Insurance covers your salon and staff against all kinds of unforeseen situations. Once a salon first opens, it’s time to insure it so you don’t find yourself cut down by potential recovery costs should anything unfortunate occur. But what insurance should you go for and why? Don’t fret – we’re on hand to guide you through the importance of each type of salon insurance.
Risk assessment
Before deciding on any insurance, you’ll need to carry out a risk assessment by law. This will make sure you identify any potential risks so you can take precautions to prevent them. Once you know what to insure against, including risks to your clients, staff and premises, you can take the right precautions to protect your business.
Property insurance
Your salon is where you carry out your daily activities, so it’s worth insuring against anything that could damage it. That includes fire, floods and vandalism, which could leave you out of business. Make sure you have a property insurance policy that covers any loss of profits during the time you’re unable to use the building, as this will help make up the shortfall and keep your salon going!
Liability insurance
Liability insurance will cover any claim for compensation made against you by someone who thinks you’re at fault for injuring them. This breaks down into three different types:
- Under the Employer’s Liability Act, you are required by law to have employer’s liability insurance. This will cover you against claims for compensation made by any employees who have suffered injury or ill health as a result of their working activities.
- Public liability insurance covers you if a compensation claim is made by someone not employed at your salon. This type of insurance isn’t compulsory, but arguably essential.
- Products liability insurance covers compensation claims against you, but from any faulty or defective products you have sold. This type of insurance also isn’t compulsory.
Personal injury insurance
Sometimes it’s you who could fall ill or is injured in the salon – this is where personal injury insurance comes in. Sometimes called personal accident insurance, this covers you for serious incidents that mean you’re unable to work, covering any medical expenses. Personal injury insurance can pay you a weekly amount for temporary injuries, or even a lump sum payment for more serious, permanent ones.
Final considerations
It’s worth highlighting treatment insurance, essential for covering you against clients claiming injury from any services or treatments provided. Also, professional indemnity insurance – this protects you should someone attempt to make a claim against you for not training them properly.
Premier Software’s partner NHF/NBF offer Salonsure tailored insurance policies with 20% discount through Coversure Insurance Services. Not only that, they’ll price match any policy and undercut it by £20! Premier’s beauty partner, BABTAC, also offer insurance and benefits.
For all your other salon management needs, there’s Salon by Premier Software®. To book a free webinar or presentation, call: +44 (0)1543 466580 or visit: https://premiersoftware.uk/book-a-consultation/