Insurance is complicated but should be a simple process to make sure you are protected. You have spent your life training and practicing your hair and beauty skills and if something goes wrong you want to have 100% confidence that you have a solution to fix it.
We look after lots of Hair Salons, Nail Studios, Beauticians, Holistic therapists. Here are some things to watch out for when arranging your Hair & Beauty Insurance.
Protection for your treatments
A standard shop insurance policy wouldn’t cover you for any treatment risks, as such you should always take out specific Shop & Salon insurance policy which includes treatment cover.
Treatment insurance will protect you against any legal action brought against you for the treatments you are providing to your clients. This could be your customer having a physical reaction to a treatment or more serious things like burns or scars.
If you are doing something new or a change to a standard process, you should always disclose this to your insurers. Understanding of a risk is paramount, if you an expert and have good measures in place for protection then insurers are more likely to be flexible in both cover and premium.
Have you thought what you would do if you had an accident?
What would you do if you had an accident and couldn’t use your hands to conduct your business? You could lose money and clients may go elsewhere. Most insurance policies will have personal accident insurance cover as an optional extra and can be of minimal cost.
The other area to look at would be income protection. This is especially important if you are reliant on maintaining your income if you are off work ill or through accident.
Not everyone operates out of a shop and like to have the freedom of working from home, renting space or attending client’s homes. Just watch out for these potential risks.
Stock at home – Notify your home insurance provider if you are keeping your hair and beauty stock at home as this might not be covered. Some insurers don’t allow business stock to be covered so you may need to get a working at home insurance policy to cover stock. The good news is this can usually extend to garages and outbuildings if needed.
Liability – If you are working without premises, you will still need public liability insurance to cover your activities whilst you are working. This is especially important if you are visiting client’s homes.
Business equipment – As with your stock, ensure your business equipment is noted on your house insurance or working at home policy. Calculate what you are taking out of the house at any one time and ensure it’s noted under the ‘All Risks Section’ to ensure cover is given to you outside of your house.
What if you are attending exhibitions and wedding fairs?
It’s great to get out and show off your work. Attending exhibitions or wedding fairs can be a great way to get new clients and meet other professionals.
Just ensure you have your equipment insured and check with your insurers that you are covered whilst attending any exhibitions.
What if I have a shop or premises?
If you operate out of a shop, then there are a few things you want to make sure you are covering.
Your Stock – With any salon, the stock you carry can be expensive so ensure you have the right value insured which is usually noted on your policy as stock.
Your Equipment – You will normally have the top end hair and beauty equipment in your salon to give your clients the best service, sometimes this can run into £1000’s of pounds worth of kit. Just make sure you have insured the right amount as you don’t want to find out you can’t replace it in the event of a claim.
Your Team – If you employ members of staff or rent out space in your salon you will want to ensure you have employers liability in place, this is a legal requirement or, if you are renting out chairs, ensure you have checked they have the right public liability in place.
Your Liabilities – With lots of corded hair straighteners, hair dryers and other equipment you use on a regular basis, this will increase the risk of slips and trips in your shop. Keep wires hidden where possible and out of the walking areas of your customers.
Your Work Away – If you operate a shop but also do work away such as weddings or events then just make sure your insurers are aware as you don’t want to have a claim and find out you are not covered then have to defend or pay a claim out of your own pocket.
Hair & Beauty Cyber risks
Whilst you will operate mainly without computers you are still at risk as a business owner. Here are a few risks we have identified for the hair and beauty sector and why you should consider Hair & Beauty Cyber Insurance.
Cyber Crime – You will no doubt use online banking to pay your suppliers, one of the biggest risks we see are cyber criminals hacking your emails and pretending to be suppliers, changing their bank details and then obtaining payments from you. As you have made the change your bank won’t protect you. Calculate your exposures to your main suppliers and always verify by phone if the bank details change with your main contact.
Client Records – Holding client personal client data securely is ever more important. We have seen a trend in cyber criminals now targeting smaller business owners to obtain personal information. This can cause a number of issues especially if this is sensitive medical information. You could be faced with regulatory fines and not to mention the reputational damage it could cause your business. Having a hair and beauty cyber insurance policy can help protect you against fines and damage ensuring your business can continue to operate.
Laptop/Tablet Theft – Whilst you may have cloud storage, your tablet or laptop is usually the only piece of computer equipment you own and usually will be a top spec machine. The loss of this through theft can be heart breaking but knowing that it can be replaced instantly gives you peace of mind.