Anywhere from 36-53% of businesses face at least one lawsuit in a given year. As a professional with a health and beauty business, you are not immune to this risk.
You should have insurance that provides you with a variety of coverages. This ensures that you, your business, the salon owner, and your client are protected.
Consider purchasing these professional insurance products for your beauty business.
General Liability
If you have your own business, no matter what it is, you need to have general liability insurance. This insurance protects your business by providing you with defense and damages should your client gets injured or damaged. In a growing health, beauty and fitness industry, more stylists need to take protective measures of their own business efforts.
Property Liability
Perhaps you only rent space or a chair in someone else’s salon. You may think you don’t need insurance. However, many owners require stylists to have insurance. Even if the owner doesn’t require insurance, renting the chair exposes you to the same risks that the owner faces.
Property insurance will protect the equipment you need for your business operations. This includes loss as a result of fire, theft, smoke damage, or vandalism. With insurance, you can get up and running again with minimal disruption to your business.
Look for a policy that also covers loss of earning and business interruption insurance.
Business Owner’s Liability Insurance
To make the insurance buying process simple, you can look for a business owner’s policy (BOP). With one policy, you can have complete coverage of your beauty business. You can also work with the insurance company to custom tailor the policy to give you the protection that suits your unique needs.
Often, you can save money when you bundle your insurance services. This lowers the total cost of your insurance coverage.
Examples of Insurance Coverages
You try your best, but you accidentally cut or burn a client. Your insurance can protect you from their claim of bodily injury and emotional distress.
The area around your chair is always kept clean, yet your client trips on the mat and gets injured. Your insurance will cover the client’s medical costs and the replacement of your damaged equipment.
The salon where you have a chair goes up in flames, and everything inside is a total loss. Your insurance can provide you with coverage for the time you are out of work and the replacement of your tools.
Purchase Professional Insurance
Purchasing professional insurance is the best way to protect yourself and your business. It reduces your risk by protecting you when found liable. As a business, you owe a duty to your clients to provide them with a quality service and the ability to make things right when they don’t go as planned.
Insurance also protects you. You can’t provide your health and beauty services if you don’t have the products and tools necessary. You may not have the financial savings to replace them all at once should something happen.
Check out our other articles for more helpful business advice to make your beauty business a success.
