In Canada, most people want to look their best. Whether they’re heading out on a date or meeting with a potential business partner, they want to dress to impress. While some of this has to do with their clothes, they also want their makeup and hair to be perfect. So, there is a good chance that you’re going to get a visit from some of these individuals. Whether you’re a makeup artist, tattooist, or cosmetologist, you’ll help Canadians look amazing. You’ll do your best to help these individuals and you’re confident that they’re going to look great when they leave your salon.
However, you have to understand that it is impossible to satisfy all Canadians since some are very picky. If you run into problems, you’ll want to make sure that your cosmetology business is protected.
While you can work more carefully, you cannot afford to work without business insurance. Getting insured is one of the most effective ways to protect your workers, family, and business. To make things easier, you should search for quotes from trusted Canadian insurance providers before comparing those quotes and finding the plan that works best for you.
You can also try contacting ProfessionalsCoverage since they’ll help you find a good broker in your region.
Types of Personal Care and Beauty Insurance We Provide:
If your business is not mentioned below, have no worries. Our insurance markets can provide liability coverage for the majority of personal care and beauty industries.
- Medical Spa Insurance
- Hair Salon and Hair Stylist Insurance
- Esthetician Insurance
- Permanent Makeup Artist
- Nail Salon and Nail Technician Insurance
- Barbershop Insurance
Essential Insurance Policies For Personal Care & Beauty Professionals
Someone who owns a barbershop, nail salon or other professional care business needs to be aware of the risks they face daily. Otherwise, you’re going to leave your nail salon vulnerable to lawsuits and those suits will likely ruin your business. You have to prepare your business for lawsuits or they’ll ruin your future. This is why you need an insurance plan that will thoroughly protect your personal care business. In Canada, you will find that you can buy a handful of insurance policies. Some are important for all Canadian businesses while others are essential for beauty professionals. Which policies do you need to obtain before serving the Canadian public?
General Liability Insurance
General liability insurance is one of the most basic and fundamental insurance policies for all Canadian businesses. Your business faces a lot of risks since clients are constantly visiting. When they visit your clinic, they can get their nails or hair done. Or, they might get a chemical peel. The possibilities are endless. Either way, you have to realize that a client may experience an accident when visiting your property. Your floors might be a little too wet and slippery. Your client steps on the wrong tile and ends up crashing to the ground. Now, the client has been severely injured and will need to have surgery. Who are they going to blame? You. Will they file a suit against your company? Will you be able to defend your salon and avoid paying a hefty settlement? Could your company survive a large settlement?
For a lot of Canadian businesses, the answer is no. General liability insurance is the answer to that question. This insurance will cover the costs associated with slip-and-fall accidents as well as damage to your customer’s property. Lastly, general liability coverage will provide your business with protection from libel and slander lawsuits too.
Business Owner’s Policy
As you learned above, you cannot serve the public without general liability insurance. It is a necessity and something you’ll need. All Canadian businesses need general liability insurance. Well, your salon may also need property insurance. If you run a clinic and clients visit regularly, there is a risk that someone is going to slip and fall. Or, a storm could cause damage to your salon. A tree may crash through the roof and lead to major damages. Would you be able to pay for the repairs to be completed? If not, your business is going to stop completely and you’ll likely have to file for bankruptcy. To avoid this terrible scenario, you’ll want to protect your personal care business by acquiring a business owner’s policy.
It allows you to solve two problems with one policy because it provides general liability insurance and property insurance. This policy will cover customer injuries, damage to your property, and business interruptions.
Professional Liability Insurance
Since you’re a professional running a business, you need professional liability insurance. There is no doubt about it. You face numerous risks every day. One mistake or oversight could cause a client to become dissatisfied or even injured. If one of your beauty products is blamed for causing the problem, that client may file a lawsuit against your company. If you’re unable to defend your firm in the courtroom, you’re going to lose the court case and face a hefty settlement. It could easily ruin your company. Professional liability insurance can help stop that from happening. This insurance is designed to protect your firm from such problems. It is often referred to as e&o insurance or malpractice insurance and it can protect your business from lawsuits associated with complaints about your beauty products.
It can also help protect your business when the client claims the treatment did not provide the results that were promised. Finally, professional liability offers protection from worker mistakes. If you cut a client’s hair too short or use the wrong dye, you could be sued. Rest assured knowing that professional liability insurance will protect your firm.
Workers’ Compensation Insurance
Finally, you’ll want to think about acquiring workers’ compensation insurance. This is one of the most important policies for Canadian businesses. You’re running a successful personal care business and you know you cannot succeed without help from your employees. With this in mind, you need to keep these individuals happy. You have to show them that you care and want the best for them. Workers’ compensation insurance is required by law. Plus, you’ll find that it is very beneficial for all parties. It is going to help your worker by providing them with payment for their medical bills. If they’re injured while working in your salon, this insurance will pay their medical bills. Furthermore, it can help them make up for lost wages. While they’re unable to work, it’ll pay a portion of their wages.
Finally, workers’ compensation will protect any Canadian beauty business. It offers protection from lawsuits stemming from employee injuries. If you’re sued because an employee gets injured, workers’ compensation insurance will be there to protect you.
How Much Will You Pay For Personal Care Or Cosmetology Professionals Insurance?
How much should you expect to pay for insurance? Ultimately, it is difficult to be precise because there are numerous factors that can impact the price. When signing up for personal care business insurance in Canada, you’ll work closely with an insurance provider. That company will study your business carefully and try to find out how much you should pay. When doing this, they’re going to consider various aspects of your personal care business. For instance, they’ll want to know more about the personal care services you offer to your clients. They’ll also want to learn about the equipment you use and the property you own.
Other things they’ll consider include your annual revenue, location, and the number of people you employ. If the insurance company believes insuring your company is risky, they’ll make you pay higher premiums. If your business comes with lower risks, you’ll pay less. While the costs may seem expensive, it is best to suck it up, pay the premiums, and get covered.
Does Your Business Need Personal Care Insurance?
Many Canadians have worked hard to keep their business afloat. To keep their business successful, they’re going to do their best to minimize their expenses. This is a good idea but you should never skimp on insurance since that could come back to haunt you in the future. Insurance is one of the most important products your business could purchase. With insurance, you can protect your beauty business, its clients, and its workers. Without insurance, your business will be vulnerable and exposed to lawsuits. One disgruntled client could lead to the lawsuit that forces the closure of your business. You’ve worked hard to keep your business successful so you do not want to lose it in the blink of an eye.
With general liability, property, and professional liability insurance, you can minimize the risks involved. You’ll know that your business will be able to weather the storm and survive to serve more Canadians. If you’re having a difficult time buying insurance for your personal care business, it is a good idea to get in touch with ProfessionalsCoverage.