When putting together your business plan for your beauty salon, it is vital to add the insurance cover you are going to use. No matter the service offering you have in mind for your customers, your clients will expect to be safeguarded while in your salon. Clients will demand and expect you to treat their health, possessions and personal information with great care and respect while you deliver your service set to them. It is always advised to be as thorough as possible when drafting your business plan, and many business owners overlook aspects regarding insurance. For example, a customer’s handbag is stolen during a visit to your salon.
This instance could mean an expensive settlement claim against you and your salon. However, with the right business insurance, aimed specifically for a beauty salon, you will have some peace of mind so you can focus on growing your business.
Comprehensive insurance for your business will help protect your company from unforeseen circumstances, such as storms, crime, and heavy equipment failure.
Here are examples of the common types of business insurance that will be useful to a beauty salon.
Most business owners immediately think of Business Property coverage when considering insurance. This insurance is essential and very useful to have should you experience any acts of vandalism, fire or water damage from burst pipes. This business insurance will compensate you for any loss or damage to property.
Another excellent business insurance option to look into having is General Liability coverage. This insurance will protect your business in instances of accidental injuries sustained on your premises by clients. Accidents do happen and it is best practice to ensure that you are covered for any claims from your clients for injuries to their property or themselves while at your salon.
Natural disasters such as storms, hurricanes, and earthquakes could result in a lengthy disruption to your business. For example, you may not have any power for a period of time or your business premises are no longer structurally sound. Business interruption insurance can cover you for any lost income while your business recovers from the disaster. Your policy could include your employees’ loss of income during that period as well.
For a beauty salon insurance companies will offer a specialty addition to existing coverage. The Professional Liability insurance covers you and your employee should a client claim that you or your staff did not adhere to the service promised.
In the modern digital age, it is imperative for any business, especially a beauty salon to invest in Data Compromise coverage. These days more and more people are opting to do everything online or via mobile apps, from booking an appointment to paying for services. This means that tons of personal data of your clients will be on your systems. Ensure that you are covered for any loss or accidental release of personal information that is held on your business systems.
The above list of insurance options for a beauty salon may appear to be lengthy and relatively expensive; however, the cost of not having these insurances could be far higher and may result in huge losses for your business.