Whenever you budget the expenses of your business, Makeup Artists insurance must be near the top of the list because you can’t always know exactly what is going to happen in the future.
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With the protection provided by insurance against accidents and all the other types of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your Makeup Artists enterprise, you must consider how much financial risk you are taking on.
If your Makeup Artists business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a total wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for growing businesses to outline what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Makeup Artists business?
What this means, for any Makeup Artists business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Makeup Artists business is not sheltered by laws in the same way as states are, where edicts can place a “cap” on the maximum level of liability.
In some states, like Texas, there are specific monetary levels that limit the amount a judge can award in any case against the state.
In a court case, it’s purely the privilege of the jury to award whatever amount they deem appropriate, even sometimes giving a claimant more than they have claimed.
When you are running your Makeup Artists operations, you can’t escape responsibility for the outcomes of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you alone.
What does Makeup Artists insurance protect you from?
For your Makeup Artists business, the most important kinds of insurance are meant to cover the risks to your business from accidents, from unexpected events, and from mistakes.
In addition there are some official kinds of insurance that various states require.
In the next few paragraphs, we will describe the most important points any Makeup Artists business owner should consider when negotiating the insurance needed.
The main headings of insurance for your Makeup Artists businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Makeup Artists business is dealing directly with customers, and that means you generally have the danger that some accident can happen to them personally or else something of theirs can be damaged.
In such a case, they can sue you for compensation.
General liability insurance policy for your Makeup Artists business protects you against claims coming from injury to clients or damage to their property.
It protects your Makeup Artists business from the claims themselves and also to any associated court costs and legal fees of the lawsuits.
In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts insist on proper liability insurance.
The normal level of general liability insurance for your Makeup Artists business would be with a cap of $1 million for a single submission and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Makeup Artists insurance operations.
Professional liability insurance for your Makeup Artists business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Makeup Artists business for them, you can quickly have to fight a law suit.
Even if the matter against you is ruled in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Almost all small Makeup Artists business should have enough professional liability insurance to cover a single claim of $25,000, with annual cover of $50,000.
See the table in the cost of Makeup Artists insurance section below for average prices of professional liability insurance for your Makeup Artists operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that clients may claim that what they received didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to understand the particular laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for damages caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Makeup Artists
Only you can know exactly how much insurance you need.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Makeup Artists business
Be careful! – practically all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the car is being used for business purposes.
The best way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.
Commercial truck policies guarantee the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the truck itself, the content and any legal bills, medical expenses, and property damage is covered if your car is involved in a crash.
Most states, other than Virginia and New Hampshire, mandate this type of insurance.
The required value of the insurance depends on the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your Makeup Artists business needs unique and expensive equipment, you will realize how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unexpected acts.
As well, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy whatever needed to keep your Makeup Artists business running.
It is difficult to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Makeup Artists business’ equipment.
Commercial Property insurance
Any Makeup Artists business that owns or rents space in a building needs a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, along with a big liability if there’s a mortgage.
Any physical building location must carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against criminal damages like theft and vandalism.
If your Makeup Artists business deals in areas of high risk, like Texas or Georgia, supplementary coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Washington, where intense cold snaps can cause damage to outer coverings of Makeup Artists business premises, there is a need for more extra cover than in warmer climes.
Whereas the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Makeup Artists insurance section below to give some idea of the average prices per million dollars of property insurance for your Makeup Artists business.
Temporary insurance by month, week or day for your Makeup Artists business
Is your Makeup Artists business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes good sense. Business insurance by the month, day, or week – temporary insurance for Makeup Artists – are special policies where you can cover a designated period when you want to be covered.
By only paying for that period of cover, you will save by having reduced premiums but still having the same risk cover.
The important feature of short-term insurance is that you purchase the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of larger business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Makeup Artists business
You have the choice to combine several of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP combines commercial property and public liability insurance by incorporating these coverages into one insurance policy, which can save you money.
BOP insurance will shield you if any claims of injury or property damage are made.
It is mostly the right choice for small and medium-sized Makeup Artists businesses, such as yours.
There are a few limits that will rule whether BOP is suitable for your own business.
BOPs cannot cover your professional liability or commercial vehicle policies.
Also, the size of your business will dictate whether you are eligible to take out BOP cover.
The usual business that is allowed to take a BOP policy must have less than one hundred employees, and maximum five million dollars in annual revenue.
Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Makeup Artists business employees
In many states, it is mandatory to have workers compensation insurance when your Makeup Artists business has one or more employees.
Workers compensation insurance covers the enterprise against any costs that arise if an employee experiences an injury or becomes sick as a result of work.
The benefits provide for medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s regulations in this regard can leave you as the employer having to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only authorize coverage from the government-run monopoly state funds.
In these states, you cannot obtain your workers compensation obligations from private insurance companies.
Workers compensation rates are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must see the relevant authorities in your state.
Average costs of these types of insurance
Although every Makeup Artists insurance need is unique, there are enough examples of average quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Makeup Artists businesses needs.
|Types of insurance||Price range|
|Commercial insurance||$1088 – $2595|
|Equipment insurance||$359 – $1066|
|General liability insurance||$627 – $1010|
|Public liability insurance||$379 – $592|
|Commercial vehicle insurance||$1859 – $2628|
|Product liability insurance||$261 – $512|
Cost of insurance for your Makeup Artists operations depends on many different factors.
We have calculated these figures for small self-employed Makeup Artists businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, whereas in smaller states like Utah, they can be about 20%-30% less.
The location and size and type of your Makeup Artists business can have a big effect on the cost of different policies.
You should talk to professional insurance agents and brokers, or insurance company representatives.
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In addition you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another good source of information is the local Better Business Bureau in your suburb.
What is small business insurance for Makeup Artists operations?
This is a wide term used to describe standard insurance policies designed to protect Makeup Artists business owners from risks like bodily injury, property damage, claims of negligence.
Does my Makeup Artists business have to have insurance?
Some of the kinds of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Makeup Artists business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a client for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the best policies for Makeup Artists insurance.
How much will Makeup Artists business insurance cost?
On top of the size of the business, several other factors, such as location and claims history, are used to determine your policy’s cost.
You should discuss with professional insurance agents and brokers, or insurance company representatives.