How much would it cost to insure a tattoo shop?
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Asked August 14, 2013
Regardless of the type of business you have, insuring it properly is vital to the success of the company. A tattoo shop, since it entails certain risks to the company and the customer, needs to have a wide range of business insurance, but they can all be packaged together in a customized Business Owners Policy, or BOP for short.
There is no specific cost for the coverage you need because the cost of insurance varies according to many different factors. The state your company is located in and the company you purchase from are basic factors, but the exact location of the shop is going to play a part as well since insurance premiums are based in part on the crime rate of your specific Zip Code.
Every tattoo company will have different insurance needs that influence the cost of insuring it. The important thing is to buy enough coverage to protect your business completely against loss, theft, weather, and other circumstances. You may not be able to anticipate everything that could go wrong, so carrying a range of insurance protection is the only way to avoid the risk of large costs that could disrupt company performance or drive you out of business completely.
The size of your company is also going to be important in determining the cost of insurance. If you have a small company with only one tattoo artist, the cost will be lower than a larger shop with several different employees. Some of these costs can be avoided by hiring independent contractors who insure themselves, but any work performed under the company name is still going to have to be insured against defects, infections and other liability claims.
Your business office and the tools of your trade need to be insured as well. This includes the tattoo guns, inks, and actual tools used in tattoo creation, but it also includes your cash registers, company computers, and the furniture used in the customer, work and office areas. Professional tattoo chairs and tables are not cheap, and it will be far cheaper to insure the ones you have than risk having to replace them out of pocket.
Answered August 8, 2014 by Anonymous
There is no hard and fast value attached to insuring a tattoo shop. The amount of insurance will vary according to many factors, including the number of booths in the shop, the amount and value of the equipment, the number of employees, and more. Even the amount of liability insurance will be different from one shop to the next, and that is before you look at regional factors, local crime rates, etc.
Liability insurance may be one of the most important types of coverage for a tattoo shop. This type of insurance will cover accidents, infections, and mistakes made by company employees, as well as any litigation or fines connected with the coverage. A common mistake among commercial businesses of all types is to have too little liability insurance when something goes wrong.
The amount and quality of tattoo shop equipment is going to vary. Perhaps your shop has 3 working booths, while another shop might have 5. While your employees may be separately insured, common aspects of the equipment will not be, such as the tables, stools, benches, sinks, and other support equipment. Typically, tattoo shops use independent contractors, which reduce the cost of insurance by making tool and liability insurance an individual requirement. You still need liability coverage to protect your business, but don't have to insure the tools of your contractors.
If your shop is in a high crime neighborhood, it will cost more to get insurance than if you are in a place where crime is rare. Today, tattoo shops are a mainstream business, but a few years ago they were almost entirely located in areas where crimes of all types were more common. You should speak with a local insurance specialist to compare quotes and see your options.
Answered August 14, 2013 by Anonymous