Insurance protects businesses against the risks they face that can lead to unexpected losses. Whether you’re a nail technician who operates as a sole trader or you’re a mobile operator, you will need insurance to cover such unexpected losses.
Nail technician insurance covers many of the risks that standard business insurance covers. However, due to the unique nature of the nail technician profession, nail technician insurance contains slightly different cover.
Nail technicians need to insure their business property. This includes the office equipment that’s used to manage your business admin as well as your stock. You should make sure that this property is covered for accidental damage and theft because you need these items to enable you to trade.
You should make sure that you are insured for the total value of your property. If you are underinsured when you make a claim, there will be a reduction in the claim payment. Most people are surprised when they work out exactly how much their business property is worth.
Mobile operators should also make sure that their business property is insured when it’s taken away from their business premises. Standard property insurance does not always cover property which has been taken off-site.
Liability insurance deals with any compensation claims that are made against you if someone who believes that something you have done or something you have failed to do has resulted in them being injured or has resulted in damage to their property. As well as covering the compensation awarded, it also covers the associated costs and expenses as well as any wages that the claimant lost as a result of the incident.
Liability insurers defend any compensation claims made against you. This is important because complex legal arguments are often involved. This can make a major difference to the outcome. Any legal costs are also covered.
Liability insurance comes in three forms.
- Employer’s liability insurance covers any compensation claims that your employees make. You are legally required to have this type of insurance if you have any employees, even if your employees are employed as temporary or casual employees.
- Public liability insurance covers any compensation claims that third parties – such as members of the public or your – make. You are not legally required to have this type of insurance, but as some compensation claims can result in six-figure settlements, it’s important to make sure you’re covered.
- Products liability insurance is similar, but covers compensation claims that arise due to a defect in a product that you’ve sold or supplied rather than something you have done or something you have failed to do.
A standard liability insurance policy will only cover you if the compensation claim made against you involves any injuries or property damage. You should ensure that your policy has a financial loss cover extension because if not, you may be uninsured if a claim for purely economic losses is made against you.
Treatment risk cover
Nail technicians need different cover than that provided by standard public liability insurance policies. Standard cover excludes claims that arise as a result of professional activities.
A standard public liability insurance policy would not insure a claim that arose as a result of the provision of nail services. You need a treatment risk cover extension to cover such claims.
Other insurance types
Being unable to work if you’re ill or if you’ve been injured is a serious problem if you’re self-employed because you won’t get sick pay and this could mean that you can’t pay your bills. Your income can be insured via personal accident and sickness cover if you find yourself in this scenario. It pays a weekly benefit during temporary incapacitation or a lump sum if you are permanently incapacitated.
You also need legal expenses insurance which covers any legal costs if you become involved in legal action.