Price factors into just about every purchasing decision we make and it’s no different for insurance. You want to make sure you’re getting a great deal but also getting a useful product. The elusive blend of affordability and all-inclusive coverage can be found when you know what to look for.
Here, we’ll cover all the ins and outs of how much cosmetologist insurance really costs to help you find the perfect plan that maximizes the value you’ll receive.
Cosmetology Prices Vary - Widely
If you have started to compare your options for cosmetologist liability insurance, then you know that plan costs vary widely. Plan pricing is based on many different factors in insurance plans but it pretty much all comes down to risk. Insurance companies analyze risk for a living and then build out a plan that’s meant to provide certain levels of protection.
Different ways that insurance plan pricing can change from plan-to-plan include:
- Varying premiums based on coverage limits.
- Different prices for different states where you operate.
- A wide variety of membership dues, fees, and other extra costs.
- Charging more if you offer services outside of the covered core.
With all of these variables affecting the price you pay for cosmetologist liability insurance, it’s important to be a savvy shopper. We’ll hit on how each of these factors can impact the bottom line next.
Different Prices Based on Coverage Limits
You’ll often see plans with different coverage limits available at different prices. The lower the amount of coverage, generally the cheaper the plan will run. While it can seem like a win-win to go for the lowest tier and lock in a cheap rate, you have to be careful. A really low limit can mean there isn’t a whole lot of coverage actually being offered.
You’re buying insurance to provide real protection in the event of a mishap occurring at some point in your career. Low-limit plans may be cheap, but the smaller limits can leave you exposed when an unexpected event pops up.
Liability Insurance Based on Location
Another key differentiator is the price you will pay with different cosmetologist insurance plans is going to be where you live in the U.S. Elite Beauty Society charges a single fee for all our members across the U.S. because we include a provision called “portability” in our plans. Portability means you can move from one salon to another or even clear across the country and you don’t have to worry about anything with your insurance policy through us other than changing your personal information. Your insurance is still just as valid and there are no additional fees to move ever.
Without portability, and even with it on some plans, prices for insurance can vary widely just across state borders based on the insurance company's calculation of risk based on your location.
The Final Cost of Cosmetology Insurance May Include Fees
Take note that some of the plans out there may advertise a really low price but then when you get to check out you suddenly see a list of additional fees tacked on. Membership fees, additional modality fees, and other dues can all skyrocket the costs of a plan. Our plans were designed to be easy and straightforward, the price you see on the site is the price you’ll pay and there are no hidden fees, ever.
Providing Services Outside Your Core Covered Ones Can Cost You
For many cosmetologists, they are employing a great many different techniques and beauty routines in a typical day to meet the needs of their clientele. It may be acting as a hairstylist, an esthetician, a makeup artist, and doing nails—all with the same client. With a lot of plans out there, the insurance you buy is strictly for one type of service meaning if you do anything outside of that, you will either have to pay an additional fee or even risk not being covered at all.
Performing a service you don’t have insurance coverage for is risky business which is why our plan covers literally hundreds of beauty and wellness services simultaneously under one all-encompassing insurance plan.
A few of the more than 350 beauty services that are 100% covered under Elite Beauty Society cosmetology insurance plans include:
- Chemical Treatments
- Hair Extensions
- Ombre or Balayage Highlights
- Spray Tanning
- Makeup Services
- Even Massage Services - All Covered!
The Benefits You Receive Ratchet Up the Value Factor
Something that can be hard to see when just comparing prices for cosmetology insurance is going to be the real value of the plan. Seeing this is going to take weighing the cost versus all the benefits of the plan. The plan obviously provides insurance coverage and you definitely want to see a well-stacked lineup of liability coverage and other protections, but then you also need to see a healthy member benefits program that’s going to start providing value on day one.
Elite Beauty Society has been in the business of beauty insurance for quite a while now and in that time we’ve solidified a lot of quality partnerships with some of the best names in beauty products and professional services. Through those, we’re able to offer our members exclusive discounts, deals, and early access to a wide variety of tools and resources to help make your beauty services that much better.
There are also free trial opportunities, a free customizable website, and access to entire libraries of curated beauty content all built to provide the most amount of value for the investment you’re making in the policy.
Paying For Liability Insurance for Cosmetologists
Another factor in the great cost debate is going to be how you actually pay for the insurance that’s being offered. Some plans out there are pretty simple and only allow a credit card payment for a set price. But this really doesn’t take into account everyone's financial situation. That’s why our plans provide a variety of flexible payment options so our members can choose the one that makes the most sense for them.
- Pay Today Options: you have two options for getting a discount when you pay your policy premium upfront. You can get the one-year option that’s currently $169 or you can save even more by getting a two-year option that’s $279.95.
- Part-Time Options: we know not everyone practices full-time so have the availability of a part-time rate that’s just $135 upfront or as low as $12.38 per month when financed.
- Monthly Payment Options: for those that want to finance their premium into low, monthly payments, you will find many options available. Through our affiliation with Paypal Credit, you can pay as low as $15.49 per month for the one-year professional program or $25.66 per month (paid over 12 months) for the two-year program.
- Special Student Rates: we also take investing in the next generation of beauticians seriously by offering students a steeply discounted rate of just $49 for an entire year of top-notch coverage.
- Benefits Only Plans: for those that love all the benefits our plan provides but aren’t looking for cosmetologist insurance just yet, you can also just buy a benefits-only plan that’s currently $39 per year.
We also make it easy to purchase “add-on” coverage like Microblading coverage or to add additional businesses to the policy. For just $30, you can add unlimited businesses to the policy, which can be really useful and cost-effective if you rent booth space at multiple salons.
The Coverage That Comes With What You’re Paying For
Now, all that talk about price is going to be totally for nothing if you’re not getting a top-tier insurance plan for what you’re investing. First up, you want to see generous coverage limits for the “big three” types of liability - general liability, professional liability, and product liability.
- General liability covers you from accidents like slips and falls in and around your place of business. Even if you just rent a booth, a little bit of product around your chair that you forgot to clean up that causes someone to slip and get injured could be all it takes to have a serious injury claim on your hands.
- Professional liability covers you from accidents or damage to someone’s property that might happen as a result of the beauty services you provided. Cosmetologists work around extremely sensitive areas with all manner of sharp objects, hot tools, chemicals, and more. The risks are high for a mishap which is why this coverage is a must.
- Product liability covers you in the event someone has a bad reaction to a product you used during their visit. With so many different kinds of products, all it can take is one bad reaction to have a life-threatening situation which is why this coverage is so vital for cosmetologists.
Not stopping there, the coverage that envelops you in today’s risk climate is going to also cover things like rental damages, stolen/damaged equipment, and even identity protection. Elite Beauty Society provides all of these and more inside of one, truly all-inclusive policy.