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Cosmetology and barber schools are amongst the education institutions that face the highest degree of risk, which can become grounds for accidents that result in claims and lawsuits.
That’s why getting your cosmetology and barber school insured is of great importance if you want to reduce the financial burden and stress your school will go through if an accident were to happen.
How Much Does Cosmetology & Barber Schools Insurance Cost?
The price of your cosmetology and barber school insurance will depend on various factors, including your school's size and the level of insurance coverage you want to take out.
The average cosmetology and barber school in the United States pays approximately $50 every month or $600 every year for general liability insurance. Your business will be protected from claims and lawsuits related to third-party bodily injuries and property damage with this policy.
Schools that hire employees are legally required to take out worker’s compensation insurance. This policy costs the average cosmetology and barber school in the United States around $130 every month or $1,560 annually. It’s designed to provide financial cover if your staff get sick or injured at their place of work.
Business owner’s insurance is another popular policy amongst cosmetology and barber schools in the U.S. This level of cover costs around $125 per month or $1,500 per year. It combines general liability insurance and commercial property insurance.
To protect your school from claims and lawsuits relating to negligence, professional mistakes, malpractice, and other similar accusations - professional liability insurance is recommended. Such a policy will cost you an average of $110 per month or $1,320 per year.
If your school has any company vehicles, commercial auto insurance will be required by law, which can cost you around $250 every month or upwards of $3,000 per year.
What Types of Insurance Do Cosmetology & Barber Schools Need?
Cosmetology and barber schools have a number of insurance policies available to them to pick from. The type of insurance your school needs to take out will depend on the number of staff you have employed, the size of the school, the number of students you have, and other similar variables.
Please continue reading to find out the most popular insurance policies amongst cosmetology and barber schools:
Why Do Cosmetology and Barber Schools Need Insurance?
Getting your cosmetology and barber schools insured is crucial if you want to preserve the financial standing of your school and make dealing with accidents, lawsuits, and claims a much easier and smoother process.
This is because if your school gets sued or if the physical property of your school suffers from property damage - the insurance company will step in and take care of all the financial liabilities that have arisen as a result of the accident.
If your school didn’t have an adequate level of cover - it would be the one that will have to cover all the costs, which can severely hurt its financial standing, budget, and future.
On the other hand, in certain states - state law requires cosmetology and barber schools to have a certain level of insurance before they are granted their license and can enroll students into their programs.