Insurances

[malikking92]

I want to ask what type of Insurances I require for the Salon. As per my understanding, these are :

Professional Indemnity Insurance for the Employees and Business Liability Insurance anyone who is running Saloon kindly guide.

 

[nickyjpearce]

Technically the only insurance that is required for a salon is Employers "Liability Insurance" if you intend to employ or have someone else working there.

However, you may also wish to look at "Public Liability" Just in case a client trips or falls or has an accident on your premises.

"Professional Indemnity Insurance" for each worker just in case they have a mishap and a client sues them.

"Products Liability Insurance" just in case you get sued for anything to do with the sale or use of products.

"Equipment Insurance" To cover loss or damage to equipment.

"Business Interruption Insurance" Just in case you get shut down and lose your income as in the Pandemic.

You can usually get a group or joint insurance plan with a professional body such as Guild of Professional Beauty Therapists or The British Association of Beauty Therapists and Cosmetologists etc.

Always shop around for the best quotes.

Hope this helps

Nicky

 

[TheDuchess]

I’m a qualified commercial insurance broker. There are packaged products which cover everything you need and you might want to add directors and officers insurance in case you have a dispute with an employee and cyber risks if you are reliant on online booking and selling.

You would be best advised to either join a professional association and purchase their salon insurance or speak to a commercial broker and take their advice and purchase through them. If you aren’t qualified in the industry as a manager I’d advise a broker as you won’t qualify for professional scheme salon insurance. It’s perfectly reasonable for an industry scheme to expect you to have a level 6 (degree level) industry specific qualification or to employ someone qualified to that level with a minimum of 2 years experience running a salon with sole responsibility. It’s another matter entirely if you are qualified in the industry and setting up self employed with a couple of juniors/self employed fellow professionals and reading industry journals/attending conferences and CPD sessions at trade shows.

You shouldn’t phone around or go online obtaining quotes as if you are insuring your car. That’s not how commercial insurance is done. It’s like thinking you can get the best legal or accounting service by looking for an online quote. Commercial brokers hold professional indemnity insurance and receive lots of degree level training to help them advise you how to manage your business risks. This is done partly through insurance and partly by having good systems in place. A broker will help you spot the gaps in your knowledge which will invalidate an insurance claim. For instance if you don’t have a register showing that you check your emergency lighting weekly you leave yourself exposed in the event of a fire claim. Insurance claims are tedious and insurers are always looking for grounds to reduce the payout so you have to make sure all your health and safety covered off.