Salon property insurance is coverage for property such as massage tables, booths, tables, chairs, computers, tenant improvements, and just about anything else in your salon. Though property coverage is often optional for you, without property coverage a fire or theft claim will come out of your own pocket. Here are seven important things to know about salon property coverage.
1. How am I protected by salon property insurance?
Property insurance protects you by providing reimbursement for loss of property you own or lease. Some good examples are theft and fire.
2. What is covered with Insurtec’s salon property insurance?
Our salon insurance program uses “replacement cost” to value your property. This means what it would cost to replace your property is the value we would insure you for. Property insurance may cover your building, your business personal property, your income from business operations, outdoor signs, money on your premises, and the cost of reproducing electronically stored data.
3. What is business personal property (BPP)?
BPP covers your contents, equipment, inventory, fixtures, and your cost in any permanent improvements to the premises such as carpet and interior wall structure. Other coverages are added to the BPP without charge such as loss of income and outdoor signs. BPP does not include building coverage, which you will only need if you own your building.
4. What if I have leased equipment?
In some instances, there may be others who have an interest in property owned by you such as a bank you used for a loan or a leasing company. Because of their interest, these entities will require you to carry insurance on the property they own. Insurtec can provide proper evidence of insurance to banks and leasing companies.
5. What isn’t covered by salon property insurance?
Some typically excluded causes of loss are damage caused by the backup of a sewer or drain, damage caused by surge or failure of an electrical power source, flood, earthquake, and damage caused by contamination.
6. How do I calculate the amount of salon property insurance I need?
We offer our policies on a replacement cost basis. This means when you calculate how much coverage you should carry, be sure to include what it would cost to replace the property. Therefore, you should think about what it would cost to replace everything in your salon if there was a fire.
7. What happens if I do not have enough salon property insurance?
If you are underinsured, you may not be eligible to recover the full amount of the loss. For instance, if you had $150,000 worth of property and only covered $100,000, you would most likely not recover the full amount in a $100,000 loss because you would be considered underinsured.GET A QUOTE