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Public & Product Liability Insurance
Public & Product Liability Insurance is designed to protect your business in case you or an employee cause third party personal injury or third party property damage due to your negligence.
Considering a beauty or hair salon will have a lot of clients coming in and out of their salon all day, public liability insurance is super important. This type of insurance will protect your salon if one of your clients suffers a personal injury while in your salon. For example, if they trip and fall.
It will also protect your business in case you damage third party property, for example, you might accidentally spill wax onto your client's Gucci handbag or on their clothes. If you are renting space the landlord will often request you have public liability insurance. This is because if you cause damage to their property they will want you to claim the damages under your public liability insurance. For example, you leave a wax pot on and it catches fire, causing fire damage to the walls, etc.
If a third party is to claim against your business and you are found to be negligent, your insurer will pay to repair or replace the property damaged caused or in the event or a personal injury claim, the insurer will pay for their medical expenses and could even pay for forms of compensation.
Whether you have a salon or a mobile business, claims made against your business can be very stressful. Public Liability Insurance will help take some of the stress away.
Without Public Liability Insurance a claim made against your business can be financially devastating and could even send you bankrupt. That’s why it is so important to not only protect your business but yourself with Public Liability Insurance.
Professional Indemnity Insurance
Professional Indemnity Insurance can help protect your business if a client claims that there is a problem with the work you've done for them in a professional capacity. It can offer cover if you need to pay compensation to correct a mistake or settle a claim and can also cover your legal defence costs. The cover is available not only for your professional advice but for unintentional breaches of confidentiality, defamation, and loss of documentation.
There are two ways to cover your business in case a client suffers an injury during a treatment:
under a public liability policy or
under a professional indemnity policy.
Often you will see on a public liability policy an endorsement called ‘treatment extension’ or something similar. This extension will then normally list a whole range of treatments that the insurer is happy to offer cover for along with a list of treatments they will not offer cover for.
The treatments that are excluded are often considered more high risk. For example, cosmetic tattoos, skin needling, laser, IPL, and eyelash extensions are just some of the treatments we often see excluded.
For clients that offer a wide range of treatments, a medical malpractice policy is often a better fit. This type of policy covers both public liability along with professional indemnity. Under this type of policy, your treatments are covered under the professional indemnity section instead of the public liability section.
A medical malpractice policy can sometimes be more expensive but offers more cover. It also has a broader range of treatments that can be covered.
How do you know which option is best for you? It is always best to speak to your broker and discuss the treatments you offer so that they can help guide you.
For more information please call us on 07 3135 7436 or email us at .
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