Beauty salon business insurance protects your business against unexpected losses. It’s normally bought as a package that contains a number of different insurance covers, including:
- Property insurance
- Liability insurance
- Legal expenses insurance
- Personal accident and sickness insurance
This covers your business property against losses due to accidental damage or theft. The business property that you can insure includes the salon premises if you own the building rather than renting it, as well as the contents such as the fixtures and fittings. You can also insure your business equipment and your stock.
This covers you if a compensation claim is made against you. As well as paying any compensation awarded, other associated costs and expenses such as legal fees are covered. Your liability insurer will help you deal with any compensation claims so you won’t need to worry about having to deal with potentially complex legal issues.
Employer’s liability insurance covers claims made by your employees. Public liability insurance covers claims made by other people. Products liability insurance covers claims arising from defects in products that you have sold or supplied.
Employer’s liability insurance is required by law if you employ anyone. Public and products liability insurance aren’t legally required but some compensation claims can end up costing over £250,000 to settle so it is important that you have this cover.
Your public liability insurance should contain a financial loss cover extension so that claims for purely economic losses are covered. Otherwise, you would only be covered for claims involving injuries or property damage.
You should also make sure that your liability insurance includes treatment risk cover because otherwise you would not be covered if the claim arose from your provision of beauty treatments, so many potential claims would be uninsured.
Legal expenses insurance
This covers your legal costs if you become involved in legal action. Your legal expenses insurer will also help you deal with the legal action to ensure that there is the best possible outcome.
A range of different types of legal action are covered.
Personal accident & sickness insurance
This type of insurance covers you if you are unable to work because you have been injured or you’re ill.
A weekly benefit is paid if you are off work temporarily. If you won’t be able to return to work, a lump sum is payable instead.