The beauty world is a complex, yet rewarding one. It is filled with ever-changing trends, cut-throat business environments, and a rich culture dating back most of human history. So it is no surprise that thousands of people attempt to break into the world of beauty and fashion every year.
But people often forget that any beauty empire, whether it be selling make-up or clothes. Or even if it’s just a modeling agency. They are still a business. And any business requires a certain amount of business acumen and knowledge that can’t be found just within the pages of fashion magazines or on fashion blogs, not that these sources aren’t important for this line of work.
Today we are going to be talking about an often forgotten aspect of business and one that is crucial for a beauty empire. Insurance. We will look at the different types of insurance your business empire will need and why you will need them.
Why You Need General Liability Insurance
This type of insurance is mainly needed if your type of beauty business works with customers in a front-facing environment. Hairdressers, saloons, spas, fashion boutiques. Any business that has customers entering your premises.
General liability insurance essentially protects you, and the customer, against injury, theft, and property damage. It is used when a customer attempts to make a claim against your business. So if a customer trips over something in your store and is injured, they might want to get compensation from you. If you have GLI then the insurance company will handle this and make a payout, protecting your company from taking a hit.
This is super important, especially for hairdressers or salons. In these environments, there are lots of potential hazards. Burning off equipment. Chemical irritants. Allergic reactions. Trip hazards. So this type of insurance is a must!
Why You Need Workers Insurance
If you are lucky enough to have built a beauty empire, chances are you will have a lot of staff. And with a large staff base comes a lot of potential issues. Sick leave. Accidents. Arguments and HR disputes. All of which can potentially lead to action against your company. Workers’ compensation insurance is a way to protect your staff and yourself in case any of these situations arise.
Say a member of staff burns themself badly on curling irons. If you have insurance then they will pay out the settlement rather than you. Or if a member of staff is taken ill, through no fault of your own, then this type of insurance will help pay their medical bills without you being out of pocket. It is important for any large business to have this type of insurance as it boosts staff morale and is also great for PR as well.
Why You Need Life Insurance
This one might seem a bit confusing. How does life insurance affect your business? Isn’t it just focused on you? And you’re right. But think of it this way. Your business is as much part of you as say your hobbies or favorite meals. It is your creation and you want it to be cared for after you’re gone, in the same way, you want your family to be cared for.
Life insurance only pays out when you’re dead, or if you are diagnosed with a terminal illness such as cancer in some policies. There are plenty of different types of life insurance policies. Direct term is a policy that runs for a specified period. Normal life insurance runs for as long as you pay it. We usually recommend that you learn about direct term life insurance policies as they are the most flexible and customizable policies. As a business owner, you will want something you have more control over and can style to your needs.
Life insurance is vital for the continuing success of your business after you’re gone. If it’s a family business then you will be able to leave your successor a sizable sum to help get them started and keep the business afloat. Many insurance firms will also offer counseling and guidance to the bereaved after the fact as well. So you can rest assured both your family and your business will be in safe hands.
Why You Need Data Breach Insurance
The digital age is here in full force. Even the beauty business world has to make use of digital data storage. But with digital storage comes the threat of data leaks. This has become more prevalent in recent years with a number of larger companies suffering data leaks, including Apple, Google, and even Amazon.
Data breach insurance is, as the name implies, insurance against a data breach. You could have the most expensive digital security on the market and still suffer a data breach. This type of insurance covers you against claims made against your company by clients if their data is stolen.
Beyond that a lot of insurance companies will also pay for PR campaigns to help mitigate the reputation damage to your business after the fact, meaning you won’t be out of pocket. And the companies will often provide cyber-security specialists to help shore up your digital defenses too. This is an insurance type you simply cannot afford to skip out on.