Hair Salon Insurance
Hair salons are incredibly successful businesses; over 43,000 in the United Kingdom alone, and owners of larger and more well-developed salons could potentially earn over £100,000 annually. As a result, many people desire to open a hair salon without thinking of the possible risks like accidents, lawsuits and building damages. The goal of having hair salon insurance is to protect the business’s profits by taking out an insurance policy to ensure that even if disaster strikes, the finances will remain unaffected. If you would like to read more information or learn more about the pricing of business insurance, you can do so here .
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Types of Hair Salon Insurance
Hair salon insurance can be a culmination of different covers, as the owner chooses, depending on which is most desirable for the business.
Professional indemnity insurance
Professional indemnity insurance is beneficial for a hairdresser due to the social nature of the job. When customers come into the establishment to have their hair worked on, they are usually there for a significant amount of time. Any successful hair salon utilizes this by engaging in conversation and being friendly. However, suppose any personal information is repeated outside of the salon by the hairdresser or spoken about negatively. In that case, this breaches the confidentiality and trust that the client had, and they could be visibly upset or angry over this.
Consequently, if they decided to file a claim against the salon for slander or confidentiality breach, the insurance company would cover the costs of paying the legal fees. Likewise, if the trust earned by the hairdresser is then used to give advice, for instance, suggesting that a customer goes blonde in one sitting, and as a consequence, this causes breakage of the hair and hair loss to be considered as negligence. The repair of the hair as well would be covered by the insurer.
Public liability insurance
Public liability insurance is also a good cover for a hair salon. Many unforeseen accidents could happen when public members enter the establishment or similarly when the hairdressers visit a client for an at-home appointment. If a potential customer came in to ask for an appointment and when walking in slips on a wet floor, they could cause severe damage to their legs and head. A medical examination would ensue, and even treatment, which the policy would cover in severe cases.
Likewise, hairdressers that offer at-home appointments could damage their customers’ personal property when they enter the house, such as knocking over a valuable ornament or damaging the table with bleach. The replacement of the product is paid for by the insurer, either partially or entirely, depending on the level of coverage as stated in the policy.
Business building insurance
Business building insurance is vital for a hair salon because, without the actual establishment, operations would be delayed until there is a suitable location to carry out the services offered. Even if the salon opted for more home visits, this would earn nowhere near the revenue as before. If the business were sited in an area prone to floods, fires or storms due to the local environment, the premium would be more costly every month because of the higher risk it poses to the insurance company.
Nevertheless, this would be even more reason to obtain the insurance because it would be more cost-effective to have insurance than to be required to pay the total price of repairs and cut into the business’s hard-earned profits. Buildings of higher value, such as more area per meter squared, located in an expensive postcode, or with more fittings, are more costly to insure, but this can be reduced by researching a more comprehensive range of insurance companies or paying annually instead of monthly.
Business equipment breakdown insurance
Business equipment breakdown insurance covers precisely what its name suggests; the cover of repairment of equipment due to mechanical or electrical faults that damage the appliance. This could include an internal fault in the heating, phone systems, hairdryers, straighteners, and any piece of broken equipment due to a sudden internal breakdown and not because of general deterioration. As the cost of replacing can be high, it is worthwhile considering this type of cover depending on the size of the business.
To Conclude
In conclusion, hair salon insurance can help a business protect its assets. Whether this means safeguarding the building, equipment or customers, the overall profit remains untouched because even in the unlikely event of an unpreventable accident, the insurer will cover most of the costs.
Find out more about the importance of insurance here .
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