Beauty salon insurance is a must-have if you’re a beautician, hair stylist, makeup artist or run a nail salon.
While we already know it’s there to help protect you from situations that could destroy your small business (like being sued by a client who injured themselves during an appointment) it can also help grow your business in a real tangible way!
Here are the top 5 ways how having small business insurance can benefit your beauty business.
1\ SUSTAIN CASH FLOW
With business interruption insurance, you will be in a better position to survive a period where you’re forced to suspend business operations due to an insured peril such as a fire in your salon or damaged equipment that needs time to be replaced.
Depending on your insurer, policy and situation, any appointments and revenue lost while you’re closed could be covered, which allows you to maintain an income and keep the business alive while it’s closed.
2\ SPEND LESS ON LEGAL FEES
When your business is insured with Erie Mutual Insurance, you get the benefit of our legal assist program which includes FREE legal advice from experienced lawyers available to you 24/7.
You also receive discounted lawyer fees when you are dealing with a litigation issue related to your business.
Insured beauty professionals will pay less out-of-pocket legal expenses compared to the uninsured, which will help offset the cost of having small business insurance.
3\ INCREASE YOUR INCOME
Within the beauty industry, there are often situations when having insurance is required to secure certain jobs or gigs.
For example, a property owner who you’re renting space from may require you to at least have liability insurance for them to stay compliant with their landlord insurance.
While you may not be asked about your insurance status from individual clients making appointments, you could very well be asked by representatives of larger gigs like fashion shows and weddings.
The bottom line, having small business liability insurance in Ontario could result in you landing more business opportunities and generating more revenue.
4\ IMPROVE CUSTOMER RELATIONS
Imagine two different beauticians dealing with the same work-related accident.
One of them is uninsured while the other has insurance.
The uninsured person may feel like they’re in a position where they must avoid admitting fault for the accident they caused. This could not only lead to them losing the client involved but even more impactful is the likely harm that it would cause their overall reputation when word spreads about how the situation was handled.
On the flip side, the fully insured person may be more willing to admit fault and have the issue handled properly since their legal expenses would be significantly reduced (or even eliminated). They could choose to apologize, have it rectified through the proper channels and may even retain the client on top of avoiding the negative press.
Most people understand that accidents happen, but are less forgiving when it comes to feeling wronged.
5\ PEACE OF MIND
Knowing you have a safety net ready in case you fall reduces stress and improves mood. Not only that, it gives you more time and energy to spend focusing on improving your craft and going the extra mile for your clients.
The less time you spend working in your business the more time you can spend working on your business.
If you’re interested in getting a free quote for small business insurance, we are here to answer any questions.
Erie Mutual Insurance proudly serves the commercial insurance, farm insurance, home insurance and auto insurance needs of members throughout Southern Ontario including Haldimand, Niagara and Hamilton.
Please don’t hesitate to contact us with any questions you may have about this or any other topic related to your insurance.
