Financial Loss Insurance

Financial Loss Insurance

Protect your customers from financial loss with our instant cover

Protect your customers with financial loss cover

The public liability section of your policy will provide cover for injury to a client or member of the public and also property damage caused by your negligence. But what would happen if a client were to suffer a financial loss that was not caused by injury or property damage? Not a problem – we have included a valuable extension in our policies to be sure you are fully protected.

Also known as the Non–Injury Treatment Extension, your Salon Gold freelance policy will automatically provide cover if a client or member of the public incurs a financial loss as a result of work or a treatment carried out by you in the course of running your business.

So for example, a client has a reaction to a treatment which did not actually cause an injury but turns their hair green or discolours their skin and as a consequence, they are unable to work. They may not accept your offer of a refund and may not want you to rectify the damage. Instead, they may make a claim against you for their lost earnings. If the client’s loss of earnings was a direct result of your professional negligence, this extension will provide cover for you.

What Do You Get With Financial Loss Insurance?

Our financial loss cover includes:

  • Standard cover for all mobile & freelance customers
  • £10,000 with the option to increase to £50,000

 

This cover is applied automatically for all mobile and freelance customers but is not available for our salon customers

Financial loss insurance covers you for any workplace incidents that cause a customer or other third party to lose money. This is also known as the non–injury treatment extension to public liability insurance. We include public liability in all of our policies as standard, and this cover is paid out if personal injury or property damage is involved. Financial loss insurance, however, is for circumstances that don’t cause physical damage. For example, if you offer a treatment that doesn’t harm a customer, but leaves them temporarily unable to work (like using a cream that discolours their skin), they could make a claim against you for any lost earnings. In this instance, you would be covered by your financial loss policy.

Our financial loss insurance has a standard limit of £10,000, with £1,000 excess, or 10% of your claim if this figure is greater. You can increase this limit to £50,000 for an additional premium if you wish. Whether you work from a salon or clinic, at home, or on a mobile basis, you’re covered in the UK, the Isle of Man and the Channel Islands, as well as having temporary (up to 14 days) cover for work abroad (excluding the USA and Canada). You’re additionally insured for accidental damage to employees’ and visitors’ personal belongings, and provided with £250 compensation per day if you are required to attend court.

Your personalised insurance package will be created in line with your specific business needs. For example, if you work in hair or beauty, you will be offered treatment risk cover to offset any claims associated with the professional services you provide. This could include everything from an allergic reaction to hair dye, to an accidental burn with hot wax. Whereas if you run a holistic, health or fitness company, malpractice insurance will be included to cover claims for bodily injury, and mental and psychological damage from physical procedures and advice. We know that no two businesses are the same, so give your livelihood the best possible protection with Salon Gold’s tailor-made insurance package.

Which type of Salon Gold policy do I need?

Find out which insurance policy is right for your business.

Go

Are you a Student?

Yes
No
« back

Based on the information provided we would suggest our Student policy.

Get a quote
« back

Do you own or manage a salon or business premises that allows access to the public (excluding salons based at home)?

Yes
No
« back

Based on the information provided we would suggest our Complete Salon/Business Package to correctly insure your public liability.

Get a quote
« back

Are you employed by a salon or business owner?

Yes
No
« back

Their insurance should cover you as an employee so based on the information provided we would only suggest our Freelance/Mobile/Self-Employed policy if you do your own private work.

Get a quote
« back

Do you rent a chair in a salon or work on a freelance or mobile basis in the hair, beauty, holistic, or fitness sector?

Yes
No
« back

Based on the information provided we would suggest our Freelance/Mobile/Self-Employed policy which will cover you to work anywhere in the UK.

Get a quote
« back

Do customers visit you at home for their therapy or treatment?

Yes
No
« back

Based on the information provided we would suggest our Freelance/Mobile/Self-Employed policy and include our “Business at Home” extension.

Get a quote
« back

Based on the information provided we would suggest our Freelance/Mobile/Self-Employed policy which will cover you to work anywhere in the UK.

Get a quote
« back

Our covers

We offer some of the most comprehensive insurance policies in the hairdressing, beauty, holistic, health & fitness and counselling sectors. Specialising in salons and fixed premises, as well as mobile and freelance businesses, Salon Gold insurance has been trusted for over 35 years, with prices you won’t find on a comparison site!

The automatic covers in our policies include everything you will need to ensure the dream you’ve worked so hard for is secure. But we also offer a range of optional covers that might be suited to your business’s needs — at competitive rates.

Explore our covers in our covers hub or get a quick online quote now!

Our treatments

The Salon Gold policy will provide cover for a wide range of treatments as standard providing all treatments are carried out by a trained and qualified operative.

Financial Loss Insurance FAQs

What is pure financial loss insurance?

Pure financial loss refers to money that is lost through circumstances unrelated to personal injuries or property damage. In effect, this is covered by Salon Gold’s financial loss insurance. This policy pays out for losses resulting from work or treatments carried out by your business, as long as no people or possessions were harmed — for example, if a customer needs to take time off because you’ve accidentally dyed their hair green. Money lost through physical damages is covered by your public liability insurance, which means your company will be prepared and protected for all events.

How does insurance reduce the risk of financial loss?

Accidents happen all the time, and although insurance doesn’t reduce the risk of a customer suffering a financial loss that you could be held liable for, having financial loss insurance in place means your company will never have to foot the bill. Claims like these can be extremely expensive, so the right cover could have a huge impact on your own business’s financial situation.

What if I need a financial loss insurance limit higher than £50,000?

If you believe £50,000 wouldn’t be enough to cover a financial loss claim against your business, we’re happy to help. Contact a member of our team to discuss a new indemnity limit, and we’ll get to work creating your perfect policy.

Does your financial loss insure against loss of earnings if I am unable to work?

No. This cover is for losses suffered by your customers only. If you need cover for your own loss of earnings, you will need either a salon insurance package if you run a salon where we provide cover for loss of income. Or if you work on a freelance basis, you can add on personal accident insurance to your policy to provide a weekly payment if you cannot work due to an accident.

This website is intended for customers based in the UK and is therefore subject to the UK regulatory regime(s). © Copyright 2024 Salon Gold | Salon Gold, Holistic Gold, Counselling Gold, Fitness Gold and Henry Seymour & Co. are trading names of Barkdene Limited which is authorised and regulated by the Financial Conduct Authority (FRN 303965) for our insurance distribution and credit broking activities. Barkdene Limited is a credit broker not a lender. You can check this on the Financial Services register. Registered in England No 1842617. Registered Office – Chancery House, St Nicholas Way, Sutton, Surrey, SM1 1JB. All rights reserved.
You need to be logged in to Your Account to make a payment. Redirecting you to Account Login.