How to Get the Best Tattoo Insurance Deal for Your Commercial Premises

Leasing space to a tattoo business comes with its fair share of risks and getting insurance coverage is essential to protect yourself and your commercial property from unexpected costs. Aspects such as loss of rent cover and property owners’ public liability cover are essential for risk management but not every insurer provides such coverage when you rent space to a tattooist.

Before renting space to or for a tattoo studio, you need to explore what insurance avenues are available to you. Finding the best tattoo insurance is necessary to safeguard your business – keep reading to find out more.

What You Need to Know About Tattoo Insurance

If you answer yes to any of these questions, you need tattoo insurance:

• Do you own a tattoo studio or operate one on commercial premises?
• Are you a commercial property owner with a tattoo artist as a tenant?
• Are you paying expensive premiums for building and property owners’ public liability insurance because you have a tattooist tenant?

The tattoo industry comes with a high-risk profile which often results in costly insurance premiums. This impacts both the tattooist and the landlord renting space out to them with the tattoo artist having to compensate for exorbitant premiums.

Insurance coverage for tattoo parlours can be prohibitive, preventing tattooists from running their studios on commercial premises. Many commercial property owners refuse to rent space to tattoo parlours for the same reason.

What Happens When You Rent Commercial Space to a Tattoo Studio?

Because of their high-risk profile, insurers push up premiums for commercial property owners who lease out to tattoo studios. Some insurance companies won’t even consider providing coverage for the following:

• Loss of rent cover
• Building insurance cover
• Property Owners Public liability cover
• Basic contents cover for fire and other hazards

Because their insurance premiums escalate, landlords are forced to charge more for tattooist tenants. These restrictions place a huge financial burden on smaller tattoo studios. In recent years, tattoo parlour owners have had to shut their doors because of an exponential increase in insurance premiums placed on their landlords. However, there are viable solutions if you know where to look!

How to Get the Best Tattoo Insurance Deal for Your Commercial Property

Tattoo and body piercing shops battle to find insurers who are willing to provide coverage at reasonable rates. However, there are insurance companies who are willing to find affordable solutions for tattoo parlours on commercial premises.

Find Insurers Who Understand the Industry

The first step to finding the right insurer is identifying an insurance company that understands the tattoo and body piercing industry. They’re fully versed in the risks associated with this type of business and how it impacts both tattoo and commercial property owners.

Insurers who understand the industry and the challenges facing both operators and landlords can provide a competitive edge with cost-effective premiums. It will also be easier to discuss your needs and concerns with such a company.

Use an Insurance Company That Provides Sufficient Coverage

Tattoo parlours have unique insurance needs which is why you need to find insurers willing to provide alternative options that give you sufficient coverage. Use an insurance company that’s able to offer coverage for loss of rent and public liability as well as no restrictions on property sum insured.

With the right coverage, you’re protected should there be a liability claim as a result of something going wrong at the tattoo studio operating on your premises.

Work With a Reputable Insurer

While some insurers may be willing to provide you with tattoo insurance at competitive prices, they may not come through when you make a claim. It’s important to work with a reputable insurance company that underwrites with a registered agency that provides good security.

Professional insurance companies in Australia who have their facilities underwritten through the APRA registered Underwriting Agency are well-equipped to provide coverage. APRA is responsible for ensuring the country’s financial system is competitive, efficient and stable.

Give the Right Information and Get the Best Advice

Before taking out insurance coverage, make sure you get the right advice for your commercial premises. It’s vital to mention that you have a tattoo parlour as one of your tenants to ensure you get the best coverage deal. If you fail to mention this information, your insurance company isn’t liable for paying out for claims.

Review the options available to you and ask the insurer to explain their approach to risk management and insurance solutions. Where possible, book a “no obligation” consultation with an expert so you can get the best advice for your tattoo insurance needs.

Tip: find an insurance company that’s passionate about supporting businesses that want to grow and succeed. This will prompt them to go the extra mile for you.

Final Thoughts

With rising tattoo insurance costs, more landlords are having to ask their tattooist tenants to close their shops. But this isn’t the only solution! While not every insurance company offers tattoo insurance in Australia, some insurers are willing to offer a competitive and attractive package to commercial property owners. By working with an insurer who understands the tattoo and body piercing industry and can secure good deals for their clients, you can support and flourish in this unique business niche.

Kenneth

Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].