Missouri Hair Salon Insurance

If you are the proud owner of a beauty parlor or barber shop in Missouri, having the right hair salon insurance can help it stay profitable in the wake of an accident or disaster.

Local independent agents are available to help you with all of your business coverage needs. These agents can answer your insurance-related questions and can provide you with customized hair salon insurance quotes from a few competing providers.

If you are ready to begin your search for comprehensive, yet affordable, insurance for your hair salon, contact an independent insurance agent near you.

What Is Hair Salon Insurance and Why Is It Important in Missouri?

Hair salon insurance is a business insurance policy (BOP) or business insurance policy package that has been customized to meet the specific coverage needs of hair salons and barber shops.

Every year, disasters and accidents in Missouri cause large expenses for area businesses. The right insurance products can cover these costs so your business can stay profitable. Consider this: In one recent year, businesses in Missouri collected more than $7.6 billion in insurance claims.

How Much Does Hair Salon Insurance Cost in Missouri?

The cost of hair salon insurance can vary from one beauty parlor to the next. Your quoted rates will be based on factors such as the following information.

• The size of your hair salon and its expected annual revenues
• The estimate value of your hair salon’s property and other assets
• Whether you own or rent the building where your salon is located
• The number of people you employ
• The crime rate and weather risks in your salon’s ZIP code
• Your business insurance claims history

To find out how much a policy will cost for your business, you can contact a few competing insurance companies to request customized quotes. Or, if you prefer, an independent insurance agents do this on your behalf.

What Does a Business Owners Policy (BOP) Cover?

If you own a small, privately owned hair salon, you may find that your most cost-effective option is buy a business owners policy and add additional policies to it as needed.

The coverage provided by a BOP includes the following.

• General liability insurance: If your business is sued for a covered event, this can cover expenses like court costs, legal fees, mediation costs, settlements, and judgements. General liability insurance includes the following.
  • Product liability insurance: This covers your salon if a product it sells causes others to experience illness, injury, or other harm.
  • Premises liability insurance: This covers your salon if a client or other third-party is injured in an accident on your business premises.
  • Advertising liability insurance: This covers your salon 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 hair salon’s property if it is lost or damaged by a covered event such as the following.
  • Property crimes like theft and vandalism
  • Accidental fires and wildfires
  • Tornadoes
  • Severe storms like thunderstorms and windstorms
  • Hail
• Business interruption insurance: This provides a continuation of income if your hair salon must close down for an extended time while repairs are made for damage caused by a covered event. It can cover regular expenses like the following.
  • Rent or commercial mortgage payments
  • Payroll for employees
  • Commercial loan payments
  • Taxes
  • Relocation expenses if necessary

With these three types of coverage, your business owners policy can protect your hair salon against many 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 Hair Salons?

General liability insurance alone cannot cover your hair salon against all potential liability risks. You may therefore want to consider supplementing it with additional commercial liability products.

• Professional liability insurance: This can cover the stylists you employ if they are sued for doing a poor job that caused their clients to suffer physical, emotional, or monetary losses.
• Employment practices liability insurance: This can cover your hair salon against accusations of illegal employment practices such as harassment, discrimination, retaliation, and wrongful termination.
• Cyber liability insurance: This can cover your hair salon’s financial obligations if hackers break into your business’ computer system and steal your clients’ or employees’ personal or financial data or if someone successfully installs a skimmer on your credit card reader.

By carrying the right kinds of liability coverage, you can fully protect your hair salon against all its liability risks so that it can remain profitable even when facing a liability lawsuit.

Does My Missouri Hair Salon Need Additional Property Coverage?

Commercial property insurance does not cover against all of the damaging risks you could potentially face as the owner of a hair salon in Missouri. Specifically, it will not cover property loss or damage if it was caused by a flood or an earthquake.

You may therefore want to consider also purchasing the following policies.

• Flood insurance: Business owners can get up to $500,000 in structural coverage and up to $500,000 in contents coverage with an affordable flood insurance policy through the National Flood Insurance Program (NFIP). This program is administered by FEMA.
• Earthquake insurance: Southeastern Missouri among the most seismically active area east of the Rocky Mountains. An earthquake insurance policy can cover your business against losses if your business property is damaged by an earthquake.

By supplementing your business owners policy with these two types of specialized coverage, you can adequately protect your hair salon’s property against its potential damaging risks.

Are Hair Salons in Missouri Required to Carry Workers’ Compensation Insurance?

Any business that has at least five employees is required by Missouri state law to carry workers’ compensation insurance. If you employ close family members, they are permitted to opt out of coverage if they want to.

Workers’ compensation insurance is designed to protect your employees and your business by covering the cost of medical treatments and disability pay if your workers are injured on the job.

This means that if one of your stylists is seriously injured after slipping on a wet floor at the shampoo station or needs stitches and a couple weeks off work after cutting their hand with scissors, your employee’s costs will be covered and your business can avoid potential liability lawsuits.

How an Independent Insurance Agent Can Help You Find the Best Coverage

When you are looking for the right hair salon insurance products, an independent agent can help. These local agents can assist you with identifying your business’s various exposures and can shop around to find the best and most affordable policies to cover against each of them.

Nearly 600 independent insurance agents in the Show-Me State are available and ready to help. Arrange an obligation-free consultation with an insurance agent near you to find out how easy it can be to get appropriate and affordable coverage for your hair salon in Missouri.