When Should a Hair Salon Get Commercial Insurance?

If you own a hair salon or you’re thinking about opening one, it’s pertinent that you understand the importance of commercial insurance. Many business owners wait for months or years until they get insurance. This is often a huge mistake and can even lead to the failure of a company in certain instances. Here at the Southwest Insurance Center serving the Austin, TX area, we take pride in helping hair salons around the area protect themselves with proper insurance. Here’s a look at the top two reasons your salon should get commercial insurance from day one.

Product Recall

As a salon owner, you offer your clients so much more than a hair cut or styling. You are offering them products to ensure they look their best even when they’re doing their own hair at home. But what happens if you sell them a product that ends up getting recalled? Will your customers take their business elsewhere because they start to think poorly of you since you sold them a bad product? With commercial insurance that has business interruption coverage, you can rest easy knowing your salon is protected against the losses that you endure do the loss in clients.

You Burn a Client

It happens even to the best of hair stylists. You get busy chatting and then all of a sudden your client yells "Ow" because you accidentally burned her neck with the curling iron. Or maybe you leave the straightener on a chunk of hair for too long and what was supposed to be a medium-length hairstyle all of a sudden has to be turned into a chin-length bob. These kinds of instances put you at great risk of being sued by the customer. With professional liability insurance through commercial insurance, you can take comfort in knowing you are protected.

Contact the Southwest Insurance Center serving Austin, TX today to learn more about the reasons you need to have commercial insurance from the get-go at your salon.

Should I cash out my life insurance if I have an emergency?

If you live in Austin, TX, you may have purchased a whole life insurance policy through Southwest Insurance Center so you could have access to cash if you needed it. There wouldn’t be much point in having it if you were afraid to ever use it, but it can be difficult to decide when to take advantage of it. You may even need to pay taxes on the cash you get, so you want to make sure you are doing the right thing.

Two Kinds of Benefits In a Whole Life Policy

There are actually two kinds of cash benefits available if you have a whole life policy. The first one is the same as you would have with a term life policy, a death benefit. That benefit comes into play if you die, and your beneficiary will have access to that money to help settle your estate or help pay for your funeral or other expenses.

The unique advantage to a whole life policy is the actual cash value. When you pay your premium, the money adds up and could get quite large over time.

Borrowing, Withdrawing or Surrendering

There are three ways you can get the cash value from your policy. You can simply borrow the money and pay it back, so you still have a solid policy later. You can withdraw money and keep it, which diminishes your total. Or you can simply surrender your policy, cashing it out and canceling your policy.

When you are thinking about getting cash from your policy, it may help to know you can keep your policy, and even pay the money back. If you are in Austin, TX and have any questions about your policy, or if you would like to purchase one, give Southwest Insurance Center a call today.