The complexities of insurance can often be daunting. Seeking professional guidance to ensure that you are getting the right cover is advisable. The following is a brief guide of some of the policies to consider.
- Professional Liability Insurance – As a business owner or individual beauty professional you can be held legally liable for injury, harm or financial loss alleged to have been caused to your clients, patients, other parties or loss/damage to their property. As such you may require Professional Liability insurance.
Good quality cover will include Professional Liability and Public Liability as standard, but it’s useful to consider other elements, e.g. any advice given or cover for mental anguish caused; manual or electrical equipment used as part of your profession etc.
- All Risks Cover – For items you take with you i.e. mobile equipment / laptops. May be of particular interest to those who travel to client’s homes.
- Employers Liability Insurance – Typically a legal requirement, if you have anyone working for you, including volunteers.
- Entity or Contingent Insurance – Will cover the business name and any insurable claims that are directed towards this; can also include Professional Liability insurance for named employees.
- Stock and Contents Insurance – Take care not to under insure (i.e. not cover the full value of your contents or stock), as claims may be proportionately reduced if you do.
- Buildings Insurance – A consideration if you are the owner or responsible for this in any rental agreement. May also be a requirement of any mortgage agreement on the property.
- Tenants’ Improvements – In the event of building damage due to an insured peril i.e. fire or flood, improvements or alterations made by tenant may be their responsibility to insure.
- Business Interruption – Cover for financial losses and/or increased costs to your business when unable to operate due to property damage arising from an insured peril i.e. fire or flood.
- Personal Accident and Sickness – Various options available; cover may be of particular importance for those that are self-employed and have no alternative income.
- Legal Expenses – Covers Criminal Defence and Legal Advice, may also include legal and taxation advice lines.
Check the policy wording to see what you will actually be covered for; lower premiums may equal inadequate protection in the event of a claim. Time spent checking the policy will cover different eventualities will hopefully ensure full peace of mind should the worst occur.
Established in 1950, Balens are a fourth generation, ethical, family run Insurance Brokerage focussing on guidance, support and service.
Specialists in providing insurance policies for Health and Wellbeing Professionals and related professions including Care Homes, Domiciliary Care Agencies, Supported Living Providers, Day Care Centres and Drug and Alcohol Rehabilitation Centres. Offering a wide range of insurance services for both individual and business requirements.
For further details and information please visit www.balens.co.uk