Laser Hair Removal Insurance
Does your salon have Laser Hair Removal Insurance? One of the biggest problems with operating your own beauty salon is finding the right type of insurance policies that cover all your treatments, products, equipment and even the advice you give clients. Your insurance policies need to cover all potential sources of risk, but they also need to be cost effective.
Are all insurance policies equal?
If you’re not careful, you might end up with a policy that actually excludes some of your treatments, most notably for your salon, laser hair removal is generally excluded from many policies. This is why it makes sense to consider insurance providers who understand your business and the type of cover you need to increase your comfort level, reduce your risks and protect your business.
As a salon owner, you not only need Laser Hair Removal Insurance, you also need both Public and Products Liability Insurance and we will expand on these policies shortly. First however, let’s talk about Medical Malpractice Insurance because this is one policy that is often ignored by salon owners.
Medical Malpractice Insurance
Any business in the healthcare field, including laser hair removal salons or any beauty salon that offers this treatment, are faced with risks that are not covered by more general policies. Medical Malpractice Insurance is designed to protect these businesses from the costs arising from both malpractice and a breach in professional duty.
These breaches include administrative errors and omissions, breaches of the Privacy Laws, such as accidentally releasing patient information online and Medicare fraud by your employees. It can also cover PR expenses related to recovering your reputation due to allegations of misconduct or malpractice or any prosecutions under the Workplace Health & Safety Act, Environmental Laws or other civil laws that may require compensation to be paid to the accuser.
The smallest breach in any of these laws or any allegations of misconduct can result in a lengthy court process and significant compensation payments. Medical Malpractice Insurance covers you for all of these risks, ensuring that your business has the resources to recover financially from these allegations.
Laser Hair Removal Insurance
Public Liability and Products Liability Insurance policies usually exclude specific types of treatments, which is why you need to carefully read these exclusions. We will talk about these two policies shortly, but for the moment, you need to understand that Laser Hair Removal Insurance is a necessary addition to these policies.
The best way to find out if your Public Liability and Products Liability Insurance policies cover all your specific treatments is to talk to your broker. It’s quite common that many treatments, such as those offered by a solarium, as well as cosmetic enhancements (for example injectables), laser hair removal, and lymphatic drainage massages, will not be covered under these policies. This is when a medical malpractice policy is important, cover for these higher-risk treatments can be found in a medical malpractice policy under the professional indemnity section.
Apart from covering the specific treatments you provide at your salon, you also need to consider fire and theft. Laser salons tend to have a lot of stock and equipment on-site and your business is unlikely to operate at full capacity if these were stolen or damaged in some way. So obtaining the right salon insurance to protect your business, in case of a fire or theft, is also super important. This type of cover would fall under the property and theft section on a Business Pack Insurance policy.
Machinery breakdown Insurance
Laser and IPL clinics often have expensive machines on site at all times but what happens when one breaks down? Can your business continue to operate without your machine? Can your business afford the repair bill? One of the most common policies our client's request is a machinery breakdown policy. This will cover your machine in case of a breakdown. You can also obtain cover for business interruption in the event of a breakdown so that your business can continue as normal while your machine is being repaired or replaced.
Here at Salonsure our team makes sure that all your treatments, products and equipment are covered under a Laser Hair Removal Insurance policy, as well as other policies, as required.
Public & Products Liability Insurance
Just as Laser Hair Removal Insurance is designed to protect your business, Public & Products Liability Insurance is also designed to protect your business, but for different allegations. These are where third party personal injury or third party property damage allegations are brought against yourself or an employee at your salon, due to negligence.
Considering laser hair removal salons spend all their time providing specific and highly specialised treatments to their clients, Public Liability Insurance is very important. This type of insurance protects your business if one of your clients suffers a personal injury while in your salon. It also protects your business if a client's personal belongings are damaged, for example, you accidentally spill a product onto your client's Gucci handbag or designer clothes.
Products Liability Insurance covers your business for allegations of third party personal injury or third party property damage due to the products sold to a client. Whether you manufacture these products yourself or you simply act as a reseller for another company’s products, Products Liability Insurance ensures that your business doesn’t suffer financially due to these allegations.
As a business owner, you can appreciate that whether you have a salon or a mobile business, any claims made against your business can be both stressful and financially devastating. Public Liability & Products Insurance will help take some of the stress away. That’s because with the right policies in place if a client makes a claim against your business and you are found to be negligent, your insurer will pay to repair or replace the property damaged. In the event of a personal injury claim, the insurer will pay for the individual’s medical expenses and could even pay compensation, if ordered by a court.
Without the above insurance policies, any claims made against your business can be financially devastating and could even send you bankrupt. That’s why it’s so important to not only protect your business but also yourself, with the right type of policies, designed specifically for your business.
Laser Hair Removal Insurance Quotation