Money Matters

Renters Require Separate Coverage

It’s important that booth renters recognize that they are actually a small business and find their own insurance plans.

It’s not nearly as fun as contemplating the latest polish colors or the perfect C-curve, but thinking about insurance is just as essential to your business. If you’re an independent contractor or booth renter, the coverage you receive under your salon owner’s policy will be minimal to none, warns Mary Lynne Blaesser of Marine Agency Corp., an insurance firm specializing in liability and property coverage for the beauty industry. “It’s important that you recognize that you are actually a small business and plan to protect yourself as such,” she advises. Below Blaesser answers some commonly asked questions:

I have been working for five years and have always rented in a salon. Is the equipment that I own and use in my rental covered in case of fire, theft, or other damage?

No it is not. Your salon owner can not insure property she does not own. Your property must be covered by a policy in your name tod should include everything that belongs to you. Don’t forget to include any products you use or offer for retail.

If a fire makes the salon or my area uninhabitable, am I covered for my loss of income during the repair time?

Onceagain, no. You will only be covered for your loss of incomeif you have your own policy in place. The salon owner’s policy protests her income, not yours.

My previous salon owner required that I provide proof of my insurance coverage. My new salon is requiring that they be named my policy as an “additional insured.” What is the meaning of additional insured,” and what is the difference?

An additional insured endorsement names the salon as just that — an additional insured. This means that they have the same coverage under your policy as you have. It also means that if, for some reason, you cancel your policy, the salon owner would be notified that you no longer have protection. As additional insured, the salon owner is protected if you are sued and they are named in the suit. Your insurance carrier should be able to provide this endorsement for you at little or no cost.

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