Make-up artists need Make-up artists insurance to protect them against unexpected losses. The cost is based on:
- How likely it is that there will be a claim
- How expensive any claims are likely to be
The likelihood of a claim
There are a number of factors that affect how likely it is that you will have to make a claim.
The first is your training and experience. If you’re fully qualified and have many years of experience, the insurance company will view you as being safer than someone who has only just started out in the profession and hasn’t had any training.
If you’ve made a number of claims in the past that will also make the insurer think that you are likely to make another claim in the future unless you can demonstrate that you have done something to prevent a re-occurrence, such as having fitted a burglar alarm following a theft.
And obviously the more cover you buy, the more likely it is that you’ll make a claim because there are more things you can claim for. As an example, if you just buy public liability insurance cover you’re not going to be able claim for loss of earnings while you’re ill or have been injured as you’d have been able to if you’d also bought personal accident and sickness insurance.
That doesn’t mean you should cut corners. Buying public liability insurance without a treatment risk cover extension might be cheaper but many claims would not be covered because, without the treatment risk cover extension, claims arising from professional activities would be excluded.
The potential cost of claims
The potential cost of any claims also affects your insurance premium because obviously if there’s the potential for the insurance company to have to pay out a higher sum in the event of a claim, the premium will have to be higher.
Clearly, if the sums insured and other policy limits are higher, the premium will be higher because that increases the chance of a larger claim. However, you shouldn’t underinsure to keep the costs down because if you do that, you could be penalised in the event of a claim.
But the nature of your work can also have an effect on the sort of claims that can arise. If you’re doing make-up for film stars and other A-list celebrities, if anything goes wrong the chance of a compensation claim being large is much higher than if you’re just doing the make-up for normal people.