What is the cost of Barber Shop Insurance?

Get a Quote
Share
Tweet
Share
Share

If you’re thinking of opening a barber shop, you’re likely to be wondering how much barber shop insurance is going to cost you. You need the insurance to protect your business, but it’s yet another cost that you’re going to have to factor into your business plan.

However, because all barber shops are different, it’s not an easy question to answer. A small barber shop that’s operating in rented premises in a place where there’s very little crime will have to pay a considerably lower insurance premium than a barber shop operating from a building that it owns in London’s West End, particularly if it specialises in doing haircuts for celebrities.

You can find out how much your insurance will cost by speaking to an insurance broker who will give you a quote. Generally, you won’t have to pay a fee for this quote and there won’t be any obligation to accept any quotation that you’re given.

However, certain factors affect how much your insurance will cost and when you know what those factors are it becomes easier to manage your insurance costs.

 

The main things that affect the cost of barber shop insurance

Some things affect the cost of insurance no matter whether you’re a barber or are running any other type of business. These are the things that result in the likelihood of you having to claim on your insurance and if you do, how large that insurance claim might be. They are:

  • Your experience, qualifications, and history
  • How much you are insuring
  • What you are insuring

 

Your experience, qualifications & history

If you’re fully qualified and you have been working as a barber for many years without having made a claim, insurance companies will treat you more favourably than if you haven’t got any qualifications and have just started out or if you’ve made previous claims.

That doesn’t mean insurance has to be expensive for a new business. If you’ve completed some training it demonstrates that the risk of something going wrong isn’t as high.

 

How much you’re insuring

If you own your own premises and have state-of-the-art, top-end equipment, you will be paying more for your insurance than you will if you don’t need to insure your building because it’s rented and you’re using fairly basic, low-cost equipment. This is because in the event of a claim, there is more property at risk so any claim you have to make could be more expensive to settle.

Similarly, liability insurance is normally based on the annual turnover of a business. Obviously, doing twice as much work means that there is twice as much chance that something could go wrong and lead to a someone making a compensation claim against you.

 

What you’re insuring

In some areas of the country, the risk of theft or vandalism is much higher than in other areas. As such, if you’re insuring a business in a high-risk area, your insurance premium will be higher.

You can often reduce your insurance cost by upgrading the security at your business premises. Many insurers will offer a discount if you fit an intruder alarm, for instance. Even if there isn’t a discount, upgrading your security means you’re less likely to have to make a claim and if you don’t make regular claims, this keeps your insurance costs down.

But if you’re operating in an upmarket area and have wealthy clients, it’s possible that any compensation claim made against you could result in a higher award because the claimant’s loss of wages as a result of the incident would be higher. You might need to think about having a higher indemnity limit in you public and products liability policy, and this would increase the cost of your insurance cost.

Are you protecting your business?

As one of the industry leaders in insurance for the salons and hair and beauty sector, we learned a thing or two about what makes a great insurance policy. But don't just take our word for it — design your own unique policy online and find out what we can do for you.
Get A Quote

Our Reviews

4.9 / 5 Based on 210 Reviews

Very quick and simple to do! So happy everything is covered with no fuss! Thank you! x

1 week ago

A really quick and easy service to use,would highly recommend.

on Feb 5th

Absolute love the idea I can pay monthly for my insurance! Thank you x

on Jan 25th
© Copyright 2018 Salon Saver | Salon Saver is a product of Henry Seymour & Co (Barkdene Ltd) which is authorised and regulated by the Financial Conduct Authority.Registered in England No 1842617 Insurance Brokers. All rights reserved.
Get a Quote