You have worked hard to open your own nail salon and covered all your bases, but have you considered nail tech insurance? As a business owner you need to reduce your financial risks by taking out the right type of insurance, because after all, accidents can happen!
Clients come to your nail salon because they value your expertise and they want to relax in a calm and serene environment for a few hours being pampered. However, what happens if they slip on a wet floor or they get a fungal infection in their nails? Does your business have the capacity to recover from being sued?
Let’s look at three scenarios where having the correct insurance reduces these types of risks to your nail salon.
A customer slips on a wet floor
Pedicures require lots of water, so what if you don’t notice a collection of water on the floor and a customer slips and breaks a wrist when they fall? With the litigation rates increasing in Australia, it’s a fair bet that a customer in this situation will sue your business for compensation. We all know that accidents happen, but if they happen in your nail salon, your business is held to account. This is where you need Public Liability Insurance, which is a nail tech insurance that covers your business for injuries that occur in your salon.
A customer’s nails become infected
As a qualified professional, customers expect you to take all due care with their treatments and any advice that you give to them. They trust you to do a good job! So what happens if a customer complains that her treatment at your nail salon resulted in a fungal infection in her nails? This type of accusation can not only financially devastate your business, but it can also ruin your reputation. For accusations of malpractice, negligence or professional misconduct you need Professional Liability Insurance to cover the costs of defending your business and going to court, as well as any compensation if the case is proven.
A product you sold injures a customer or damages their property
As the owner of a nail salon, you will sell products to your customers, whether as a reseller or your own brand. Regardless of the source of these products, your business is responsible if any of these products injure someone or damages their property. For example, you might sell a moisturising hand cream that causes a customer’s skin to turn red and blister or they spill this cream on their expensive skirt and it leaves a noticeable stain. In cases such as these, you need to reduce your risks by taking out the right nail technician insurance, which is Product Liability Insurance. If you want to sell your own products online or distribute them through other resellers, you might need a different insurance policy, so it’s best to speak to a Nail Technician Insurance Provider.
There are other instances when you need other types of insurance such as Business Interruption Insurance if your business cannot trade due to a disaster. However, the three above insurances (Public Liability, Professional Liability and Product Liability Insurance) are essential to protecting your nail salon against the devastating effects of being sued in court.