Every day in 2006, the UK insurance industry paid out £3.3 million in general liability claims, such as for accidents at work, professional indemnity, and injuries to the public on business premises. Source ABI
Lack of a Tanning Salon Insurance could spell doom for your business. This is because they protect you against lawsuits. However, you have no protection or ways of defending the business against lawsuits if you do not invest in this type of insurance. As an owner of a tanning salon, one of your responsibilities is protecting your business. The pother responsibility that rests solely on your shoulders is to protect your personal financial assets. Without this insurance, you have no protection from the liability charges that your customers bring against you.
The types of lawsuits that affect tanning salons are not things that you can brush aside or ignore. These are major lawsuits that can ruin you financially and lead to bankruptcy. For example, it’s not uncommon for customers to file a GBP50,000 lawsuit against the owner of a tanning salon for negligence by ownership and invasion of privacy. Moreover, the tanning beds in these types of salons are associated with increased UV exposure, which is responsible for causing melanoma. A customer might file a personal injury lawsuit against you for harm caused by these types of beds.
In a single year, the more than 2,000 beauty salons that are in the UK serve over 2 nearly 1 million customers. The revenue that indoor tanning salons earn in the country is growing every year. Therefore, this is proof that the tanning industry is growing exponentially; hence, the crazy sums awarded in personal injury claims and other types of legal suits. To reduce the risk of closing your profitable business, you must invest in tanning salon insurance, which provides these types of cover:
a) Property Insurance
c) Business Owner’s Policy
b) General Liability Insurance
e) Workers Compensation
d) Commercial Vehicle Coverage
The cost of insuring a tanning business differs from one company to the next. It also depends on several factors such as location of the business and type of building in which it’s located. Cost of insurance is dependent on the safety measures that the owner of the tanning salon has put in place. The types of services offered at the salon, claims history, and the types as well as amounts of the coverage all determine how much money you shall pay for the insurance. Therefore, be conscious of these factors when trying to calculate the premium.
Owning a tanning shop is not a simple issue. It carries the risk of causing serious injuries or bodily harm. Before you go out to begin searching for an insurer from whom to but the Tanning Salon Insurance, you have to spend time learning about the differences between professional liability and general liability insurance covers. In all likelihood, you will need these two types of insurance covers. This is because these two types of insurance cover specific aspects of the business, thus protecting you financially.
Therefore, you now know the importance of investing in salon Insurance. The main point to remember here is the insurance protects you from lawsuits, which are all too common in the industry. The most common types of lawsuits filed against the owners of tanning salons are personal injury claims. It’s worth reiterating that the monies or compensation quoted in these lawsuits are huge and capable of bringing a small tanning salon down to its knees – financially. Therefore, speak with your insurer today about getting a good and suitable cover.