Creating a Nail Technician Insurance Portfolio
If you run a small one woman/one man mobile business you may need no more than professional indemnity insurance to cover the majority of risks you run. In this case please don't be frightened by the list below; much of it will not apply to you. If you run a larger business though, and have staff and premises your needs will be greater, and this list will be more useful to you.
Steps to take for creating a portfolio
Following certain steps can turn creating a portfolio into a simple task. These steps are:
1. Assess the level of risk: Think about what kinds of mishaps may occur, and how frequently they may occur. Also think about how much money might have to be paid out for legal and medical expenses, as well as for property repair or replacement if a lawsuit occurred as a result of those mishaps. Also think about which types most employers and clients will expect you to have. Moreover, remember that standard policies for homeowners’ and personal motor vehicles do not usually compensate for business-related contents and incidents, especially if they have not been notified before hand that the home or vehicle was being used for business purposes.
2. Become familiar with insurance terminology: Although some terminology varies from one insurer to another, there are some standard terms used. You can find these standard terms explained in any online or off-line insurance glossary.
3. Become knowledgeable on the types of NT insurance available:
(a) Public Liability; (b) Professional Treatment Liability; (c) Product Liability;
(d) Comprehensive money cover; (e) Equipment and tools cover; (f) Building and Contents/property insurance;
(g) Stock and Content/Commercial Content; (h) Equipment Breakdown Coverage;
(i) Employers’ Liability; (j) Employee Dishonesty; (k) Business Interruption Compensation;
(l) Stock and Equipment in Transit; (m) Internal & External glass breakages; and
(n) Commercial Vehicle insurance.
4. Match types of policies to types of risks you face during your daily business activities.
5. Obtain quotes from various insurers who offer those specific types of cover that match your risks. Don’t be afraid to comparison shop. Many insurers and insurance comparison sites make shopping online quite easy to do nowadays. Be sure to ask questions about anything you don’t completely understand. Most insurance specialists will be happy to answer all your questions, whether you purchase your cover from them or not. When comparing policies, make sure you understand what is specifically included and excluded in the cover. Also compare the customer care services and look for hidden fees and administrative charges. The least expensive insurance is not necessarily the best deal.
6. Select the best offers for each type of cover you may require. In some cases, it may be better to buy the policies individually rather than in a bundled packaged. In other instances, buying a packaged bundle may be a better way to fill your insurance portfolio. Make sure you purchase adequate amounts of each type of cover that best suits your own needs. Remember that what is best for one NT may not be what’s best for another NT for various reasons.
Reasons to create a portfolio
Although it may be tempting to forego creating a NT insurance portfolio, there are many reasons why it must be done. Even though most NT insurance cover is not legally mandatory in the UK, it’s still required by most employers and clients. NT insurance is also needed for certification and licensing in many
parts of the world. And you'll want to travel won't you! So if you haven’t started yet, get busy on creating your Nail Technician insurance portfolio!