Wax centers are part of the personal care services industry, which includes businesses like hair removal salons, tanning salons, makeup salons, and wax centers.
Wax centers typically offer hair waxing services for men and women, and may also offer additional services like hair styling, nail services, and tanning. While your waxing services are pretty straightforward and the vast majority of your customers walk away happy, it’s also possible for things to go very wrong. If someone is injured on your premises or as a result of your waxing services, you’ll be responsible for paying for their medical expenses. And the costs go sky-high if you’re sued.
What’s more, you have all of the same risks as any business owner who deals with the general public, has physical assets, and can be sued for any reason, with or without merit.
Why Do You Need Wax Center Insurance?
Operating a wax center can be very rewarding, but one fire or lawsuit can destroy your business for good. You need wax center insurance to protect your assets from a variety of unique risks:
- Property damage risks (fire, theft, vandalism, or severe weather that damages your building and its contents)
- Liability risks (customer trips and falls, or customer injuries that result from your services)
What Does Wax Center Insurance Cover?
Wax centers face many of the same risks as typical retail or office settings, including fire, theft, vandalism, and severe weather events that damage your commercial property. You are also at risk if someone is injured on your property or as a result of your services.
You need custom insurance coverage for the unique and not-so-unique perils that you face in your day-to-day operations. Your wax center insurance should include the following types of policies and coverage.
- Commercial property insurance: Wax centers have to protect their commercial property from catastrophic loss. You must protect your building if you own it, and also be able to pay your bills and resume operations if you have to close for repairs after a storm, a fire, or some other unforeseen event. Talk to your insurance agent about coverage for office furniture, spa room furnishings and fixtures, waxing tools and equipment, and all other office contents, as well as any expensive equipment that is owned or leased by your business.
- Business interruption coverage: You still need to pay for expenses like rent and employee salaries if your wax center must close to make repairs after a fire, storm, or some other covered event. This coverage helps you stay afloat while you have an interruption in your day-to-day operations.
- Commercial general liability (CGL) insurance: You can be held responsible for injuries or property damage that affect customers, vendors, or other members of the general public while at your wax center. Slips and falls and faulty products leave you vulnerable to claims and costly lawsuits that could put you out of business. Wax that is too hot can burn a customer, or someone could have an allergic reaction to one of the aftercare products that you use. A CGL policy provides broad coverage for bodily injury or property damage that occurs on your premises.
You may want to consider a business owners policy (BOP). BOPs are designed for small businesses and include liability, property, and business income insurance in one affordable package policy.
Other Insurance Policies for Your Wax Center
Your basic property and liability policies provide broad coverage for a wide range of claims. But some types of claims are excluded from coverage or are not sufficiently covered by these basic policies. You’ll likely need some additional types of business insurance policies, including the following.
- Commercial umbrella insurance provides excess liability protection to any of several other policies you might have. If a customer injury in your wax center leads to an expensive lawsuit that exceeds the limits of your CGL policy, your commercial umbrella kicks in with higher coverage limits.
- Commercial auto insurance ensures that you’ll be able to pay for any physical damage or injuries you cause if you are in an auto accident while driving for business purposes.
- Employment practices liability insurance covers you if an employee sues you for discriminatory employment practices.
- Cyber liability insurance is important for any business that uses, transmits, or stores electronic data. It pays for any costs related to a cyber breach as well as any related legal costs if a customer or supplier who was harmed by the breach sues you.
- Worker's compensation insurance is typically required for any business that has employees, and pays for lost income and medical expenses for employees that are injured on the job. If an employee is injured while lifting heavy boxes, slipping on a wet floor, or falling off of a ladder, for example, worker's compensation insurance pays for related medical costs and compensates them for time away from work.
- Crime coverage protects your business if an employee or a group of employees engage in theft, forgery, or fraud that damages your business. Having a small business with high-turnover part-time employees makes your business susceptible to employee theft. This coverage also protects you from the costs associated with shoplifting and vandalism.
- Sign coverage pays for damage to outdoor signs that are not attached to your building that is caused by vandalism, theft, weather, or accidents.
- Utility interruption coverage provides income protection if you are unable to operate due to a covered utility (water, electrical) interruption.
How Much Does Wax Center Insurance Cost?
Your wax center insurance cost depends on a number of factors, such as the size and location of your physical space, the value of your business property, the types of services you provide, and the number of employees you have.
With a proper valuation of your property and careful analysis of your professional liability risks, an independent insurance agent can help you find insurance companies who specialize in wax center insurance at a price that fits your budget.
Find and Compare Quotes
An independent agent can work with you one-on-one to determine the types and amounts of coverage you need to protect your business from a variety of costly problems. Your agent can get quotes from multiple insurance companies so you can evaluate the cost and coverage options and make the best choice.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right wax center insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get—but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t take into account the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost savings opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
©2020, Consumer Agent Portal, LLC. All rights reserved.