Whenever you budget the expenses of your business, Wedding and Event Makeup insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unexpected happens.
Like any business owner, for your Wedding and Event Makeup enterprise, you must consider how much financial liability you are taking on.
If your Wedding and Event Makeup business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the upshots of their actions.
In this article, we are giving very general guidelines for startup businesses to outline what the main kinds of insurance that you need are, and where available, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Wedding and Event Makeup business?
What this means, for any Wedding and Event Makeup business owner, is that if some customer claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Wedding and Event Makeup business is not protected 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 New Jersey, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sued for.
When you are running your Wedding and Event Makeup operations, you can’t escape responsibility for the results of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as an LLC, all of that liability belongs to you as a person.
What does Wedding and Event Makeup insurance protect you from?
For your Wedding and Event Makeup business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
As well there are some mandatory kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Wedding and Event Makeup business owner should know when negotiating the insurance needed.
The main categories of insurance for your Wedding and Event Makeup businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Wedding and Event Makeup business is dealing directly with other people, and that means you always have the danger that some accident can happen to them personally or else something of theirs can be ruined.
In such a case, they can demand compensation.
General liability insurance policy for your Wedding and Event Makeup business insures you against claims coming from injury to customers or damage to their property.
It protects your Wedding and Event Makeup business from the claims themselves and in addition to any follow-on 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 demand proper liability insurance.
The usual level of general liability insurance for your Wedding and Event Makeup business would be with a upper limit 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 Wedding and Event Makeup insurance operations.
Professional liability insurance for your Wedding and Event Makeup business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your Wedding and Event Makeup business for them, you can quickly have to fight a court case.
Even if the matter against you is decided in your favor, the cost of defense can be substantial, and the impact on your reputation can be damaging.
Most small Wedding and Event Makeup business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Wedding and Event Makeup insurance section below for average prices of professional liability insurance for your Wedding and Event Makeup 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 the results didn’t meet your description of function, or that your advice was basically incorrect.
You need to know the specific laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held liable for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Wedding and Event Makeup
Only you can estimate exactly how much insurance you should get.
Best advice is to talk to experienced insurance agents, brokers or company representatives for help.
Commercial vehicle insurance for your Wedding and Event Makeup business
Be careful! – almost all policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the vehicle is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.
Commercial car policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is insured if your van is involved in a crash.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary 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 Wedding and Event Makeup business needs specialized and dedicated equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The gear may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.
Unless you can afford to immediately replace such specific gear quickly out of your own pocket, you must have full-level equipment insurance so that you can immediately buy whatever needed to keep your Wedding and Event Makeup business running.
It is hard to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your Wedding and Event Makeup business’ equipment.
Commercial Property insurance
Any Wedding and Event Makeup business that owns or rents space in a building should have a commercial property insurance policy.
If you own the property, you probably have a substantial capital investment, as well as a big liability if there’s a mortgage.
Your physical building location must carry insurance coverage for the value of the premises and contents against natural occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Wedding and Event Makeup business works in areas of high risk, like Texas or South Carolina, additional coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Wedding and Event Makeup business premises, there is a need for more supplementary cover than in warmer climes.
Because the level of cover depends completely 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 Wedding and Event Makeup insurance section below to give some indication of the average prices per million dollars of property insurance for your Wedding and Event Makeup business.
Temporary insurance by month, week or day for your Wedding and Event Makeup business
Is your Wedding and Event Makeup business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Wedding and Event Makeup – are special policies where you can cover a nominated 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 buy the cover for a defined period – a nominated 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 better 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 Wedding and Event Makeup business
You have the chance to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates commercial property and public liability insurance by amalgamating 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 frequently the right choice for small and medium-sized Wedding and Event Makeup businesses, such as yours.
There are a few limits that will rule whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle risks.
Also, the size of your business will determine whether you are eligible to take out BOP cover.
The typical business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual turnover.
As well, you must separately take out the required worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Wedding and Event Makeup business employees
In almost all states, it is mandatory to have workers compensation insurance when your Wedding and Event Makeup business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if an employee experiences an injury or becomes sick as a result of work.
The benefits cover 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.
In these states, you can’t take out your workers compensation obligations from private insurance corporations.
Workers compensation premiums are calculated 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 Wedding and Event Makeup insurance requirement is unique, there are enough examples of average quotes from insurance companies for us to give rough 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 Wedding and Event Makeup businesses needs.
|Types of insurance||Price range|
|Public liability insurance||$365 – $524|
|General liability insurance||$631 – $937|
|Equipment insurance||$401 – $1189|
|Commercial insurance||$1128 – $2510|
|Product liability insurance||$280 – $575|
|Commercial vehicle insurance||$1769 – $3395|
Cost of insurance for your Wedding and Event Makeup operations depends on many different factors.
We have calculated these figures for small freelance Wedding and Event Makeup businesses.
The location and size and type of your Wedding and Event Makeup business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by searching for insurance companies near where your business is located.
Another useful source of information is the local Better Business Bureau in your town.
What is small business insurance for Wedding and Event Makeup operations?
This is an umbrella term used to describe common insurance policies designed to protect Wedding and Event Makeup business owners from risks like bodily injury, property damage, claims of negligence.
Does my Wedding and Event Makeup business have to have insurance?
Some of the forms 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 Wedding and Event Makeup business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a third-party 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 Wedding and Event Makeup insurance.
How much will Wedding and Event Makeup business insurance cost?
In addition to the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should talk to professional insurance agents and brokers, or insurance company representatives.