Hair and Beauty Insurance
smei offers a range of insurance products designed to meet the particular needs of the hair and beauty industry.
There are thought to be somewhere in the region of 36,000 hair salons across the UK, generating more than £4.8 billon of income to the hair and beauty trade per month and offering employment to over 180,000 people**. That’s some pretty impressive statistics.
When it comes to the set-up of hair and beauty businesses, often a salon is run by an owner (or owners) who then rents out “chairs” to the hairdressers, beauty therapists or nail technicians working within the salon. They are often self-employed and responsible for their own tax, insurance, and of course book-keeping too.
Beauty salons in their variety of forms can often see a large number of clients pass through the door on a daily basis. It is the responsibility of the salon owner and in turn the therapists, technicians, and stylists that work there, to ensure the safety of their clients, each and every time.
Why Insurance is Important for the Hair and Beauty Industry
No matter which section of the hair and beauty industry that your business is a part of, it is important you understand the risks that can arise and how you can be best prepared for them.
Business insurance offers protection for hairdressers, nail technicians, and beauty salons for the typical services they provide. Your broker will discuss this with you in more detail at the quotation stage and will highlight any services that cannot be covered under your policy.
Business insurance covers a range of risks that can arise specific to the hair and beauty industry including, public liability, employers liability, and product liability.
There are additional covers that you may wish to take out, such as buildings and contents cover, and business interruption. For example, in a situation where fire has caused damage to your building and your business has to close whilst repair works are carried out, business interruption is designed to cover your loss of earnings whilst the shop is closed and you are unable to trade.
You may even be able to cover the tools of your trade against loss or damage. After all, if you don’t have the necessary tools to do the job, it will be difficult to function as a business.
We're passionate about championing the hair and beauty industry, like Beauty by Joanne Mary Smith in Barrowford, Lancashire (pictured above). So no matter which part of the hair and beauty industry that you belong to, you should speak to an insurance expert about taking out the right level of cover for your business. It is vital to ensure that you do not lose money, staff or your livelihood should the unforeseen happen, and that you are fully covered in the event of a claim.
The business featured is Beauty by Joanne Mary Smith in Barrowford, Lancashire. Visit their Facebook page here: www.facebook.com/BeautyJoanneMarySmithBarrowford
* We randomly surveyed 88 policyholders (3.84%) who obtained cover through us between December 2017 and June 2018. 97% made a financial saving by moving to smei, with an average saving of 23.97%. This data excludes commercial and residential insurance for landlords.
** (http://www.careerpilot.org.uk/jobs/hair-and-beauty/facts)
