Why do Beauty Salons need it?
While you’re in the business of making clients look and feel their best, BizCover is in the business of providing the foundations of your insurance. Access competitive insurance quotes with the click of a mouse or a quick phone call away. Purchasing insurance doesn’t need to be time consuming or complicated. Simply select your preferred policy and in the bat of an eyelash you can be covered instantly.
Did you Know?
To be a member of The New Zealand Association of Registered Beauty Professionals, it is compulsory to hold Professional Indemnity insurance.
Insurance for Beauty Salons
The joys of being a beauty professional are having your clients seek your expert advice and treatments, expecting nothing but the best. As careful and vigilant you may be, the unfortunate reality is that things can and do go wrong.
A compensation claim made against you not only has the potential to financially devastate your business, but it can turn your reputation into an ugly mess – and not the type a tad of concealer can fix.
Professional Indemnity Insurance is designed to protect your business against claims for negligence or professional misconduct. It protects businesses against the following financial losses:
- Settlements and court costs
- Legal and defence costs
- PR costs
When you picture a beauty salon, a zone of relaxation and rejuvenation is normally what comes to mind – not a place for potential accidents and property damage to occur. The unfortunate reality is that accidents do happen, and damage can be expensive to fix.
Public Liability Insurance provides peace of mind against claims made against you by third parties for property damage, and personal injury or death, in circumstances that are not covered by the Accident Compensation Commission (ACC)). It’s also a likely requirement by your landlord if you lease your business premises.
Whilst your customers are vital to your business, so are your contents, stock, equipment and your building if you own it. Protecting the important things, like your beauty equipment, against any unforeseen events means you can get back to business in the wave of a mascara wand.
Business Insurance can include cover for the following:
Contents and Stock: protect your salon’s contents and stock from events such as burglary, theft and loss or damage caused by fire and other perils.
Building– consider Building cover when you own the building which your salon operates from. Wake up free of dark circles knowing your building is insured for repairs to damage or rebuilding if you were to suffer an insured event, like a fire, storm or earthquake (if you have taken out the earthquake option).
Portable Equipment: if you operate your beauty salon on the run, Portable Equipment cover provides protection for your equipment and stock if it is lost, stolen or damaged anywhere in New Zealand.
Business Interruption: how would your business survive if it had to close your salon doors for a few days or even longer due to an insurable event? Without client appointments, that’s a lot of lost income you need to makeup.
Business Interruption covers lost income and some of the increased costs of running your business as a result of interruption caused by events covered under your policy.
3 things to ask yourself when buying insurance
- Does the policy cover all your areas of work? Make sure you check your policy for any exclusions or limitations. Your policy many not cover all of your business activities if they are not standard, for example, piercings, tattoo removal and Botox injections.
- What kinds of risks does my salon present? If you are renting your beauty salon space, check if your landlord requires you to have a particular level of Public Liability cover.
- How much would it cost to replace your stock, contents and salon equipment if it was lost, damaged or stolen? Take the time to calculate the value of the crucial things you rely on every day to keep your salon in the beauty game. It usually amounts to more than you think.