions insurance: This is professional liability insurance designed to cover your stylists if they are sued for poor workmanship.
- Cyber liability insurance: This can cover your salon's liability if hackers access your employee records or if criminals successfully install skimmers on your credit card readers.
- Employment practices liability insurance (EPLI): This can cover your salon against accusations of illegal employment practices such as harassment, discrimination, or wrongful termination.
A local independent insurance agent can help you review your hair salon’s liability exposures and can recommend the right kinds of insurance to cover against each of them.
What Is Not Covered by Hair Salon Insurance?
It is important to be aware that while damage caused by most hazards are covered by your hair salon’s commercial property insurance, some hazards are not. These include the following.
- Damage caused by floods: Even if the flood is the direct result of a covered hurricane, it will not be covered by your commercial property insurance. For this, you will need to supplement your policy with commercial flood insurance.
- Damage caused by earthquakes: Earthquakes do not pose a significant risk in most of Mississippi, but seismic activity is elevated in the northernmost part of the state. If your shop is at risk, you can supplement your policy with earthquake insurance.
A local independent agent can help you assess your flood and earthquake risks, and, if appropriate, can help you secure competitively priced policies to cover against them.
How Can an Independent Insurance Agent Help Me Find the Best Coverage?
Independent insurance agents can help you identify all of your salon’s potential risks and can shop around to find you the best and most affordable insurance products to cover against each of them. That way, you do not need to worry that your business has any unintended coverage gaps.
There are more than 200 independent agents in Mississippi. Find an insurance agent near you to start comparing customized quotes for hair salon insurance.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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