Shopping for business insurance is one of those things that beauty professionals push to the very bottom of their to-do list, and who can blame them? You’re a nail technician and you chose this profession because you love working with happy customers and you enjoy making them look and feel amazing. However, you eventually have to stand up and face the large elephant in the room. Here is everything you have to know about nail business insurance and what exactly it means for your brand!
Tip: it would be wise to get all of your insurance work done BEFORE opening your business, in order to avoid any unpleasant situations!
Mistakes happen in every part of the service industry and nail businesses are no exception. All it takes is an improperly cleaned nail drill and presto - your customer ends up with an infection and you’re caught with your pants down. Disasters can come in all shapes and sizes, however, it's better to be safe than sorry. With nail business insurance, you can rest assured knowing that you have coverage if a client or employee were to file a court case against you due to issues pertaining to professional negligence. Although self-employed nail technician insurance doesn't have to include business insurance, it is still recommended that you consider getting public liability insurance and personal accident insurance - but more on that later!
This is going to be a long one, so bear with me - the list of business insurances is quite extensive, however, there’s no need to panic! When choosing the right plan for your business, you need to first look at your business model. Is your enterprise a large, multistation salon, a home-based studio, or an entirely mobile business? And are you the only treatment provider, or do you have hired staff? First, let’s start off with the most essential insurance plans that every nail business owner should have!
We’re going to be blunt with you - it all varies, depending on your business model. A solo nail tech that is mobile won’t have to worry about employers’ liability insurance and business buildings insurance, which can save them a few hundred pounds a year. If you run a large business, then your nail salon insurance cost will depend on your location, the number of employees you have hired, your coverage needs, equipment value and even claim history. Before jumping the gun, make sure you’re aware of the possible expenses and speak with an insurance agent if there are any uncertainties.
Although you’re legally required to have business insurance before starting off, other plans are usually optional - of course depending on your business model. Personal accident insurance, which isn’t on the list, is most often recommended to people who work in dangerous, accident-prone fields, such as construction - however, you can also invest in this plan. When choosing the right nail business insurance for your enterprise, first and foremost, get the most essential plans out of the way. Once you have those taken care of, start looking into optional coverage. Is your equipment prone to getting damaged? Have you been a victim of theft? Has your business suffered financially due to an unexpected event? Take these situations into account and, from there, decide which optional plans best-suit your situation.
In the nail business, unexpected situations hide behind every corner, and some of them can be very costly for you. Although you can’t predict the future, you can most certainly prepare for it! Get the coverage you need that’ll let you sleep soundly at night and prevent minor inconveniences from turning into major issues.