Whether you own your own salon or work as a freelance stylist, having the right insurance can help you be safe from a financial disaster if a customer claim ever comes your way.
Here, BizCover outline some of the different types of insurance policies commonly taken out by professionals in the hair and beauty industry. By carefully considering your business needs, you can find the right kind of insurance policy to provide you with protection and peace of mind.
Public Liability insurance
A salon is a busy place to be. There is always a constant stream of customers, as well as suppliers and reps coming and going. Sometimes, when you have so many people and so many things happening at once, accidents can happen.
Public Liability insurance covers you if a third-party claim that your negligent business activities caused them injury or property damage. Like a customer slipping and falling on hair that has yet to be swept away.
Professional Indemnity insurance
Professional Indemnity insurance covers you for losses claimed by a third party and defence costs due to alleged or actual negligence in your professional services or advice.
Recently, hairdresser provided a bonding treatment to one of their clients. While the treatment was being applied, the hairdresser began to notice immediate breakage in the client’s hair. The hairdresser promptly washed off the treatment and applied additional treatments to avoid further damage. However, upon returning home, the client experienced significant hair breakage. As a result, the client filed a claim against the hairdresser. As the hairdresser held Professional Indemnity insurance, their insurer paid $10,000 for the damages.
Cyber Liability insurance
If you have a website, accept online bookings or payments, or use any other type of technology in the daily operation of your business, then you are vulnerable to cyber threats. In fact, a recent report showed that more than eight in 10 (81 per cent) Aussie small business owners and employees had experienced a cyber threat at work or in their personal lives.
Given the prevalence of cyber risks, you may want to consider Cyber Liability insurance. This type of insurance covers losses from claims arising from data breaches and cyberattacks as well as business interruption and remediation costs following an actual or threatened data breach.
Don’t settle for inadequate insurance
Underinsurance occurs when an insurance policy falls short of covering the full value of potential liabilities or replacing your assets. For a hairdresser, this could mean unexpected out-of-pocket expenses due to legal disputes, professional errors, or even physical damage to your salon. The consequences of underinsurance can be serious, impacting not just your finances but also your reputation.
BizCover makes insurance easy
BizCover has more than 15 years’ experience in the industry working with small business owners to help them find and compare business insurance.
When choosing insurance, BizCover makes it easy for you to quickly and easily compare multiple quotes online in minutes. This allows you to find the right cover to suit your needs and your budget. With a 4.7/5 star rating on Feefo, it’s clear why more than 250,000 small businesses choose to use BizCover.
Visit www.bizcover.com.au or call 1300 805 821to compare quotes today.