Staring Up Your Beauty Salon? Check These Insurance Policies First
Are you a beauty lover and keen to start up a business related to beauty? If your answer is yes, then starting a beauty salon is the best option for you. With a salon, you can be self-independent and profitable. However, there are many things that you should keep in mind before starting it. Like, the plan of action, the infrastructure, the required tools and equipment, and many more other things.
Among all these, there is one feature that gets neglected the most, but it’s the utmost important feature to start your salon is Beauty Salon Insurance. The primary requirement of every beauty salon is insurance. So, before planning to start up a business by investing in a beauty salon, insurance should be on your priority list.
Having insurance for your salon will protect your new business against the losses that may arrive unexpectedly. If any kind of unfortunate incident takes place, you have to deal with the entire situation from your pocket.
Types of insurance for your parlour
If your salon is not insured then there are chances that your salon has to struggle to recover the loss. There are many types of insurance for your salon but the primary insurance is property insurance and liability insurance. Here is a brief discussion about the insurance that you can get if you are starting a salon.
Property insurance of a salon covers the equipment of the salons such as chairs, tables, computers, massage tables, the expensive skincare kit, and everything that your salon owns. Property coverage is optional for your alone, but without the property insurance any unfortunate incident like theft or fire in your salon has to be borne by you and you cannot claim a single penny from anyone.
The insurance provides you reimbursement for your loss of salon property. The property insurance bears the replacement cost of your property that was hampered. In short in property insurance cost of your replaced property will be insured by the company. Some incidents are not covered by salon property insurance.
For instance, if your salon has faced damage due to a surge of electrical power or the damage has been caused by a flood, earthquake, or even by contamination, the insurance company won’t bear the cost of your damage.
Liability insurance is also important for your salon. Liability insurance is of many types. They are general liability insurance, professional liability insurance, employee’s liability insurance, public liability, and product liability insurance. Among all the above liability insurances the main two insurances are general insurance and professional insurance.
General liability insurance
If you have regular customers visiting your salon, then general liability insurance shall be crucial for you. The insurance protects your salon from the cost of bodily injury, personal injury, and property damage.
For instance, if your customer slips on the splash of water on the floor of the shampoo station and gets an injury on her ankle, without general liability insurance you have to bear the amount of the entire procedure of your customer’s medical treatment.
Along with the same, if the customer sues your salon, you also have to bear the legal cost. Even if your employee accidentally spills nail color on your customer’s designer bag you have to bear her bag’s replacement cost if you don’t take general liability insurance.
Professional liability insurance is also a must-have for your salon. If you get involved in a case during your professional time which has no ground the professional liability insurance will cover the cost. Like, if your hair colourist leaves a hair colour on your customer’s hair for too long leaving it to burn, the customer might sue you for her/his bodily injury, even after a rash test a model gets rash and cancels her assignment, she can sue you for her loss of earnings. Professional liability insurance will cover your legal and other costs incurred after the case.
Employee Liability Insurance
This insurance is a legal requirement and is needed when you employ anyone. Employee liability insurance will cover the claims of compensation by your employee. Even if an employee gets hurt while working at your salon the medical bills for his/her treatment will be bored by the employee liability insurance.
Product Liability Insurance
Product liability insurance will help you if you are selling a product in your salon. If your customer falls ill or gets badly injured by using your beauty product then the compensation and legal fees will be borne by the product liability insurance.
Staring anything comes with many risks. Some risks are avoidable, you can’t do anything about it, but there are some risks that you cannot afford. Getting your beauty insurance by making your beauty salon insured will help you overcome such risks and make you tense free and will give you peaceful nights. If this guide has helped you with informative information get started with your salon business.