May God provide cover against unforeseen and unexpected tragedies but prayers devoid of actions bear no fruit. Future is always uncertain and unpredictable as no one knows what is in store in the coming days, weeks, months and years. This is more certain about the beauty industry and beauty business as it deals directly with the skin and appearance and the people particularly the women are very sensitive about beauty, skin and appearance and the beauty business is always vulnerable to backlash and adverse reaction in case of any unforeseen and unexpected happening. In this scenario, beauty industry and other related businesses such as parlors, spa and others require a robust, prompt and efficient insurance cover to compensate in case of lawsuit, damage and slander.
WHICH INSURANCE COVERS ARE REQUIRED?
Business insurance is a wide-ranging, multidimensional and multi-tier term but the beauty service providers can adjust it as per their requirements and priorities. Some beauty business-specific insurance covers may be discussed as under;
- PROFESSIONAL INDEMNITY INSURANCE
Professional indemnity insurance provides a complete cover to the beauty business in the wake of a sue from a client as it pays compensation and legal costs. In case of substantial injury to the client due to any unforeseen eventuality, the professional indemnity helps in paying the amount in case of damages. This insurance covers also provide assistance in case of any chemical reaction on the skin or hair loss disaster. In this view, the professional indemnity insurance is necessary for a seamless, hassle-free and trouble-free beauty business.
- EMPLOYER’S LIABILITY INSURANCE
Employer’s liability insurance becomes essential when a beauty business has employees and they lodge a damages suit in case of any injury to them while on work at the beauty workplace. In case of any unfortunate happening due to the chemicals used in the beauty products, the employees can file damages suit and this insurance cover assists in paying the damages.
- PUBLIC LIABILITY INSURANCE
The beauty professionals whether providing services on spot or on mobile have to come in close contact with the customers and the slips, occurrences, unseen events or mishaps may cause damage because of things or gadgets used in the process of providing services. These things may be hot wax, scissors, brushes or an electrical instrument. The public liability insurance helps in managing such claims without affecting the personal bank account. This insurance provides cover in case of third-party claims in case a person receives injury or someone’s property is damaged while dealing with the beauty business.
BUSINESS INSURANCE
Business insurance is not specific to the beauty industry only rather general insurance canopy for the businesses is the basic requirement to stay in the market and to keep the ball rolling. No doubt customers are important as the business model is based on the customers turn over, however, the assets, equipment, tools and contents are also very significant. The business insurance provides overall umbrella in case of any loss and damage to the stocks, tools, equipment or content. It also provides cover in case of broken glass or loss of revenue in the wake of business interruption due to any eventuality.
- PROPERTY INSURANCE
Property insurance provides a protective canopy to the beauty business in variety of ways as it protects business property, physical location and expensive equipment in case of extreme weather condition, fire, theft, robbery, protest or vandalism. The property insurance is also a requirement of the owner in the lease agreement.
- COMMERCIAL MOBILITY INSURANCE
The commercial mobility insurance provides a cover in the wake of mobile services being provided by the beauty outlet to the customers at home. This insurance pack provides protection to the auto vehicles in case of any eventuality while on the move for business.
- CYBER INSURANCE
The cyber insurance provides an umbrella protection to the online portfolio of the beauty business from threats like hacking, online frauds and data loss.
- SLANDER INSURANCE
The business is a market of competitors and in the competition, sometime very odd situation arises in case of slander. A slip of tongue is cashed in on by the competitors without having any business ethics and morals. In the slander sue, this insurance protects the beauty business and helps in pay the damages if proven without much burden on the business kitty.
HOW MUCH DOES BEAUTY INDUSTRY INSURANCE COST?
The beauty industry insurance cost varies as it depends upon the coverage, policy and value required. The business location also matters a lot. The claims history is another fact that determines the insurance premium. The value of equipment, tools and beauty salon are also some factors that indicate the insurance coverage cost. The risk factors also determine the cost of the insurance premium as the higher the risk is, the greater the cost is.
- CONCLUSION
The insurance canopy for the business particularly the beauty industry is a must because of the uncertain situation and unforeseen eventualities. These tragic happenings though affect the beauty business a lot but a strong and vibrant insurance cover ensures the presence of the beauty business in the arena and things get smooth with assistance from the insurance policy. Even if insurance coverage is higher, it should necessarily be opted for being the beauty business so murky and unimaginable. The insurance coverage can only be opted for if the beauty business has the capacity to pay the premium otherwise it has to survive on its own without outside assistance.
FAQs
Q:Can insurance of beauty industry cost be higher than the benefit?
Ans. It becomes true in case of no claim as no such situation arises.
Q: Where can it become necessary for beauty industry to have insurance cover?
Ans. The beauty industry requires insurance cover everywhere and all the time.
Q: How long should beauty industry have insurance cover?
Ans. The beauty industry and the insurance cover should go hand in hand and as long as it is possible.
