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  • Amanda Bird

3 Kinds of Salon Insurances in Australia to Consider

As a beauty salon owner, you are responsible for the safety and security of your clients, some of whom may be new to your business. Just as any other business owner, you must invest in your business to ensure that it succeeds and so that you can pay your employees and bills.


Let's take a look at why it pays to insure your salon in Australia, and some insurance plans to consider.


What Is Salon Insurance?


Insurance is a way to protect your business against any unexpected events that could happen. Salon insurance covers salon services and products loss, employee theft and damage to your business premises.


Some insure your business against physical damage, vandalism and theft. Others are there to protect you from paying large sums of money to a client who has filed a large suit against your business for personal injury.


When you purchase salon insurance, you ensure that your business is covered in all eventualities.


Kinds of Salon Insurance


1) Business Insurance


Business insurance covers your business against losses resulting from employee theft and damage to your business premises.


This is the basic insurance that covers the cost of repairs to your business and any claims that are filed against your business due to theft or damage.


2) Professional Indemnity


This is a policy you should consider purchasing if you offer any kind of professional service. It covers any errors or omissions made by your staff or yourself and any damage that is caused to your client's property.


The cost of a professional indemnity policy varies depending on the industry you work in and the services you offer. This is because the risk of errors being made is higher in certain industries and professions.


3) Public Liability Insurance


This covers the cost of your legal defense against any claims for personal injury that are filed against you.


It is essential that you have public liability insurance if you offer any kind of service that involves working with the public.


In most public liability insurance policies, there are clauses that prohibit paying your client any compensation for any damages or injuries that are caused because of your negligence. This means that you will be responsible for paying whatever compensation is due.


Benefits of Salon Insurance


1) Protection of Your Business


If you have purchased salon insurance, it means that your business is protected against any damage that is caused both to your business premises and to your business assets.


Insurance companies have trained and experienced professionals who are responsible for investigating any claims and compensating you for any damages that are due.


2) Protects Your Employees


If any of your employees make a mistake that results in a lawsuit, it is a good idea to purchase a professional indemnity insurance policy. The policy protects your employees from any legal responsibility resulting from any damage or injury caused to your client.


3) Protection Against Lawsuits


Taking out a public liability insurance policy protects you from lawsuits for injury to a client and pays for your legal defense.


Conclusion


Taking out salon insurance is an important business decision. While the cost of your insurance policy is dependent on the risk of claims made against your business, it is an investment that will ensure your business assets are protected.


New Wave Insurance can help you explore your business insurance options. We are Gold Coast insurance brokers that provide salon insurance to protect your business. Get in touch with us today to learn how.

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