There are nearly 136,000 barber shops operating in the United States. If you have recently opened one of your own in Missouri, having the right barber shop insurance can help it stay profitable in times of trouble.
Local independent agents are available to help with all of your insurance needs. These agents can answer your insurance-related questions and can provide you with customized quotes from a few competing providers. That way you can be sure you are getting your coverage at a competitive price.
Contact an independent insurance agent near you to get started.
What Is Missouri Barber Shop Insurance?
Every year, disasters and accidents in Missouri result in large expenses for area businesses. The right insurance products can absorb these costs so that insured businesses are able to stay profitable. In one recent year, for instance, businesses in Missouri collected more than $7.6 billion in business insurance claims.
How Much Does Barber Shop Insurance Cost in Missouri?
The cost of barber shop insurance can vary from one shop to the next. Your quoted rates will be based on factors such as the following.
- The size of your barber shop and its expected annual revenues
- The number of workers you employ
- The value of your barber shop’s property and other assets
- Whether you own or rent your business space
- The crime rate and weather risks where your shop is located
- Your barber shop’s claims history
Compared to coverage for many other kinds of businesses, barber shop insurance is generally quite affordable. This is because these shops typically have little overhead and face few potential risks.
To find out how much a policy will cost for your barber shop, you can contact a few competing insurance companies to request customized quotes. Independent insurance agents can save you time and money by doing this on your behalf.
What Does a Business Owners Policy Cover?
If you have a small, privately owned barber shop, you can benefit from purchasing a business owners policy.
A BOP can provide you with the following.
- General liability insurance: This is designed to cover expenses like court costs, legal fees, mediation costs, settlements, and judgements if your barber shop is sued for a covered event. This insurance includes:
- Product liability insurance: This can provide coverage if a product you sell in your shop causes your customers illness, injury, or other harm.
- Premises liability insurance: This can provide coverage if a client or other third party is injured or sustains property damage in an accident on your business premises.
- Advertising liability insurance: This can provide coverage against accusations of copyright infringement, false advertising, deceptive pricing, and other marketing errors.
- Coverage against accusations of libel and slander
- Commercial property insurance: This can cover the cost of repairing or replacing your barber shop’s property and assets if they are lost or damaged by a covered event such as the following.
- Business interruption insurance: This can provide your barber shop with a continuation of income if it must close down for an extended time while repairs are made following a covered event. It can cover the following.
- Rent or commercial mortgage payments
- Employee payroll
- Commercial loan installments
- Relocation expenses if you must move your business
With these three types of coverage, your business owners policy can protect your barber shop against most of the risks it is likely to encounter in Missouri.
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What Additional Liability Insurance Products are a Good Idea for Missouri Barber Shops?
General liability insurance cannot cover your barber shop against all liability risks. You may therefore want to consider adding additional commercial liability products such as the following.
- Professional liability insurance: This can cover the barbers you employ if they are sued by an unhappy client after doing a poor job that caused them physical, emotional, or monetary losses.
- Employment practices liability insurance: This can cover your barber shop against accusations of illegal employment practices like harassment, discrimination, retaliation, and wrongful termination.
- Cyber liability insurance: This can cover your barber shop’s financial obligations if hackers break into your business’s computer system and steal your clients’ or employees’ personal or financial data.
By carrying the right kinds of liability coverage, you can fully protect your barber shop against all its liability risks so that it can remain profitable despite potential lawsuits.
Does My Missouri Barber Shop Need Additional Property Coverage?
Commercial property insurance does not cover against all of the damaging risks you might face as the owner of a barber shop in Missouri. Specifically, it will not cover property loss or damage caused by floods or earthquakes.
You may therefore want to consider also purchasing the following policies.
- Flood insurance: Business owners can purchase up to $500,000 in structural coverage and up to $500,000 in contents coverage with commercial flood insurance policy through the National Flood Insurance Program (NFIP), a program that is administered by FEMA.
- Earthquake insurance: Southeastern Missouri one of the most seismically active areas east of the Rocky Mountains. An earthquake insurance policy can cover your business against loss or damage caused by a quake.
By supplementing your business owners policy with these two types of specialized coverage, you can fully protect your barber shop’s property against all potential damaging risks.
Are Barber Shops in Missouri Required to Carry Workers’ Compensation Insurance?
If your barber shop has at least five employees, Missouri state law mandates that they must be covered by workers’ compensation insurance. If any of your employees are your close family members, they are permitted to opt out of having coverage.
Workers’ compensation insurance can cover the cost of medical treatments and disability pay if your employees are injured on the job.
When you have this coverage, you can rest assured that if one of your barbers needs stitches after being cut by scissors or if your receptionist is seriously injured after slipping on a wet floor, your business can avoid potential liability lawsuits.
How an Independent Insurance Agent Can Help You Find the Best Coverage
Independent insurance agents can be a great source of information when you are shopping for coverage for your barber shop. These experienced agents can help you identify your business’s various exposures and can shop around to find the best and most affordable policies to cover against each of them.
There are nearly 600 independent insurance agents in Missouri who are ready to help. Arrange an obligation-free consultation with an insurance agent near you to discover how easy it can be to get suitable and affordable coverage for your barber shop.
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