In 2019, South Carolina had $5,928,911,000 in commercial insurance claims paid. Protection for your hair salon can come in many different forms. The right coverage can mean the difference between you paying for a loss or the carrier.
Fortunately, an independent insurance agent can help. They have access to multiple markets so that you get the best options in town. Connect with a local expert for tailored quotes today.
What Is Hair Salon Insurance?
If you operate a hair salon in South Carolina, proper insurance is necessary. While not all policies will be the same, there are standard coverages that most salon owners will need. The most common policies will include limits of protection for the following.
- Bodily injury
- Property damage
- Employment practices
- Employee injuries or illness
- Theft and vandalism
What Does Hair Salon Insurance Cover?
South Carolina has roughly 418,031 small businesses. Your insurance coverage will protect you against several instances if you have the right policy in place. Hair salon insurance will come with these standard policy options.
- 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.
How Much Is Hair Salon Insurance in South Carolina?
The cost of commercial insurance varies from entity to entity. In South Carolina, your premiums will be based on several items and all unique to you and your surroundings. Check out the risk factors insurance companies use when rating your hair salon insurance in SC.
- 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
You won't know your exact costs until you obtain quotes, but you can understand how your policy gets rated. If you're looking for the most savings, consider bundling. When you bundle your business policies with the same carrier, they give you deep discounts.
Will My Location Impact My Rates?
Where your salon is located will absolutely impact your costs. Carriers look at numerous items when figuring your premiums and your location is one of them. Take a look at what could affect your rates based on your territory.
- Local crime rate
- Local natural disasters reported
- Local claims reported by other insureds
- Flood zone assigned
The more at risk you are for flood damage, the higher your rates will be for salon insurance. FEMA will assign a flood zone, and that could raise your price. If you are in zone A or V, you're considered high risk.
How an Independent Insurance Agent Can Help
When you're shopping for the best coverage in town, look at using a trusted adviser. There are many options for your business protection, and it may be hard to know what's necessary. Your hair salon insurance doesn't have to be confusing when you work with a professional.
An independent insurance agent will find policies for an affordable price through their network of carriers. Since they do the shopping, you'll get your time back. Connect with a local expert on TrustedChoice.com to begin.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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