Frequently Asked Questions About
Commercial General Liability Insurance
How much does commercial insurance cost?
Costs can vary widely based on industry and are also determined by zip code and often payroll and/or gross sales. Request a free quote to get an exact number.
What kind of business insurance do I need?
Most business owners need General Liability Insurance at the very least. If you have any non-owner employees, you will need workers compensation insurance too.
What is a Certificate of Insurance?
A Certificate of Insurance is proof of coverage. It lists the type and amount of liability coverage you have and other policy information when a third party requests it.
Is business insurance tax deductible?
Yes. you can deduct the cost of commercial insurance premiums. The IRS considers insurance a cost of doing business as long it benefits the business & serves a business purpose.
Cosmetology Insurance New York
Cosmetology Insurance New York. Cosmetology is a vast field that encompasses a number of professions, each of which has its own unique needs for high-quality liability insurance and other types of business insurance. If you work for yourself as an independent salon owner or work for someone else in a hair, nail, or medi spa, then you need to protect your finances with the right type of level of coverage.
While you may be adept at finding the right hairstyle for your clients or recommending the appropriate wrinkle reduction program for a customer, the truth is that you need the help of a trusted agent to find the right cosmetology insurance New York for your business.
Cosmetology insurance New York protects your business from lawsuits with rates as low as $37/mo. Get a fast quote and your certificate of insurance now.
Cosmetologist Insurance - Why Do You Need It?
A faulty product, an allergic reaction, or a dissatisfied customer can all lead to financial ruin if you are not prepared to handle a liability claim.
If you are a beautician, hairdresser, esthetician, nail tech, makeup artist or salon owner, then you need already know how to make your clients look this best. However, you probably already know that the close relationship you have with your customers and clients puts you in a precarious situation when it comes to liability.
While obtaining licensing and training for your profession is a given, many people do not understand that to operate a successful business of any type, including a salon, you must have liability insurance and cosmetology insurance New York coverage.
Without this type of insurance, you are held responsible for any property damage, bodily injury, or accident you might cause or be party to. What's more, you also must pay the cost for defending yourself in court, even if a judge or jury doesn't ultimately award the claimant the money she seeks. Any settlement awarded is your responsibility. With the right NY coverage in place, you can set aside worries of paying for claims against you and concentrate on operating your business.
Liability Insurance For Cosmetologists
Most cosmetologists should purchase (at minimum) a good NY general liability policy. This type of coverage kicks in to pay for things such as damages due to slips and falls or property damage claims. For instance, if you give a client a treatment that ends up harming the client, then you might be held responsible for paying any medical costs associated with the treatment.
If cosmetology insurance New York is in place, you just file a claim with the insurer to cover the costs. Moreover, if you damage a client's property while making a house call in NY to provide services, then your company is not held accountable; your insurance pays the claim. In another scenario, if a hairdresser working at your salon damages your flooring by spilling a chemical, then your policy can pay for the repairs.
Professional liability insurance is also a must. In the same vein as malpractice insurance obtained by doctors and other medical professionals, this insurance handles claims arising from alleged negligence on your part or the part of your employees.
How Much Cosmetologist Insurance Should You Buy?
Your personal risk tolerance and the amount of assets you must protect play apart in determining the amount of cosmetology insurance New York coverage you need to fully protect yourself. Each NY liability policy has an aggregate annual amount that your insurance company can pay out on your behalf each year. Based on this amount and the inherent risks your company faces, your agent can help you determine how much cosmetologist insurance New York is right for you.
Choosing Insurance for Your Unique Cosmetology Business
Consulting with an agent who understands the unique nuances of the cosmetology field is an important stepping stone to finding the right and best coverage for your business. Choose an agent who is able to work with several insurers in order to find the most competitive and budget-friendly option for your business but that covers the potential perils that your business faces. This is the best way to secure your business' solid financial future and protect you from any possible risks that you face as a business owner or salon professional.
New York Economic Data And Commercial Insurance Requirements
The State of New York is famed for industry, particularly Manhattan and the surrounding areas. As such, it's no wonder why so many entrepreneurs look to do business in this state.
If you are thinking about starting up a business in NY, it's important for you to have an understanding of the status of the state, regarding its economy. It's also important to know about the insurance requirements for business owners in the Empire state.
Below, we offer a brief overview of New York's economic status, as well as the types of insurance policies business owners are legally required to carry, and policies that they should consider investing in.
The Economic Status Of New York State
While the economy is growing in the State of New York, it is lagging behind other states, in terms of growth. Overall, more jobs have been added in this state in recent years. In 2018, it is expected that this trend in job growth will continue; however, it will likely be at a slower pace than previous years.
If you are thinking about doing business in the Empire State, one of the best industries to consider is finance. It is predicted that this sector will contribute largely to the economy in 2019, as well as in the coming years. Healthcare services and education are also expected to see growth, as are the transportation industry, and professional and business services.
Insurance Requirements For Business Owners In NY
The New York State Department of Financial Services regulates insurance in the Empire State. Organizations that employ a staff of part-time or full-time workers that are either hourly or salaried are required to carry workers' compensation insurance. This type of insurance is required, no matter what size your staff is; even if it only consists of one W2 salaried person. You must also carry NY commercial auto insurance if you are using a vehicle to conduct any business affairs.
While there are no mandates surrounding commercial liability insurance, business owners in New York would be wise to invest in this type of coverage. Should a client or a contractor sue you for an accident or injury that happens at your place of work, or if a client claims you damaged his or her property, commercial liability insurance will protect you from having to pay the cost of legal fees and any settlements that may be awarded out of your own pocket.
Additional Resources For Health & Beauty Insurance
Learn about small business health and beauty insurance coverages that help protect tattoo artists, salons, spas, estheticians, cosmetologists, barbers, hairdressers, nail salons and more from legal liability.
- Barber Hair Dresser
- Beauty Salon
- Day Spa
- Diet Nutrition Services
- Massage Therapy
- Medical Spa
- Nail Salon
- Permanent Cosmetics And Microblading
- Personal Trainer
- Tanning Salon
- Weight Loss Center
The health and beauty industries help people look good and feel great about their appearance and health. Some of the most popular are:
Cosmetologists - typically can help people with hair styling, cosmetics, and manicures and pedicures.
Estheticians - are trained to work with clients to treat skin care issues.
Hair Dressers & Barbers - offer a variety of services such as; hair cuts, styling, perms, hair dying and highlighting.
Health Club - Gyms, fitness centers, and health clubs focus on promoting healthy lifestyles and active living.
Massage Therapy, Reiki & amp; Acupuncture - can help relieve stress and improve your clients health. Work can be done in a salon, medical office, or home based. Also in your client's homes.
Permanent Makeup & Microblading - Offers coverage for permanent cosmetics, pigment removal and lightening, lasers/IPLs, and needling/MCA.
Salons - Similar to spas, salons are offer customers beauty treatments, services and products.
Spas - Have more exposures for the risks of faulty equipment, products, or unskilled employees that can injure customers.
Tattoo - Tattoo parlor and body-piercing coverage is designed to address the specific risks of artists and their studio.
Yoga & Pilates - forms of exercise designed to improve mind, body and spiritual wellness.
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Quotes from leading small business insurance carriers including: ACE, AmTrust, Chubb, Cincinnati, CNA, Colony, Employers, Evanston, Fireman's, Foremost, Guard, Hanover, Hiscox, Liberty Mutual, LLoyd's of London, Markel, MSA, Nationwide, Penn America, Philadelphia, Prime, Progressive, Scottsdale, The Hartford, Travelers, USLI, Utica First, Western World, Zurich & others.