KEY TAKEAWAYS: Caught yourself looking at insurance and wondering, "What is an additional insured?" You're not alone. Extending your beauty liability insurance to cover an additional insured is a great, cost-effective way to create value and take full advantage of your policy. This blog breaks it all down for you.
It’s no secret that investing in beauty insurance is one of the most important things you can do as a beauty pro. From protecting your assets and reputation to practicing with confidence and giving your clients peace of mind, the benefits of a comprehensive beauty liability insurance policy are significant.
As an investment, your beauty insurance policy is something you should take full advantage of, and we’re here to help you do exactly that. The more it benefits you, the greater the return on your investment, and adding additional insureds to your policy is one of the most effective ways to take full advantage of your policy.
What Every Beauty Pro Should Know About Additional Insureds
Before we get to the good stuff, including the powerful advantages of having additional insureds on your beauty insurance policy, it’s important to establish a clear understanding of exactly what an additional insured actually is.
The simplest answer to the question of “What is an additional insured?” is: A person or entity that is added to and covered by your insurance policy.
In other words, you can extend your liability insurance to protect these additional insured parties (if they are connected to your business) in the event that a claim is filed against you. That way your policy covers both you and the additional insured party. This is obviously a huge opportunity to not only fully utilize your insurance policy, but also further protect your business and career.
Some common examples of additional insured parties that you may consider adding to your beauty insurance policy include:
- Beauty Businesses (including your own)
- Employers
- Landlords
- Management
The catch is that you usually have to pay an additional premium for parties you add to your policy. However, this extra expense is typically minimal, making the benefits worth the cost for most beauty pros.
The Benefits of Adding Additional Insured Parties to Your Beauty Insurance Policy
There are several reasons why you might extend your insurance coverage to additional insureds, and many of those reasons will depend on your unique circumstances. Understanding when and why you may take advantage of this opportunity is key to maximizing the benefits of your liability insurance for beauty professionals.
One of the best ways to use additional insured protection is to use your beauty insurance policy to cover your own business. This is extremely advantageous, as any claims against you cannot harm your business without resistance (and vice versa). Adding your business as an additional insured further protects your assets, career, and livelihood.
Pro Tip: Be sure to check if your insurance provider allows this. Good news - Elite Beauty Society does allow you to add your business as an additional insured on your policy!
"One of the best ways to use additional insured protection is to use your beauty insurance policy to cover your own business"
It is important to note that not all beauty insurance providers allow you to name your business as an additional insured, leaving you exposed to unnecessary risk. If you want to cover all of your bases, working with a provider that does permit this, like Elite Beauty Society, is a must.
Another scenario that warrants designating an additional insured on your policy is that you travel to and work from multiple locations. Each place you work from presents new risks, and ensuring that you have coverage in every space you perform your services in means that you are protected at all times. The same principle applies to occasions where you travel for work.
There are many other scenarios that might compel you to invest in beauty insurance that allows you to add additional insured parties, including when you rent from a landlord, work in multiple different salons, or rely on vendors.
Consulting a beauty insurance professional for guidance can help give you the peace of mind you need to practice your craft with confidence.
How to Add Additional Insureds to Your Beauty Liability Coverage
The value of additional insureds is clear, and it can make an already great beauty insurance policy even better. Now, all that’s left to do is add the appropriate parties to your policy by designating them as additional insureds and paying whatever small premium accompanies those additions.
At Elite Beauty Society, we make it easy to add additional insureds to your policy, even going as far as to allow you to name your business as one. All you need to do is gather the appropriate information, call our customer service team, verify the details, and pay the new charge ($10 to add one additional insured to your one-year policy with EBS). The entire process typically takes between one and three business days.
Whether you’re ready to protect your beauty business by adding additional insureds to your policy or you’re looking for industry insights that can help you elevate your career to new heights, we encourage you to subscribe to Elite Beauty Society. Our newsletter and our blog are dedicated to sharing the latest trends, helpful business tips, and just about anything else that a beauty pro like yourself would benefit from!
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Meet Hanna Marcus, the Founder and Head Copy Gal behind Boundless Copy, a one-of-a-kind copywriting agency that specializes in big, bold brand voice and industry-disrupting copy that’s all about resonating with the right audience.
Hanna has proudly teamed up with Elite Beauty Society for several years as their go-to copywriter on all things beauty, small biz marketing, and brand voice development. She’s big on feeling-first writing–her personal soapbox is that the best copy starts with telling a story.
When she’s not writing cheeky, converting copy for clients, she’s mentoring other aspiring copywriters and creating digital copywriting resources designed for service pros and focused on taking the stress out of DIY copywriting.
