Nail salon owners face many risks operating their businesses every day. Sharp objects, toxic products, slippery floors, and other hazards could cause serious injuries to staff members and customers. These are in addition to the typical risks most business owners face, like fires, weather damage to their storefronts, robberies, and vandalism.
The best way to protect your nail salon against these risks is to get adequate insurance protection. This article will reveal the 6 best insurance companies offering coverage for nail salons and nail technicians and explain what you need to know to get the right coverage for your business.
- 6 best nail salon and nail technician insurance companies
- What is the most important coverage for nail salons and nail technicians?
- What types of situations does general liability insurance for nail salons cover?
- What other types of coverage do nail salon owners get?
- How much does nail salon insurance cost?
- What can I do to lower my nail salon insurance costs?
- How do I find the cheapest nail technician or salon insurance coverage?
- How much does nail technician E&O insurance cost?
6 best nail salon and nail technician insurance companies
- Simply Business: Best for an easy and fast buying process
- CoverWallet: Best for comparing quotes from multiple providers
- Hiscox: Best for complete nail salon insurance coverage
- Three: Best for a simplified insurance policy
- NEXT: Best for an excellent digital experience and affordable coverage
- Thimble: Best for nail salons with short-term insurance needs
Simply Business: Best for finding cheap coverage from reputable carriers
Simply Business isn’t just the name of the company. It’s how the firm approaches small business insurance. It has a proven track record of making purchasing it clear, simple, and affordable.
The company was founded in 2005 as an online business insurance brokerage, connecting nail technicians, salon owners, and others with coverage from the top-tier insurers in its vast network. Simply Business will help you find the right business insurance at the cheapest price. They partner with reputable carriers who tend to be able to provide low-cost coverage and would otherwise be unavailable to you.
Simply Business is known for its:
- Fast and affordable coverage
- Solutions tailored to the needs of individual businesses
- Flexibility when it comes to coverages and limits
You owe it to yourself to get a quote from Simply Business for nail technicians or salon insurance protection.
CoverWallet: Best for comparing quotes from multiple providers
The best way to get solid nail technician or salon insurance while saving money on your coverage is to get quotes from several insurers. The simplest way to do that is through an online marketplace like CoverWallet.
CoverWallet is a leader in using technology to connect nail salon and other business owners with the coverage they need at the fairest possible price. The platform makes it quick and easy to get quotes from several insurance companies at once, making it possible to compare coverage and premium prices from well-known and respected insurers all on a single screen.
The firm’s experts use their extensive experience to ensure you only have to input the information needed to generate fast, accurate quotes. The entire process typically takes less than ten minutes to complete.
Once you get your quote, CoverWallet makes it easy to purchase nail business insurance online or through a CoverWallet representative. When you get your policy through CoverWallet, it’s simple to manage your coverage online, including downloading proof of insurance, filing a claim, renewing coverage, and more.
Here is a simple business owner’s policy quote for a nail salon from CoverWallet.
Hiscox: Best for complete nail salon insurance coverage
Hiscox specializes in providing insurance for small businesses, especially those with fewer than ten employees. It has earned an A grade from AM Best, an insurance company rating agency, for financial strength, which means it’s in a solid financial position for paying off claims. They can customize coverage for nail salons and other types of businesses. Hiscox offers a complete range of coverages, including general liability, professional liability, errors and omissions, cybersecurity, business owners, and workers’ compensation insurance.
Here is a sample nail salon business insurance quote from Hiscox.
Three: Best for a simplified insurance policy
THREE positions itself as a new kind of small business insurance company. It protects nail technicians and salon owners, employees, property, and operations with a single comprehensive insurance policy.
Purchasing one complete policy is an excellent way to prevent coverage gaps that could leave your business vulnerable if something unexpected happens to it. THREE provides all the coverage most small businesses need in one easy-to-understand three-page document. A single policy means you only need to pay one monthly or annual insurance bill, and you have one number to call for filing any type of claim. Three may be the simplest way for nail technicians and salon owners to get business insurance coverage.
NEXT: Best for an excellent digital experience and affordable rates
NEXT is a 100% digital carrier. They are new, founded in 2016, specializing in providing insurance coverage online for contractors and other local businesses, including nail salons. Working with NEXT is fast and easy. You can do everything completely online.
- Excellent digital experience from quoting, buying a policy, and managing a policy. Everything is fast and easy online
- Reasonable rates, especially for local businesses such as nail salons
- Backed in A+ reinsurer, Munich Re
- Limited specialty insurance types
- Limited customer service support during the buying process
Thimble: Best for nail salons with short-term insurance needs
Thimble is an online insurance agent that offers annual insurance policies, or coverage by the month, day, or hour to nail salon owners and others who need business insurance fast. Its policies are supplied by insurance companies affiliated with Thimble, not Thimble itself.
Thimble is a convenient option for businesses that need fast or temporary coverage quickly. It’s also a good choice for nail salon owners who hire contractors. You can use Thimble to determine insurance requirements for the people you’re hiring, and they can purchase insurance through Thimble.
Because Thimble doesn’t underwrite its policies, you will have to file claims with the company you have your insurance through.
Also, be aware that Thimble customer support is only available online. It may not be a good option if you like to ask questions over the phone, when you’re shopping for coverage or after you’ve purchased your insurance.
Here is a sample nail business insurance quote from Thimble.
What is the most important coverage for nail salons and nail technicians?
The most common business protection purchased by nail-related business owners is general liability insurance.
Some of the risks general liability insurance covers are:
- Bodily injury. If someone slips and falls on a slippery floor at your nail salon, general liability insurance will pay legal and settlement costs, along with medical care expenses, if you’re sued over it.
- Property damage. If a nail technician damages an expensive handbag because they spill nail polish remover on it, general liability coverage will pay for a replacement or to repair it.
- Advertising issues. If you’re ever sued over advertising problems, such as using a photo you don’t have the rights to, general liability insurance will help pay the costs associated with a lawsuit.
Businesses are not required by law to carry general liability insurance. However, operating without it is very risky. If your business is sued, you could have to pay extraordinarily high legal and settlement costs that are often high enough to bankrupt most nail salons.
Having enough general liability coverage in place to help pay these costs is the only way to prevent lawsuits resulting from the unique risks faced by nail salon owners from devastating the business.
Learn more at the best general liability insurance companies.
What does general liability insurance for nail salons cover?
Here are some examples of things covered by general liability insurance.
You decide to move your nail salon into a space in a commercial plaza that gets a lot of foot traffic. This is a good thing for your business because you will likely attract more customers. However, your landlord requires you to carry at least $1 million of general liability insurance before she leases the space to you. You shouldn’t consider this requirement a negative thing. Instead, view having a general liability policy with the required limits as a way to qualify for the lease while protecting your business — and your landlord — from extremely costly lawsuits.
A salon technician who works for you is cleaning a foot basin next to a customer getting her nails done. The technician accidentally spills the basin’s contents on the customer’s briefcase, damaging it and the important papers inside. A general liability insurance policy would cover the costs of replacing the briefcase and paperwork.
An employee mops the floor in the lobby of your nail salon. They place a sign in the area indicating that the floor is wet and slippery. Despite the sign, a customer slips and falls and breaks her arm. A general liability policy would cover the medical bills resulting from the incident.
These are just a few examples of the things covered by general liability coverage. Your insurance agent or insurance company representative can explain what’s covered by different policies.
What other types of coverage do nail salon owners get?
While general liability is the most critical type of insurance for nail technicians and salon owners to have, there are several other forms of coverage you should consider, including:
- Commercial property insurance. If you own your salon location instead of renting it, you need property insurance to protect the building. If your business is based out of your home, your homeowners’ insurance will not cover damage caused while offering nail services in it. Business property insurance covers damage from fires, weather events, theft, and vandalism. It protects your building, the property immediately around it, and its contents. This coverage can be purchased independently or through a business owner’s policy. Learn more at commercial property insurance cost and the best commercial property insurance companies
- Business interruption insurance. This insurance pays lost income if your nail salon cannot operate for a reason covered by your insurance. This coverage is usually part of a BOP. Learn more at the best business interruption insurance companies.
- Workers’ compensation insurance. Most states require businesses with employees to carry a defined level of workers’ compensation insurance for each of them. Workers’ comp covers medical treatment, lost wages, and more in the event of a work-related illness or injury. Workers’ compensation coverage is usually purchased as a standalone policy. Learn more at workers comp insurance cost and the best workers comp insurance companies.
- Commercial umbrella insurance. Umbrella insurance increases your coverage limits above and beyond the standard limits of your other business insurance policies. It provides additional protection if you face an exceptionally large lawsuit or claim and your standard policies are insufficient. You typically add this coverage to your BOP and other insurance. Learn more at the best commercial umbrella insurance companies.
Business Owners Policy (BOP) insurance for nail salons
The most popular insurance policy for nail salon owners is Business Owners Policy (BOP). It is a bundled policy combining general liability and commercial property coverages in one single policy, which makes it easier and cheaper for salon owners to manage their insurance needs.
How much does nail salon insurance cost?
The typical nail salon in the United States spends between $100 to $500 per month for $1 million coverage limit Business Owners Policy (BOP) policy. Below is the cost comparison for a small nail salon that we collected from a few popular providers.
|Liberty Mutual (through CoverWallet)
|$110 per month
|$133 per month
|Chubb (through CoverWallet)
|$225 per month
|$342 per month
As you can see their costs vary quite significantly. And you will have different costs from them as well. Liberty Mutual has the lowest cost for this nail salon, but they might have the highest cost for your case and it is also possible that Thimble might have the lowest cost for your salon. Be sure to shop around with a few companies to compare quotes. Get a online quote from Thimble is super quick, just less than 5 mins. Work with a broker like CoverWallet or Simply Business to get and compare several quotes in one place is highly recommended too.
What factors affect nail salon insurance cost?
Several factors will determine the ultimate cost of your policy. These include:
- Location. Businesses in heavily trafficked areas will pay more for coverage.
- Deductible. If you select a policy with a high deductible, you’ll pay less for your insurance.
- Number of employees. Businesses with more employees face more risks and pay more for coverage because of it.
- Employee experience. If you hire employees with many years of industry experience, it will pay off in lower insurance premiums.
- Per-occurrence and general aggregate limits. Higher levels of coverage will cost you more.
- Insurers. Different insurers have their own methods for estimating premium prices.
You may get general liability insurance at a discounted price by buying it as part of a business owner’s policy (BOP) rather than a standalone policy. A BOP also typically includes business property and interruption insurance, two types of coverage many nail technicians and salons often purchase.
What can I do to lower my nail salon insurance costs?
The best way to take control over your insurance costs is to prevent the risks that could result in claims. If you make claims on your insurance, it’s likely your premium rates will go up, and if you have made claims over the past three years, your insurance quotes will be higher than they would have been if you had not.
Here are several things you can do to limit business risk:
- Always work with a lawyer to draw up solid contracts and other business documents. Have your legal representative review leases and other documents before you sign them.
- Set up a limited liability company (LLC) or incorporate to protect your personal assets if you’re ever sued for business reasons.
- Keep business licenses up to date.
- Run a safe workplace. Regularly train employees on nail salon best practices.
It’s also essential to get nail salon insurance quotes from several insurers to compare costs and coverages and find the best deal for you.
How do I find the cheapest nail technician or salon insurance coverage?
You never want to skimp on your coverage. Here’s how to find the insurance you need at the lowest price:
- Shop around for the best value. Get quotes from several insurers to compare coverage and premium prices.
- Never stop shopping around. Get quotes before you renew your policy every year.
- Ask for recommendations. Other nail salon owners may be able to recommend an insurer to you.
- Take advantage of discounts. If they’re not offered to you when requesting a quote, ask about them, whether you’re buying through an agent or online. They’re a sure way to lower your coverage costs.
These steps will help ensure you’re not paying too much for your nail salon coverage.
What insurance coverage nail technicians should get?
The most popular insurance policy for nail technicians is E&O insurance or also called professional liability insurance. This protects nail technicians against lawsuits filed by your clients claiming that you make a mistake while providing manicure services to your clients and your mistake may have caused them to suffer from bodily injuries or their property damages. This insurance can cover legal and court related costs, along with settlements. These things can be very costly for a nail technician to pay for.
Some nail salons require their technicians to have this coverage before working in the salon since they don’t want to be held liable if your clients sue you. Even if it is not required by the salon owner, you should have this coverage to protect your business and financial wellbeing.
How much does nail technician E&O insurance cost?
E&O insurance for nail technicians isn’t actually very expensive. The average E&O insurance policy costs nail technicians around $50 a month.
It can vary depending on your experience, location, claim history, and other factors. Just make sure you shop around with a few companies. Get quotes online with Thimble is super fast, just less than 5 minutes. If you want to compare several quotes in one place, getting online quotes with CoverWallet or Simply Business is another good idea.