Beauty School Insurance
The demand for cosmetologists is expected to grow by around 15% within the next 5 years, resulting in the addition of nearly 100,000 new jobs in this industry by then. This means beauty schools will continue to be popular in the coming years in order to train up-and-coming cosmetologists. But if you want to stay in business, you need to obtain beauty school insurance, and your policy needs to contain the following types of coverage.
General Liability For Beauty Schools
$73 A Month
When you run a beauty school, you need general liability insurance to pay for any lawsuits resulting from accidents that happen on your campus. If a client or visitor slips on a wet floor when coming in for an appointment, general liability will cover it. This means it will pay for the medical treatment that's necessary after any injuries on your property.
This type of business liability insurance can also pay for property damage claims, so if someone's belongings are damaged because you accidently dropped hair dye on it, you won't have to pay out of pocket as a result. In addition, general liability will pay for your legal defense if another beauty school – or any other business – sues you for slander, libel, or copyright infringement.
Business Owners (BOP)
A business owner's policy, or BOP, is important to obtain when you run a business of any kind because it combines several coverage types that can protect you. For instance, a BOP will pay for any repairs or replacements that you need for your beauty school after a robbery or natural disaster. This is because this type of policy covers both the property and its contents. Your beauty school BOP can also cover accounts receivable, fine arts, sewer backup, and valuable papers, to name a few types of coverage you might need.
Professional Liability (E&O)
The E&O stands for errors and omissions, and this coverage is called that because it will protect your beauty school when a student makes a mistake while offering beauty services. For example, if a student causes damage to someone's hair or skin, your school might be facing a lawsuit. But this type of business coverage will pay for your lawyer's fees, court costs, and any settlements that occur as a result of legal action. Professional liability is important for beauty schools because even when a student performs a service perfectly fine, someone could still decide to sue because he or she is not satisfied. Since there is no way to avoid such lawsuits, it makes sense to simply be prepared for them with this type of beauty school insurance.
Workers Comp Insurance For Beauty Schools
When you work in the beauty industry, there is always a chance you or your employees will be injured by the chemicals or tools used on a daily basis. When you have workers comp and an instructor at your beauty school breaks a bone or is burned at work, his or her medical bills will be paid for with this coverage. Any wages lost while he or she recovered will also be paid for. Without this type of business insurance, you would be responsible for these costs, which is why you need workers comp as part of your beauty school insurance policy.