Celebrity styles might come and go, and new treatments and products may hit your hair, nail or beauty salon or mobile beauty box, but the risks of running a beauty business never go away.
Allergic reactions to treatments, bleach and straightener burns, slips and trips on wet floors, and damage to property or stock – all of these things pose a major risk to your business and it pays to take a few minutes to go through your insurance to check you’re covered if anything does go wrong.
1. Hairdressers and beauty therapists have the second highest rate of contact dermatitis (after florists)
The chemicals in hair dye and acrylic nail glue, perfumes and some essential oils in body and face treatments can all cause an allergic reaction. Working in the industry makes you more likely to suffer from contact dermatitis, which can be a pain. But that’s nothing compared to if your customer suffers a painful or disfiguring allergic reaction to something you use, as you could find yourself being sued.
Public liability insurance covers you for any injury caused to a member of the public by your business, including allergic reactions, slips, and trips, damage caused by faulty equipment and other accidents. It can also be used to defend cases of ‘psychological damage’, in instances where treatments or haircut can be claimed to have caused distress.
In today’s ‘no-win, no-fee’ environment it’s easier than ever to make a claim, so public liability insurance gives you peace of mind that your legal fees and any compensation will be covered. It’s not a legal requirement but is considered a prudent expense for any business, no matter how small, that deals with the public.
2. There are 300,000 people working in hairdressing, barbering and the beauty industry in the UK
If you employ any members of staff, even if it is part-time, you’ll need to take out employer’s liability insurance by law. This covers your legal expenses and any compensation pay-outs if a member of staff is injured whilst at work. If you don’t take it out you can be fined up to £2,500 a day.
3. 44% of hairdressers and barbers and 56% of people working in beauty are self-employed
If you work for yourself, have you every stopped to think what would happen if you had an accident and couldn’t work? Could you still pay the mortgage? Personal accident insurance gives you and your family reassurance that if something was to happen, you’re covered.
4. A fifth of hair and beauty treatments are for men
Men are getting in on the beauty act, heading into the salon for everything from spray tans to waxing. This expanding new market has helped boost industry growth, increasing demand for services. Specialist equipment to meet customer needs, as well as general furnishings to create the right ambience, don’t come cheap. You can insure your equipment and furnishings within your commercial buildings and contents insurance if you have a static base, or insure your equipment and vehicle if you operate a mobile business.
Staying up to date
Flicking through the magazines so you can give your customers the celebrity-inspired looks they want might be a fun way to spend a few minutes between appointments, but using that time to check that your insurance still has you covered could prove the difference between your business succeeding or failing.
Our specialist team at Park Insurance understands the specific needs of the beauty industry – whether you operate from a salon or mobile – and can help you to find the right level of cover at the best price possible.
Call us on 0117 955 6835 or get in touch here today.