Insurance

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Brown2013

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Hiya I'm after some insurance advice...
It's a bit of an unusual set up...

So me and 2 others have decided to rent a private salon on the army base we live on, none of us own the building but we will all contribute to the rent, we all have our own individual insurances (nail technician, HD brow technician and hairdresser)

I guess what I'm wondering is if...
1. Our own insurances are enough
2. Do we need a different salon insurance and if so how is the best way to approach this with us all renting equally?

Any help on this would be hugely appreciated xxx
 

Haircutz

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I’d approach this from looking at the details of the contract with your landlord in the first instance.
Do you each have your own rental agreement or is one person taking on full responsibility and subletting or are you all equally jointly liable?
 

Brown2013

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Ah okay thank you I will look into it, we are in the very early stages of organising it all, we are all equally liable as it stands at the moment, I think ideally we would like to keep it that way if we can make it work with insurance and things.
 

Haircutz

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In that case, I strongly recommend you see a solicitor and set up a partnership agreement amongst yourselves. It will be money well spent for peace of mind!

Joint Liability can be a headache if one of the group stops contributing to the rent and utility bills. This can happen if they get sick, pregnant, lose interest in the venture or turn out not to be very good at their job!

Good luck with your new venture. :)
 

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