What risks does salon insurance help to protect against?April 9th, 2018
There are many key elements involved in successfully running your own salon. The right location is crucial, having a great team is really important and attracting the audience you need to establish a customer base is also going to be a factor in success. It’s also necessary to look ahead and try to take steps to protect your business from the unpredictable, and from the problems that could arise on a day-to-day basis. These are just some of the risks that salon insurance can help you to protect against.
Loss or damage to stock or equipment
There are some pieces of equipment that could be incredibly costly to replace if they were damaged or stolen. Others might be hard to get hold of, or so essential to the running of your salon that your trade could suffer without them. Theft or damage to essential stock could also leave you without the means to ensure business continuity.
The impact on your premises
Most salons rely on physical premises in order to trade and so, if anything happens to those premises, this could be disastrous for the business. From a serious fire, to vandalism or flooding, there are some events that could end up rendering a business completely incapacitated. Without insurance it’s often a very long and difficult road to restoring premises to their former operations – it may just be too expensive, which could force the business to wind up. With insurance in place that covers the value of the premises and the cost of getting up and running again, there are the resources to find a way to continue no matter what has happened.
Problems with staff
Most employers are required to have employer’s liability insurance – this will cover your business in the event that something happens to an employee while they are working for you. The key risk here is a legal claim being made by an employee who believes that they have suffered accident or injury, and is looking for compensation in return. Without insurance, a claim could seriously impact on the cash flow of the business.
Issues with members of the public
As you’re dealing with the public in a salon there is also a risk that you could find yourself on the receiving end of a claim from someone who has come in to the salon, either as a client or a supplier. This could spring from anywhere, whether it’s a claim of injury as a result of one of your salon processes or from an unsafe piece of equipment. It’s difficult to protect against claims like this, as most arise from an accident or unpredictable incident. So, salon insurance provides some back up if the worst does occur.
For any responsible salon owner, salon insurance is going to be a key component in helping to manage the risks of running a business like this. If you’d like to find out more about the protections salon insurance could provide to your business we can help – contact Morgan Richardson today to speak to a specialist.