Frequently asked questions about beauty & wellness insurance

• What is a wellness business?

  The wellness industry has a wealth of opportunities for small businesses. Whatever products or services keep the good old public fit mentally and physically would be classed as a wellness business.

  With the effects of Covid-19 and the changes to the way we live our lives and work still being explored, the wellness industry is capitalising on digital wellness experiences broadening the types of wellness businesses we see in the future.

  We can now add digital yoga studio owners, personal supper club chefs, life coach, and those of you who offer meditation retreats to the list of wellness businesses.

• What insurance do I need for my wellness business?

  No matter how your small business focuses on the physical health, mental health and wellbeing of people, you might be thinking about the right insurance for you, your customers and those joy-makers that work with you. Here are some of the covers available to your wellness business:
  

  • Public Liability: to reduce financial risk protect you should someone trip and fall during a Zumba class for example
  • Product Liability: in case someone’s cosmetic treatment causes an unexpected reaction
  • Employers Liability: to protect your small business if one of your pilates teachers takes a tumble (Negligence based - so would need to slip on water etc…)
  • Stock Liability: if your latest batch of lotions and potions is water damaged
  • Professional Indemnity: if you give any instruction or advice to your clients that is not as accurate as it should have been
• Does my online beauty business need insurance?

  You should consider insurance if you run an online beauty business. Despite operating online, your business may still face potential risks that insurance could help mitigate.

  Whilst beauty business insurance will not pay you for any loss or legal liability caused from any cosmetic product you have physically made, it will protect against risks such as customer injury (provided you sourced the product from a supplier based in the UK or EU and complies with the Cosmetic Products Safety Regulations 2008).

  Some of the online beauty businesses that could benefit from insurance are:

  • Hair Stylist Shampoo Seller
  • Makeup Seller
  • Specialist Hair Colour Seller
  • Brow Pencils and Lash Sellers
  • Holistic Beauty Product Retailer
  • Nail Varnish Retailer
  • Skincare Product Specialist
  • And many more

  If you need help understanding the rules around your beauty business and insurance, reach out.
• Do small online beauty retail businesses need business insurance?

  Just like any other business, small online beauty retailers can potentially face numerous risks, such as product liability claims, damage to stock inventory, or cyber threats. Insurance could help protect against these unforeseen events.

• Why is small business insurance important for my online beauty retail business?

  Small business insurance can cover lots of different circumstances, including product defects or injuries to third parties. For instance, if a customer has that dreaded bad reaction to your products, your insurance can cover the associated legal costs and compensation.

  And just because you didn’t manufacture the product doesn’t mean you can’t have a claim made against you; online beauty retail insurance can cover your business in such scenarios. Additionally, with cyber and data risks insurance, online businesses handling sensitive customer data can cover themselves against potential cyber hacks or security breaches. Get tailored cover fast here

• What types of insurance should my online beauty retail business consider?

  Some common types of insurance online beauty retailers might consider include:

  • Public liability insurance: Covers costs related to third-party bodily injuries or third-party property damage
  • Product liability insurance: Covers legal costs and expenses following a third party’s (such as a member of the public) property being damaged or them being injured
  • Cyber & Data Risks cover: Covers legal costs and expenses following a targeted cyber-attack or data breach.

  It takes a few minutes to get a quote and find specialist cover for your business.

• Where can I get insurance for my online beauty retail business?

  Lukango has partnered with one of the UK’s leading business insurance providers, Markel Direct, to offer customers jargon-free, tailored small business insurance. You can go through our online quote calculator to find the most suitable insurance coverage for your specific needs.

• How much does small business insurance cost?

  The cost of small business insurance for your online beauty business varies depending on multiple factors, including the type of risks associated with your business, the size of your business, and the amount of coverage you need.

  The scope of coverage can vary a lot based on the coverage you need. We work hard to find jargon-free, easy to understand insurance policies for you – our trusted partner, Markel Direct, will ensure you fully understand what you are covered for and what you’re not.

• What type of insurance do I need for my beauty and wellness business?

  The specific insurance coverage you may need can vary depending on your business type. However, common insurance policies for beauty and wellness businesses include public liability insurance, employers' liability insurance, professional liability insurance, and cyber & risks insurance.

• Is public liability insurance necessary for my beauty and wellness business?

  Public liability insurance is recommended for beauty and wellness businesses as it provides protection in case a customer or member of the public suffers an injury or property damage as a result of your daily business activities. It could cover legal and compensation costs associated with such claims.

• Do I need employers' liability insurance if my beauty business has no employees?

  If your beauty business has zero employees, you might not need employers' liability insurance. However, even if you have volunteers or temporary staff, it's important to check the legal requirements as you may still need this coverage. As with all good rules there is an exception - if your family is helping you get the business off the ground, you don’t need insurance for them.

• What is professional liability insurance and do I need it for my beauty and wellness empire?

  Professional liability insurance, gives coverage in case a client claims financial loss or harm resulting from your professional services, advice or consultation. If you provide services that involve potential risks or mistakes, you should consider having professional liability insurance in place.

• Are there any specialised insurance policies for beauty services like cosmetic treatments or hair extensions?

  Certain beauty treatments may require specialised insurance coverage. For example, if you offer cosmetic treatments, you may need specific liability insurance to cover potential injuries or complications. We can help by making insurance covers easy to understand. Get in touch and get a quote.