Insurance for beauty and hair salons is more complicated than it might at first appear. While much of what follows may be something you already know as an experienced salon owner, it’s still possible for some of this to slip by you – potentially with expensive consequences.
The challenge is greater for those just starting out as salon owners who want to make sure that they have all the cover they need. But the goals are still the same.
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To begin with some of the most important coverage: employers’ liability insurance is a legal requirement for any business which employs anyone other than the owner. Public liability insurance protects you in case of harm to members of the public on your premises. Commercial property insurance protects the salon itself.
Stock insurance can also be important. Hair and beauty salons are product-intensive businesses, with everything from shampoo and styling wax to nail wraps and files being in constant demand. If your stock is damaged, lost, or stolen that can prevent you from offering certain services and may stop you trading entirely for a short time. Stock insurance is designed to protect you against this.
Depending upon your service offerings, you may or may not need additional cover. Some beauty salon treatments can have insurance of their own due to the specialised risks involved.
Among others. If you offer any services which you think may carry more risk than usual, it’s well worth checking to see if specialist cover exists for it – that way you don’t risk being caught without by accident.
If you offer a service where you perform treatments out of your premises, for example at a customer’s home, you may also want ‘work away’ insurance. This covers you while working in external locations.
Comparing policies for salon insurance is much faster when you use an online tool to collect and compare the quotes. You can use the time this saves to check each one carefully; make sure the policy you eventually choose has all the cover you need at a price you’re comfortable with. After all, you don’t want a policy that provides no cover where you needed it!
Make sure the policy you choose is the right one for you.