Benefits of Having Insurance with Extra Cover Included
Many salon owners may wonder what the benefits of having insurance with extra cover included in the bundles are. Insurers usually bundle together the services and types of policies that they think members of a specific group may require. They frequently combine primary with secondary types of cover. These are used to cover less expensive items and repairs or aren’t used as frequently as the primary types are. Thus, most people tend to think of the secondary types of policies as being extra cover and services that aren’t really needed. This attitude towards secondary types of policies may lead to the temptation to forego purchasing them. However, there are some benefits to having them.
Reasons to carry primary cover
Most salon owners can perceive the various reasons there are to purchase primary types of cover, such as Professional Treatment Liability or Products Liability. Most also know that they need to have Employers’ and Public Liability covers too, as these are mandatory. These are all primary types of insurance policies that could easily be needed on several occasions throughout the ownership of any business. Lately, there have been excellent examples showing just why salons need these primary types of policies. For instance, the lawsuits involving keratin-based hair straightening treatments and products clearly demonstrate a need for Professional Treatment, Product, and Employers’ Liability cover. Civil disturbances and poor weather also demonstrated the need for Public Liability and Commercial Property insurance.
Benefits of having secondary types of cover
Think of how many salons would face financial ruin if they had to pay all the legal expenses from a lawsuits. Imagine the medical expenses, for instance, that a salon would have to pay for if a ventilation system failure exposed anyone to high levels of carcinogenic fumes.
Climatic changes and bad weather have also adequately demonstrated the need for secondary types of cover. Think about how many businesses had to close owing to the poor weather conditions. How many had to replace broken pipes that had frozen? How many places were flooded owing to those breaking pipes? How much stock and equipment may have been destroyed or damaged owing to the weather? How many buildings were damaged by the weight of the snow?
Alternatively; perhaps there was a break-in and a broken door needed to be replaced quickly. Perhaps the burglar had also damaged or stolen the stock, computers, and cash registers, all of which needed quick replacement. Now consider what it would cost a salon to make those repairs and replace the stock, computers, and cash registers if there was no insurance cover.
Even when there’s no burglary, climate changes, or lawsuits to fret about, there are various events that can occur which can interrupt a salon’s daily business operations. Perhaps someone accidentally left the tap running all night and caused a sink to flood, and the carpet was damaged. Or maybe the building next door had caught on fire and caused smoke damage to the salon. Sometimes events outside of the salon owner’s control do occur and can cause the salon to have to close down operations.
When unexpected or uncontrollable events do happen, it’s quite nice to be able to recover the lost income and various expenses by simply filing an insurance claim. Without adequate insurance cover to help cover these expenses, a salon could easily go into financial distress. Therefore, there are many benefits to having insurance with extra cover included.