Insurance might not be the most exciting part of your business, but keeping your policy up to date is important. Failing to review your coverage can leave you vulnerable when you need protection the most.
Here are important times when beauty professionals should review and update their insurance policies:
Annually – Even If Nothing Has Changed
Regular checks can reveal gaps or outdated coverage that could leave you unprotected. Reviewing your insurance each year helps make sure your policy still matches your current services, equipment, and clientele.
After Adding New Services
Expanding your services, like adding microblading, massage therapy, or piercing, introduces new risks. Each service may require adjustments to your policy to ensure you are covered. Without proper coverage, claims related to these new services could be denied. For instance, microblading often requires specialized liability coverage to protect you against claims related to that service.
When Hiring New Staff
Ensure your policy covers employees adequately to protect against potential liability claims. Independent contractors may also need their own insurance, so understanding these distinctions is crucial.
After Relocating or Expanding
Moving to a new space or expanding your current location changes your coverage needs. Factors like property value, client capacity, and local regulations may all impact your insurance policy. A larger space with increased foot traffic may require higher liability limits to ensure you’re fully protected.
When Upgrading Equipment
New tools, like high-end or specialized devices, may require additional coverage. Laser machines, tattoo equipment, or massage chairs often need specific protections to ensure your investments are safe. Equipment breakdown coverage may also be valuable to ensure you can continue working if essential tools fail unexpectedly.
When Your Client Base Grows
If your clientele expands significantly, your liability exposure increases. More clients mean more opportunities for accidents or claims. A policy upgrade may be necessary to reflect your growing customer base.
For instance, if you’ve added bridal party packages or group spa sessions, your policy should reflect the increased risk of injury or property damage during busier periods.
Following Changes in State Regulations
Staying updated on insurance requirements for your state is crucial to ensure your policy remains compliant and provides adequate protection.
Insurance requirements vary by state, and regulations frequently change. Some states may require specialized licenses or bonding for beauty professionals providing certain services like chemical peels or laser treatments.
After Experiencing a Claim
Your coverage may need adjustment if you’ve recently faced a liability claim. Reviewing your policy can help you better understand what’s covered and what additional protection may be necessary moving forward. Additionally, discussing the claim’s circumstances with your insurer can help you identify preventive steps to avoid future issues.
When Expanding to Offer Mobile Services
Providing on-site beauty services introduces unique risks so mobile services may require separate coverage to protect your equipment, staff, and clients. Mobile liability coverage is essential to ensure you’re protected whether you’re styling hair for weddings or offering in-home spa treatments.
Stay Protected, Stay Successful
Insurance is a vital safeguard for your beauty business. Reviewing and updating your policy regularly ensures you remain protected as your business grows and evolves.
Contact a trusted provider, like Marine Agency, to discuss your coverage needs and secure the right policy for your unique services.
