Mobile nail technicians, like all other businesses, need insurance to protect them against unexpected losses. All businesses face risks, and mobile nail technicians are no different.
The different types of insurance that they need are:
- Property insurance
- Public liability insurance
- Products liability insurance
- Treatment risk cover
- Legal expenses insurance
- Personal accident & sickness insurance
All businesses have business assets. It’s important to protect those business assets against losses due to accidental damage or theft because, without those business assets, you would be unable to trade.
Many standard property insurance policies don’t cover items that have been taken away from the premises, so as a mobile nail technician, it’s important that you check that your property insurance covers your property no matter where it’s taken.
Public liability insurance
Public liability insurance covers you if someone makes a compensation claim against you because they believe that something you did or failed to do resulted in them being injured or their property damaged. In addition to covering the amount of compensation awarded against you, it also covers any associated expenses and the claimant’s loss of wages.
As well as covering the compensation and other costs, your public liability insurer will defend any claims made against you on your behalf. It can make a big difference having a legally trained team supporting you in such a situation because compensation claims can involve complex legal arguments. Your public liability insurance will cover any legal costs.
You should make sure that your public liability insurance contains a financial loss cover extension because standard public liability insurance only covers compensation claims involving an injury or property damage. The financial loss cover extension extends the policy so that you’re not uninsured in the event of a compensation claim being made against you for a purely economic loss.
Products liability insurance
This is similar to public liability insurance in the sense that it covers compensation claims made against you, but whereas public liability insurance covers claims made against you arising out of things you have done or failed to do, products liability insurance covers claims made against arising out of defects in products that you have sold or supplied.
As with public liability insurance, your products liability insurer will defend you if you a claim is made against you and the legal costs will be covered.
Treatment risk cover
A standard public liability insurance policy will exclude claims arising out of professional activities, and this would be a problem for a mobile nail technician because it means that, if you injured someone or damaged their property while providing nail services, the claim would not be covered and you would be uninsured.
Treatment risk cover addresses this issue by extending the public liability insurance to cover such claims. It’s important that you ensure your mobile nail technician’s insurance policy contains this cover extension.
Legal expenses insurance
Legal expenses insurance covers your legal costs if you become involved in legal action. Your legal expenses insurer will also help you deal with the legal action.
It covers a range of different types of legal action including:
- Contractual disputes
- Disputes with clients
- Criminal charges
- Tax/VAT inspections
Personal accident insurance
If you are self-employed, you don’t get sick pay when you are unable to work because you’ve been injured. This could mean you would be unable to meet your monthly outgoings such as your rent or mortgage payments, utility bills and so on.
Personal accident insurance replaces your lost income. If you are unable to work temporarily, it pays a weekly benefit until you are able to return to work. If you will be unable to work permanently, it pays a lump sum.