Beauty Salon and Spa Insurance
For most, visiting a beauty salon or spa is an enjoyable experience. However, things can sometimes go wrong and although you may not ever need to make a claim, here are some basic things that you need to think about when buying a beauty salon & spa insurance policy.
Salon or Freelance
Some insurers offer cover for whole salons, which can be as small as one treatment room, or for freelance therapists where you can choose to add Employers Liability cover if you employ staff along with other optional covers such as Stock and Equipment in Transit cover, which may be useful if you are considering becoming a mobile therapist as this may not be covered by your existing vehicle insurance policy.
Equipment and Stock Cover
When insuring your equipment and stock you will need to assess its value, much the same as insuring the contents of your home, to ensure that you have sufficient coverage if it is damaged or stolen. Many insurers also offer in transit coverage as an option, to cover your stock and equipment should it be accidentally damaged, lost or stolen anywhere in the USA. Some insurance companies even allow for increases in seasonal stock within their policies, but you will need to check this and inform them of the increased amount.
Most beauty insurers will cover the full range of treatments that a salon or beauty therapist would be qualified to carry out, including more advanced or specialized techniques and therapies, and are usually willing to adapt their policies if you are qualified in a treatment that they do not currently cover. If self-employed you need to check whether your policy covers you for carrying out treatments such as advanced electrolysis techniques, as some insurers will cover this for an additional charge.
If employing staff, it is a legal requirement to have Employers Liability cover/ workers compensation, to cover against the risk of accidental death, bodily injury and disease during the course of their employment. If you have freelance therapists working in your salon, or if you are a freelance therapist yourself, it is advisable to have a separate policy.
Most policies include Public Liability coverage, along with Professional Treatment Liability and Product Liability coverage, which protect against claims for damage or injury caused by treatments carried out and any products applied. But do check with the insurer as to whether all the treatments you offer are covered by their policy.
Specialist insurers often include a whole range of additional benefits and coverage within their policies, such as exhibition cover when attending exhibits, internal and external glass breakages and comprehensive money cover for monies stored on the premises, plus other benefits which could have a detrimental impact on your business, such as accidental failure of your telephone line, electric, gas and water supplies, so it is worth checking.
When buying a beauty salon & spa insurance policy, above all be as honest as possible about your business, the treatments you carry out and the level of stock you hold, as it will not be cheaper in the long run should you need to make a claim.