Owning and running a salon can be a highly lucrative and rewarding endeavour, both financially and in terms of the satisfaction derived from helping customers to look and feel their best. But there are inevitably also risks involved which, if you fail to prepare for them adequately can have serious financial consequences, and which can even lead to your business being shut down. For these reasons, having a suitable level of salon insurance is essential for all business owners.
Whether you’re running a hair salon, a beauty salon, a health club or an alternative health clinic, there are certain types of salon insurance that should be considered essential, and others that can be of great benefit should the unexpected occur. Here are 5 key types of insurance that a salon owner should consider.
- Business premises insurance – Running a salon is of course highly dependent on the actual premises from which you operate. What would you do in the event that your premises were destroyed by fire or another incident? As well as being insured for the cost of repairing any damage to the building, you can also get salon insurance cover which will reimburse you for the costs of any temporary replacement premises or loss of earnings during any period that you are unable to trade.
- Equipment and stock cover – As well as your building, your business is dependent on the specialist equipment and products that you use to make your clients look their best. If this equipment was damaged as a result of a fire, or was stolen, you could have serious trouble continuing to operate as normal and your business will inevitably suffer. By insuring your equipment, you can quickly get the replacement equipment you need to carry on doing what you do with minimal disruption. Likewise, with your stock, your salon insurance can prevent your profits from suffering a hit in the event that something happens to it.
- Employer’s liability insurance – If you’re running a successful salon then it’s highly likely that you have people working for you. If this is the case then it is a mandatory requirement that you have employer’s liability insurance. As well as being something that you have to have though, this type of insurance will also protect you financially in the event that one of your employees suffers injury or loss as a result of an accident in the workplace.
- Public liability insurance – Naturally, you have members of the public coming into your salon on a daily basis. Though you may well have developed a good relationship with many of them, in these increasingly litigious times it is entirely possible that one of your customers could pursue a compensation claim against your salon. This might be for an injury or a cosmetic problem that is perceived as being caused by your equipment, staff or products, or it could be something even simpler, like a trip or slip while entering or exiting your salon. Either way, having a public liability element to your salon insurance policy will protect you from the potentially severe financial consequences of a successful claim against you.
- Personal accident insurance – Many salon owners are also key members of staff. If that’s you then what would the consequences be if you were unable to work for a time as a result of an accident? Personal accident insurance can provide you with financial support which will see you through until you recover.
If you need advice on these or any other elements of salon insurance, don’t hesitate to get in touch with Park Insurance.