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 by clicking below.
We cover treatments and trades in hair, beauty, holistic, fitness and counselling sectors
- Barber Insurance »
- Beauty Therapist Insurance »
- Counselling/Psychotherapy »
- Face Painting »
- Gym Instructor/Personal Trainer »
- Hairdresser Insurance »
- Holistic/Complementary Therapist »
- Homeopath Insurance »
- Make-Up Artist Insurance »
- Nail Technician Insurance »
- Nutritional Therapist Insurance »
- Student Insurance »
- Trichologist Insurance »
- Abe Healing Insurance
- Acid Peel Insurance
- Acupressure Insurance
- Acupuncture Insurance
- Addiction Therapy & Counselling Insurance
- Advanced Electrolysis Insurance
- Advanced Sound-Wave Therapy Insurance
- Advanced Waxing Insurance
- Aerobics Instructor Insurance
- Alexander Technique Insurance
- Allergy Testing Insurance
- Angel Card Reading Insurance
- Angel Therapy Insurance
- Aqua Detox Insurance
- Aromatherapy Insurance
- Art Therapy Insurance
- Art Tutor Insurance
- Astrology Insurance
- Audio Sonic Insurance
- Aura Imaging Photography Insurance
- Auricular Acupuncture Insurance
- Aurora Therapy Insurance
- Ayurveda Insurance
For Salons & Fixed Premises
- Business interruption »
- Contents cover »
- Employer’s liability »
- Exhibition Cover »
- Failure of electric, gas & water supply »
- Failure of telephone line »
- Glass cover »
- Goods in Transit »
- Legal expenses cover »
- Money cover »
- Personal accident for hands »
- Products liability »
- Professional Treatment Risk »
- Public liability »
- Stock cover »
- 24 hour crisis & legal helplines »
Financial Loss Insurance FAQs
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.
That was so quick and easy! Thank you.
Very easy to deal with and understand
Very easy website to manoeuvre. Happy with experience over the past few years. Happy to be insured by Salon Gold