Insurance Site Critique

All trades that deal with the public need to be protected by insurance. Hairdressers whether in a salon or running their own mobile business require cover for their benefit and their customers in the event of any unfortunate occurrence.

The insurance required does differ for salons to mobile operations simply because of the differences in operation. A salon is a bricks and mortar operation so insurance will be required to protect the property and its contents. This aspect of hairdressers insurance is no different to standard retail premises (building and contents) cover. A salon based business will also require employers liability insurance. This is a legal requirement for businesses that have staff. It is unlikely that mobile hairdresser insurance includes this element.

There are some insurances common to both salon and mobile operations:

Public liability insurance provides an indemnity against any injury to a third party or parties and damage to their property caused by your business (or on your premises). Both types of business may consider business interruption insurance which provides for loss of income caused by an inability to trade.

Money cover is also a useful insurance for both. Subject to certain security conditions and value limits, your business cash is insured in and out of business hours, in transit and in your home. Some terms of money cover also include a personal accident clause which covers you and your staff if you are assaulted whilst in charge of the business cash.

For even the most skilled and experienced hairdressers things sometimes go wrong. Cover for treatment risks is an excellent optional addition to salon and mobile hairdresser insurance. A hairdressing business these days may offer more than just hair styling services. Many have extended into a range of beauty treatments. Treatment risk cover therefore not only includes hair cutting and styling and hair treatments such as tinting, bleaching, dyeing, straightening and perming but also work on wigs and hair pieces, hair removal, eyebrow tinting, eyebrow shaping and ear piercing.

Some cases where a claim is made against treatment cover may have legal issues so having a policy that includes commercial legal expenses is another excellent addition to the suite of insurance for hairdressers.

Specialistrisks are happy to provide quotes for salon and mobile hairdressers insurance

Small businesses are becoming a vastly growing phenomenon within the UK, especially with the recent change in economic climate. People are trying to find ways to make a little bit extra money on the side, or maybe a complete career change to meet their financial requirements.

Obviously there is a lot of hard work and effort necessary to create a functioning and effective business. One thing that is often forgotten or ignored is the need for UK Business Insurance. This is almost compulsory when considering setting up a business, as it covers a vast array of business related objects. This can range from office stationary to stock all of which can be extremely costly if damaged or lost. One of the main reasons that new businesses ignore the need for Business Insurance is that they assume that their equipment and stock is covered by their own person home insurance. However, this is not the case and it could be a fatal mistake which causes some businesses to lose vast amounts of money and have to actually declare themselves bankrupt.

Like all other types of insurance, UK business insurance has various types which cover different levels and areas of your business requirements. There is such a thing as office contents and computer equipment cover. This covers the basics of your office contents, such as furniture and stationary and then the more expensive things such as your computer equipment. This cover can range depending on how much you pay but it will normally cover around £10,000 worth of equipment. Obviously, like all types of insurance it is a good idea to look around insurers to determine which one is most suited to your needs and which one offers exactly what you would require for your business. Also this will help you to find exactly which insurer provides a good level of customer service and which one offers the best value for money.

Saying this however, you must recognise that sometimes value for money is not necessarily the best thing to look for when insuring something so important!

Visit Specialist Risks for all your UK Business Insurance

photo credit: Garry Zeweniuk

If your business entails coming into contact, directly or indirectly, with clients and/or members of the public, then you must have public liability insurance. As many businesses wouldn’t survive without doing so, it is essential that you include this type of cover within your basic package.

In essence, this type of insurance comes under the jurisdiction of a duty of care: if you are opening your doors to the public, you must ensure their safety whilst on your premises. A sole-trader or independent entrepreneur may have predilections that their household or car insurance policies have similar cover within those documents; however, what is covered domestically may not stretch to usage of your home or transport for business purposes.

If a breach of care is brought against you and is proved by the plaintiff, a common court of law will undoubtedly find you guilty and uphold their claim. Public Liability will cover you against that claim.

If your company has grown to a certain size, you may also be advised to take out General Liability Insurance, but be careful to read the small print of what is included; you do not want to be paying twice for this same service. This will only affect larger concerns, as the premium for this all-encompassing cover may stretch the budget of operations at the smaller end of the business scale.
Despite the peace of mind and pure common sense a policy of this nature gives, it is still not compulsory in the UK to have it.

Many insurers suggest a minimum requirement is for £5M, but most prefer a business to set their lower threshold at £10M. Do choose to shop around, though, as some firms will insure from as little as £1M, reducing the premium for you.
When deciding upon the level of cover, weigh up the pros and cons of what Public Liability covers you against, because differing companies and policies do vary. Calculate the risks involved of some of the more specific aspects; if you are offering a chiropractors service from home, would you really need cover for explosions, for example?

With the ever-growing trend of people seeking every opportunity to claim, covering yourself with this protection will avoid the hassle that a small claim would entail. Especially with so many companies offering ‘no win, no fee’ guarantees, the public have nothing to lose and do not appreciate the disruption one such claim can have to you going about your day-to-day business and providing yourself with the means to support you and your family – the whole purpose of investment in your business in the first place.

All businesses need to be insured to safeguard against any claims arising from accidents or negligence. The motor trade is no different and it is essential to cover all bases in relation to insurance. This includes public liability, product liability and employer`s liability. As a business owner you are legally required to have employers liability insurance and it is a necessity to have public and product liability insurance, not just to protect the public and your employees but to protect you and your business. As with all insurance it is a good idea to shop around to try and secure the best deal, but don`t sacrifice the right level of protection for the cheapest price. This strategy could cost you dearly in the long run.

Not every business is the same and often a standard insurance policy just won`t provide the level of protection necessary. While cheaper, it may leave you vulnerable to paying out on claims and extra expense due to gaps in the policy. In a scenario like this it is a shrewd idea to consider a tailor made insurance plan. Good insurance brokers can find a policy that fits your individual circumstances. Just provide them with all the details of your individual circumstances and you can dramatically reduce the risk to you and your company. Remember you need to include cover for the business, your products and the public. Employer`s liability insurance is compulsory by law and everything can often be included in the one policy.

You cannot underestimate the importance of a comprehensive insurance policy, especially if you not only sell cars but provide servicing and repairs to the public. This can also be a hazardous job for your employees so the level of cover provided by your employer`s liability policy is important too. Make sure you thoroughly check the details on your policy, most insurance companies will let you drive your more average cars for private use but remember if you exclude this it can help bring down the cost of your premium.

A motor trade insurance policy covers the driver only, enabling you to drive any vehicle in relation to the business. A separate policy for each vehicle is not required. This makes the day to day running of a motor business much smoother for testing customer`s vehicles and demonstrating vehicles for sale. The best cover to take out is a fully comprehensive combined policy which covers all aspects of insurance; comprehensive vehicle insurance, public, product and employers liability insurance.

Don`t forget to include enough cover in the event of damage to your property, plant and machinery, theft, fire and water damage. You should not underestimate the costs of repairing and replacing damaged premises, machinery and tools. Sole traders and small businesses operating out of their own home should be very careful to secure the right level of insurance as you may end up putting your home at risk in the event of claim. A mortgage cost calculator can help you figure out if you could finance an upgrade to your working area at home or afford to find business premises separate from your home.

photo credit: Garry Zeweniuk

As an employer you have a duty of care to your employees under law. Obviously this runs to working conditions that are safe and healthy, as well as ensuring that there is no discrimination or coercion by yourself as a business owner. A major part of looking after your workers is the legal requirement to hold Employer`s Liability insurance. This is a necessary expense and one which even small businesses cannot go around or avoid.

Employer`s Liability Insurance is not only the law, but for a small business should form part of their overall risk management process and approach. It is double edged protection. It compensates any employee who is injured during the course of their working duties, which also includes illness suffered in similar circumstances. As such, it also protects small business from massive personal injury claims which they would not have enough funds to defend against or pay out on.

The cost of Employers Liability Insurance to a small business can be significant and may depend on a lot of factors. By taking note of these, it may be possible to reduce the overall costs without either reducing cover or failing to meet the legal minimum requirements. So taking extra steps in your health and safety processes or ensuring employees undergo specialist training for certain equipment or tasks is one way. This may convince an insurance company to reduce premiums. Certainly it is worth talking to your insurer about such ideas. They will also be keen to reduce their exposure under any policy where possible.

Another way of reducing the costs of this insurance is actually combining it with other policies such as Public and Products liability. This technique is no different to capitalising on cheaper commodity prices by economy of scale through smart buying. By taking all the policies together an insurance company gets more business and may be able to offer a bigger discount.

If you fail to have any or an adequate Employer`s Liability Insurance policy, the consequences are pretty severe. As a small business owner, not only will you be exposed for the full force of the claim through the business assets, but you may also face criminal proceedings against you personally. This is just not worth the risk, so a proper policy is the sensible option.

But you may be exempt from actually having to take out an Employer`s Liability insurance policy. Regulations state that where you are either the sole owner, or where it employees mainly close family. However do take legal advice on this and also still weigh up the advantages of still carrying a policy. Even if it is a family member who is injured or dies, they may still sue. They after all still need the funds to live out their life or arrange permanent care.

Employer`s Liability Insurance should never be taken lightly. It must be dealt with as a necessary and essential part of your business plan and costs. Integrated into your business it is as critical as ROI, wages, taxes, a business Mortgage on premises and health and safety policies