Do I need Insurance?
Top Tips:
Getting the right business insurance for your
hair or beauty business!
Not every hairdressing or make-up
business knows what insurance cover they need, so we’ve compiled 5 top tips to
help you think about the risks and what you should cover.
We’ve provided examples too so you can
see what the risks could be.
1)
Got staff? Get Employers’ Liability!
It is a legal
requirement for every employer in the
For example, if you
fail to provide an employee with adequate protection for the application of
chemicals’ resulting in skin damage and successfully claim that it was caused by
your negligence, then you could be financially liable.
2)
Write a list of equipment & stock
Write a list of all
equipment, contents and stock, including any items of furniture or business
equipment, that you need to insure.
Fixtures and fittings, such as signage and displays should also be considered.
For example, if your
property is broken into and all your stock is stolen, you may need to make a
claim for the cost of replacing them.
3)
Protect your valuables when you’re out and about!
Items such as your
tools of trade are extremely valuable and essential to keep you trading and
there is a significant risk of them being lost or stolen when taken out in
public so consider insuring yourself for these business items too.
This is often known as ‘equipment all risks’ in the insurance business.
For
example, you are insured inside your premises but you may do work offsite doing
hairdressing for theatre performances, where you lose your Scissors.
Under your standard insurance policy you might not be able to claim for
this unless you have an extension in cover for ‘equipment all risks’ cover.
4)
Look after the
client! Pay for Public Liability
Public Liability
insurance is an option designed to protect companies against financial claims
for injury or damage to third parties and will cover the legal cost & damages
you may be exposed to as a result of your negligence.
It’s advisable therefore to take our
cover the day you start trading - a common level of cover is £2 million.
If you’re working in
someone else’s building or property it’s important to have this cover, don’t
automatically assume the venue will have it.
You’re responsible for this!
For example if a
client has an allergic reaction to a hair treatment or beauty product that
leaves them injured, and successfully claims that it was caused by your
negligence, then you could be sued.
5)
What other risks does your business face?
Liability and
equipment covers are important, but don’t stop there.
It’s important to consider other risks your business faces on a
day-to-day basis that could potentially harm the business financially.
Other covers you may
wish to add-on include business interruption (if an event stopped your business
running could you afford to continue paying running costs?), money (do you carry
business money and if so what would happen if it was stolen from you?) and goods
in transit (do you carry business equipment in your vehicle and have you
considered what you’d do if it was stolen from, or damaged, in your vehicle?)
For example, you’re
carrying money paid by your client when you’re targeted in the street by
thieves, who steal your handbag.
Unless the thief is caught you’re normally unlikely to ever see the cash again.
With business insurance you can cover your business up to a certain value
to protect against such losses.
Getting
more information
If you found this useful and would like some more general
10% off
Business insurance from Insurantz.com
Insurantz.com quotes are fast and easy on the web, or by phone, and policies
come with a best price guarantee.
Get 10% off your insurance quote
from here – to
get started just select your occupation from the drop down list. The promotional
code will be added automatically.
Find a better deal and we’ll pay double the difference!
Payments are by 0% monthly instalments.
Written by Liz Rowe, 29 July 09
Insurantz.com is a registered trademark of JLT|online, a division of Jardine
Lloyd Thompson UK Ltd,
authorised and regulated by the Financial Services Authority and
part of Jardine Lloyd Thompson Group plc, a FTSE 250 company.
Registered Office: 6 Crutched Friars,