Owning and running a successful hair or beauty salon is in large part down to working out what your customers want, and then giving it to them with the utmost levels of quality and customer service. But in order to stay successful you also need to protect yourself against the risks that your business may face, now or further down the line.
Without a suitable level of salon insurance, your business may be vulnerable to risks that can severely harm it financially and limit its ability to recover. In the most extreme of circumstances, inadequate salon insurance can even lead to the downfall of your business. To help you make sure that this isn’t the case, here we explore the main risks that could potentially upset your salon business, and look at what you can do to protect against them.
At the most basic level, your business would be under considerable threat if your premises were severely damaged or destroyed. As well as the loss of financial investment from the destruction of the property itself, you could potentially suffer a double loss in so far as your premises are rendered unsuitable for your daily business activities, whether for a number of days or for a much lengthier period. Salon insurance which covers your salon property itself is therefore essential, and as well as covering you for loss or damage to the building and the cost of the subsequent repairs, you can also get insurance which will cover you for your loss of use and loss of profits.
Fires, floods and other unpredictable disasters are amongst those risks to your property that you should insure yourself against.
Risks to your equipment and stock
Any equipment which you potentially could not do without should also be covered by your salon insurance, particularly those pieces of equipment which would be expensive to replace. In addition to them being potentially damaged or destroyed in the afforementioned calamitous events that may befall your premises, there is also the risk that your equipment may be stolen or vandalised during a break-in.
As a public-facing business, your salon is at risk of being sued by one its own clients. If one of your customers perceives that you have caused them harm or loss through your actions, they may pursue a claim for compensation against you. If they are successful then the amount you must pay out could potentially run into tens of thousands of pounds, or even more, and if you are not insured against this, this money will have to come out of your own pocket, potentially crippling your business. If on the other hand you’ve purchased public liability insurance then your salon insurance policy will cover all costs, and you can go about business as usual.
If you employ other people to work in your salon, you must also purchase employer’s liability insurance. In addition to being a legal requirement in the United Kingdom, this type of insurance will also protect you financially in the event that one of your employees attempts to sue you for an accident on your premises or another perceived wrongdoing.
Park Insurance – Protecting your salon against all risks
At Park Insurance we’ve got more than twenty years of experience in providing specialist insurance to hair and beauty salons, health spas and many other businesses. We can not only help you get the cover you need, we can help ensure that you get a good deal on it. Get in touch today to find out more about your salon insurance options.