Being in the beauty business is no doubt a very lucrative situation to be in. If you are the owner of a beauty salon, you will probably have many women coming in to get beauty treatments. That is why you need to make sure that you have beauty salon insurance cover to protect yourself and your business. So what is beauty salon insurance? Know all about it below.
Reasons to have beauty salon insurance
Insurance is important for any business worth its salt. As a beauty salon owner, you make women feel good and you probably employ a few women as well to help you take care of your customers. If you are operating your beauty salon without the required insurance, not only are you breaking the law, you are also putting yourself under a lot of risk and obligations. With insurance cover, you will be able to make sure that if something untoward were to happen in the future, you are not going to be in financial trouble.
Public liability insurance
Settling a compensation claim can be terribly expensive and with you coming in contact with general members of the public so frequently in your business, it is extremely important that you have public liability insurance cover. This means that if someone were to file a lawsuit against you for injury or property damage, then you can get the cover essential to fight it out in court. When you buy public liability insurance, you will also have access to expert legal help from your insurer which is a win-win situation as the owner of a beauty salon.
Employer’s liability insurance
The government agrees that as an employer, you are liable to your employees. So if an employee were to fall sick or get injured because of the work conditions, it could mean that you are sued. When you have this cover, you can pay the compensation money easily without having to worry about your finances. Also, you will have your legal expenses taken care of including your lawyer’s fees.
Products liability insurance
Beauty salons are known for pushing a variety of beauty products on to their customers and it is a great way of increasing your revenue. If you do this, you may face trouble later in the way of a lawsuit by a disgruntled customer. If the product you sell was found to cause property damage or bodily injury to your customer, you could be held liable. With this cover, you can pay up the compensation money if it comes to that and also have the legal fees dealt with. Being sued by a customer may not be something you expect as the owner of a beauty salon but the truth is that it happens. It may not even be your fault. You may unintentionally have done something or failed to do something but you could be proved to be liable. That is why liability insurance is so important.
Property insurance
Getting property insurance is critical for a beauty salon. It is obvious that you have tools and equipment in your salon that lets you provide services to your customers. With property insurance, you insure your property and all its belongings so that if anything were to be damaged, broken or lost, you will be able to replace it with ease. The more expensive things you have in your beauty salon, the higher the risk you face as the owner.
Treatment risk extension
If a compensation claim arises out of the professional services you render to your customers, then the liability insurance you buy may not be enough. That is when a treatment risk extension comes in useful. Make sure you include this in your liability coverage to be fully protected.
Financial loss cover
If a member of the public were to claim compensation for purely financial loss, then it will not be covered under the public liability insurance you buy. That is why you need financial loss extension for claims that don’t involve bodily injury or property damage.
As a beauty salon owner, it is a good idea to do all the things you can to protect yourself and your business. Getting adequate beauty salon insurance is the first step for that.
