Starting a tattoo or piercing business can help you make a lot of money, but like other businesses, it has its risks. It is important for owners to have tattoo shop insurance to protect themselves from unwanted financial stress and false claims. An unhappy client can cost you thousands of bucks, so it is better to be safe than sorry! If you are new to this business, here are some general business insurance tips to help you survive.
General Liability Insurance
This is the most basic type of insurance policy every business owner should have. It covers all types of property damage or injuries you or your client might suffer from at the premises. It does not, however, cover for the employees. You need a separate insurance policy for your workers.
Tattoo Artist Professional Liability Insurance
Everybody makes mistakes, and tattoo artists are no different. Liability insurance is a type of protection against these mistakes or malpractice. This is a type of protection every tattoo shop should have. It extends protection to the fact that artists can and should make mistakes while inking. These errors might upset the customer or even injure them, which is why liability insurance is a must. Extremely dissatisfied customers may threaten to sue. Therefore, liability insurance will help settle down disagreements and lawsuits.
Body Piercer Professional Liability Insurance
This is just like the liability insurance above, except that it is for piercers. If the artist pierces the wrong site or damages the area while doing so, the customer may again become upset and sue. Liability insurance is there to cover for you and any cost that you may have to pay. All types of piercings ranging from ear to genitals should be included in this policy to ensure that your business is fully protected.
Workers Compensation Insurance
Another general business insurance you should have is for your workers. Protecting your employees is an essential part of a successful business. Workers’ compensation insurance is particularly beneficial for employees who suffer from injuries during the tattoo-making process or piercing process. Injuries could be mild, like finger/hand cramps resulting from repeated movement. Workers are also at risk for contracting blood-borne diseases like HIV when working with needles. As a rule, always make sure the equipment is sterilized before using it on a customer to avoid incidents like these.
Commercial Property Insurance
If, during an unfortunate event like a natural disaster, fire, or the bursting of gas pipes causes damage to the tattoo or piercing shop, this type of insurance will cover it. It usually covers the shop, equipment, signage, and furniture.
Business Interruption Insurance
Any event that forces you to close your business, even if that is for a day or two, can be heavy on the pocket. The business interruption insurance policy will help cover for the lost income, as well as salaries of the employees, taxes, and advertising to bring you back into business!
In the business world, every day is challenging. You have to take many risks to let your business thrive, but the safest way to protect yourself and your business is to choose the right insurance plan.
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