what kind of insurance do you need to run a small business?

Question

If I were to start up a salon that deals with hair, nails, and facials, what insurances (liability and fire) and others would I need and how much would they cost me per month. Also what kind of deductibles can I get? Please give me all the detail that you can.

Answer 1

You will definately need General Liability (GL) insurance and your landlord will generally require you to have this. Included with the GL policy you will need to insure all your property in case you were to have a loss (fire, theft...etc...)

I would also recommend Professional Liability Insurance which can also be called Errors and Omissisons.

You could look into Business Overhead Expense Insurance (BOE)as well, this would cover all your business expenses in the event you became disabled, and sometimes loans will require you to ahve this.

As to how much it will cost the premiums will be based on where your located, information on your space that your leasing, projected revenue for 12 months, number of employees....

Answer 2

General Business liability insurance. Depending on what your salon is offering will depend on your premium. Different companies have different deductables. No one can realistically give details like that out on this website. Depending on the insurable risk you are and how long you have been in business dictates your premium. It could be upwards of 700.00 per year for example. Call an Agent or Broker and they can take info from you and get a more accurate quote, this does not mean that your are insured...it is just a quote.

Answer 3

You could probably pick up a business owners policy, depending on your location and how many chairs you have, for about $1000 a year. This would include liability, fire & theft (for contents), professional liability, and a small amount of money & securities coverage (in case you get robbed).

Deductible on the fire, theft & money would probably be $500, but you could probably get a discount if you raised it to $1,000. You might be able to purchase a lower deductible.

Call a couple local agents to ask them to give you quotes.

Answer 4

Can they get in challenge for riding the auto - as in in the event that they get stopped through the police? As lengthy as the landlord has coverage at the auto, they are nice. What occurs in the event that they harm the car - they might be liable for the harm out of pocket. Their private car coverage won't duvet harm that happened within the path of a "trade". They rather must have trade legal responsibility coverage so that it will defend them in case whatever occurs to a purchaser's car on their estate, if it is their fault or no longer.

Answer 5

depends on the business type