Barber Shop Insurance

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Barber Shop Insurance Explained

In most cases, a barber shop insurance is more or less the same as any standard business insurance policies. Having insurance for your barber shop can protect your business from any incidents that can cause problems and might lead to financial loss. However, barber shop insurance policies may differ in cover. It only contains the ones which are needed by your business. Just like any other types of business, barber shops also have their own risks.

The right barber shop insurance must include cover for liability as well as property. You can also extend the coverage of your barber shop insurance so it can cover your legal costs, personal accident insurance, and other pertinent coverage. There are a lot of extensions that you can add to your barber shop insurance, just be sure to add the ones that are needed by your business.

Are you wondering why your barber shop needs insurance?

There are a lot of reasons why your barber shop needs insurance. The fact is, it is very hard to avoid accidents. What if your customer or a member of the public slip and take a fall while they are in your barbershop? Your client might sue you for professional negligence due to an allergic reaction of a certain product. What if your equipment got damaged or lost and you can’t continue trading?

Finding the Best Barber Shop Insurance

Liability Insurance

There are three kinds of liability insurance. These are the employer’s liability insurance, public liability insurance, and products liability insurance. All of these types of liability insurance can cover legal and compensation costs in case there are claims that are filed against you or your business.

Employer’s liability insurance is mandatory if you have employees in your business. Additionally, it can cover you in the event that your employees will make claims against you.

Public liability insurance can cover claims in case your customers or a member of the public will file a claim against your company due to an injury or damage to their property.

Products liability insurance will cover claims which are filed due to a defective product which your company sold, supplied, or distributed.

Keep in mind that compensation claims can be very costly. In fact, the cost for claiming a minor injury could be between £10,000 – £20,000. And for a major injury, it could cost more than this amount. Aside from covering the compensation cost, liability insurance can also cover for the loss of income of the claimant, legal costs, and any other expenses that are related to the claim.

Your insurer will be responsible for dealing with the claim on your behalf. It is beneficial to have a legal expert handle the claim since it involves complicated legal issues. At the same time, you don’t have to pay for your legal representation out of your own pocket.

Property Insurance

Your home insurance will protect your home and its contents against theft, fire, flood, storm, and other eventualities. In the same way, you can also get the insurance that can cover your barber shop and its contents against a variety of risks.

When obtaining a cover for your premises and contents, you have to provide the full value. If you undervalue your insurance, then you might be penalized when a claim will be filed against you. Also, be sure to comply with the policy conditions with regards to the security of your premises. For instance, they might require you to install an intruder alarm.

Legal Expenses Insurance

Legal expenses insurance can help you in the event that you get yourself involved in different litigations. For instance, you might be involved in a dispute with a client or a member of the public. Or maybe your company is involved in a tax/VAT inspection or an employment hearing.

If any of these situations will happen to you, the legal expenses insurance can pay for your legal costs. Your insurer can even help in dealing with this legal action.

Personal Accident Insurance

Personal accident insurance can cover you in the event that you cannot work due to an injury or an illness. Whether it is only temporary or permanent, this type of insurance can provide you a weekly benefit which can help you in paying your monthly bills while you are still recovering. It can also pay a lump sum in case you cannot go back to your work due to your injury or illness.

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