Have questions about business insurance, claims or certificates? We’ve got you (and your business) covered.
What types of insurance do beauty salons need?
Opening the beauty salon of your dreams can be incredibly rewarding. However, it also requires that you take the necessary steps to protect your business. One of those steps is ensuring you have the right business insurance in place. Like many small business owners, beauty salon owners are susceptible to various risks, so having the right insurance can provide protection when a claim is made against your business. Remember that you may need additional coverage depending on your salon's location and what services you offer. However, most salons may need the following: Liability insurance Liability insurance is essential for your business, offering protection against unforeseen risks and financial losses. Two key types of coverage to consider are general liability insurance and professional liability insurance. By securing both, you can mitigate risks, safeguard your finances and provide reassurance to your customers. 1. General Liability insurance General liability insurance can help cover a variety of risks: Damages to property that doesn't belong to you.Potential client claims relating to things like slip and fall injuries and reputational harm.Legal fees and defense costs. 2. Professional Liability insurance Professional liability insurance can cover claims of negligence or misrepresentation and any mistakes that occur during your regular business operations, such as complaints about the quality of services provided or errors in the advice you've given. It can also cover legal defense costs to hire the necessary representation to defend your business. In a beauty salon context, professional liability insurance can cover damages caused by: Incorrectly dyeing or cutting a customer's hair.A customer's skin reacts negatively to products used during treatments.Problems with waxing services. Workers' Compensation insurance Workers' compensation insurance can protect your business and employees in the event of work-related injuries or illnesses. It can help pay for lost wages, medical expenses, retraining, permanent injury benefits, and survivor benefits. You can also be protected from financial losses if an employee file a lawsuit against your business. » Discover who should file a workers' comp claim: Employer or employee? Protect your beauty salon with NEXT By investing in the right beauty insurance for your salon, you can protect not only your business but also yourself as the business owner and your employees. Easily get a customized insurance quote from NEXT that takes all your profession's needs into consideration. » Sorted your insurance needs? Follow these tips to grow your beauty business
Asked 3 days ago
What range of equipment does business insurance cover?
Equipment insurance can fall under business insurance. It can cover items such as machinery, tools, fixtures and electronics against damage, accidents and theft. Therefore, businesses that rely on certain equipment to operate can benefit from this policy. Small businesses in particular need to look after their most valuable assets and make sure coverage is in place. Otherwise, they can face significant income losses as operations come to a halt. Let’s look at some examples. 1. Personally-owned equipment You can get coverage for the equipment you own and need for the day-to-day operations of your business. But any personal equipment that's not used in connection with the business may not be covered. What is coveredA new mechanic accidentally damages a power drill during trainingLighting fixtures in a yoga studio needed to complete classes have stopped working since a power surgeA sole trader whose point-of-sale equipment for a storefront location is vandalizedBenches or weight machines are broken at a gym because of member negligenceChildren have damaged furniture in a daycare centerWhat is not coveredA contractor's personal mobile phone that's not used for business purposesGardening tools used to maintain personal properties » Explore NEXT's tools and equipment insurance options 2. Employee-owned tools and equipment Equipment or tools owned by an employee and used for business purposes can be protected with equipment insurance. Small businesses can replace equipment that was stolen or accidentally damaged. What is coveredItems an employee needs to do their job were stolen from their toolboxA remote writer's work laptop is stolen from their co-working spaceSafety work gear in a factory gets damaged on the job and needs to be replacedWhat is not coveredPersonal cameras that aren't being used in commercial activitiesKnives that a chef owns for personal use » Discover how contractor tools and equipment insurance can protect your business 3. Borrowed equipment Business insurance can also include equipment that's not owned by a business but has been borrowed for temporary use. However, rental equipment is excluded from this. What is coveredA construction company borrows a bulldozer from a contractor and it's damaged in a stormA restaurant borrows a commercial oven for a special event and it's damaged in a fireA consulting business borrows electronic equipment (e.g., projectors) for a conference and it's damaged during a power surgeWhat is not coveredAn excavator rented by a mining businessA bulldozer that was damaged due to operator error Protect all your equipment with tailored business insurance We recommend getting affordable, tailored business insurance for your profession that gives you peace of mind, especially if you travel with your gear to different locations. This safety net can prevent you from shouldering the entire cost if any equipment gets lost, stolen or damaged. Your first step is simply answering a few questions to get an instant quote online in less than 10 minutes. FAQs What does business insurance cover? Business insurance covers public liability, professional liability, tools and equipment insurance, etc. Small businesses can choose separate policies for their specific needs. Does business insurance cover tool theft? Yes. If a tools and equipment policy is part of your business insurance coverage, stolen items belonging to your business, your employees, and even borrowed equipment will be covered.
Asked 3 days ago
Are all contents covered by Commercial Property insurance?
Simply put — no, not all business contents may be covered under commercial property insurance, and the coverage can vary depending on the policy and insured property type. Types of contents covered by Commercial Property insurance In commercial property insurance, contents typically refer to the business property and equipment that is necessary to run the business. Here are some examples of what might be covered under each type of content: Furniture and equipment, such as desks and computers.Inventory, like goods for sale or packaging materials.Machinery, for example, in manufacturing, this could include conveyor belts.Building improvements can include permanent improvements or additions made to the building, such as flooring. » Find out why businesses need more than one business insurance policy Damage and contents not covered by Commercial Property insurance These may include: High-value items, such as artwork or rare collections. Businesses with these items may need to purchase additional coverage or seek a specialized policy.Intentional property damage caused by the business owner or employees may not be covered.Flood or earthquake damage may not be covered, and businesses located in flood- or earthquake-prone areas can consider purchasing additional insurance. Choose Commercial Property insurance with NEXT Commercial property insurance can be highly beneficial to help reduce the risk of business interruption due to theft, equipment malfunction, or inventory damage. With NEXT, you can explore tailored coverage options. Plus, you'll have instant access to your certificate of insurance once you purchase coverage, and you can share it 24/7 with the NEXT app. Get an instant quote online today in less than 10 minutes to find out more.
Asked 3 days ago
Are gyms considered buildings for commercial insurance?
Gyms are generally considered buildings for commercial insurance purposes. A gym business insurance package, also known as fitness insurance, can provide financial help for different types of damage. For example, if a fire breaks out and damages gym equipment, property insurance can help cover the cost of replacements or repairs. Additional insurance considerations for gyms In addition to property insurance, gyms may also need: Liability insurance This includes general liability insurance and professional liability insurance, which can protect against potential lawsuits or claims from customers that are injured while using the gym's facilities or equipment. Liability insurance can generally cover legal fees, medical expenses and other costs associated with such claims.Workers' compensation insurance This can be necessary for gym owners who have employees. It can provide benefits to employees who are injured or become ill while on the job by helping to cover medical expenses and lost wages. How NEXT can help protect your gym It's important to make sure your gym has proper commercial property insurance because it provides financial protection against unforeseen events such as property damage, accidents or liability claims. Protect your gym building and your business with customized insurance coverage that meets all of your business needs. Easily get an instant quote online or reach out to our U.S.-based insurance professionals with any questions.
Asked 3 days ago
General and Professional Liability insurance: When do I need both?
The main difference between general and professional liability insurance is that they can protect you from different risks. General liability insurance can cover you for common risks like damaging a client's property, paying the medical expenses of someone that got hurt at your business or getting sued for using an improper picture on an advertising poster.Professional liability insurance can help to protect you from business errors like making a professional mistake that costs your client money or giving your client incorrect information. This coverage can also help to cover legal fees if a client sues you. Many small businesses choose to get both types of insurance because then they're covered for a wider range of risks. Let's look at some examples that can benefit from both types. » Explore further why businesses need more than one business insurance policy Architects & engineers While you're working on a project, you spend a lot of time on a property that isn't yours. General liability insurance can help to safeguard your business if you're blamed for damaging something on the property (e.g., a piece of machinery) or for someone getting hurt (e.g., tripping over tools left around and breaking an arm).Professional liability insurance can protect you if your client sues over poor work quality or claims you were negligent, especially if your client loses money because of this. » Learn more about NEXT's architect and engineer insurance Accountants & financial advisors Despite not working in a high-risk field for physical damage, third-party accidents can still happen on your premises. General liability insurance can help pay for medical bills if a client slips and falls in your office. It can also help cover the costs of repairing or replacing your client's laptop if it gets damaged at your office and it's your fault.Professional liability insurance can protect you against expenses related to lawsuits filed by disgruntled clients who suffered financial losses because of your advice — even if you are not at fault. » Learn more about NEXT's financial services insurance Protect yourself and your business with NEXT As you can see from the examples, each insurance covers different scenarios and can give you more protection — and more peace of mind. Get a hassle-free, customized insurance quote based on your profession and your business needs in less than 10 minutes online.
Asked 3 days ago