Know All About Hairdresser Insurance
Being a hairdresser is a wonderful trade. You can earn a comfortable livelihood if you are ready to work hard. However, the truth is that with any business, one needs to be proactive in getting as much protection as possible and in the modern world this translates to getting the right insurance. So what insurance do hairdressers need? Here is all the information you need to know about it.
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Liability insurance is crucial
The first and foremost thing you need to talk to your insurance company about is getting the correct set of liability insurance. You will need Public Liability Insurance, Employer’s Liability Insurance, and Products Liability Insurance, and each of them are discussed below.
- Public liability insurance: This is coverage that is going to come in helpful to you as a hairdresser considering the number of people you must come into contact with every day of your life. You not only just get quite a few walk-in customers, but you will also meet lots of people in the neighborhood of your business. And if your business is a success and you are making money, then you may be sued with a compensation claim before too long. For instance, a customer may trip and fall down in your salon and hurt himself. If he wants, he can claim compensation for injury trying to prove that it was your fault he tripped and got injured. With public liability insurance, the insurance company will defend your case so that you can get away with paying as little compensation as possible or maybe even none at all. All your legal expenses will also be handled by the insurance company.
- Employer’s Liability Insurance: This is similar to public liability coverage though it is going to come in useful if an employee claims compensation for sickness or injury because of the work she does in your business. As a hairdresser, you may have employed other people in your business to help you out and that is why you should buy this coverage. In fact, it is mandatory by law to do so and if you don’t, you will have to pay heavy penalties.
- Products liability insurance: This is the next liability insurance you are going to need. If you sell hair products to your customers as many hairdressers do, and a product you sold was found to be defective, you could face a compensation claim from the aggrieved party for injury or property damage. This coverage is going to come in useful by ensuring that the insurance company deals with all the legal issues and also pays the compensation amount.
Read More >>Are you hairdresser properly covered?
Protection of property
Where do you run your hairdressing business from? As a business owner, if the property got damaged or vandalized, it would throw your business in jeopardy, right? That is why getting property insurance is such a good idea. By doing so, you can ensure that the insurance company pays you compensation for unintentional damage and theft. Also, the contents of the property stand insured which is good news for your business protection.
Extensions to add meat to your coverage
As a hairdresser, making sure that you have certain extensions added to your plan is a good idea.
- Treatment risk extension: This is an extension meant to cover you in case you are hit by a compensation claim arising out of the professional activities you provide. Since public liability insurance will not cover such claims, you could be facing a huge risk if you don’t get this extension.
- Financial loss extension: This is the second extension that you must get. This is going to cover you in case you face a compensation claim for purely financial losses from a customer or someone else. Standard public liability insurance will not cover claims where there is no injury or property damage involved and that is why buying this coverage is a great idea.
It is the best thing to do all you can to protect yourself and your business because that is what is going to be useful in adverse situations. Get enough insurance coverage and you will be handling everything the future throws at you.