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As a makeup artist or beauty therapist, your work will involve very close and personal contact with your clients. In any such situation, there’s always the possibility that something could go wrong. For this reason, it’s vital for all beauty therapists and makeup artists to have good business insurance to provide protection just in case something does happen that you’re liable for.
You can compare quotes for all types of business insurance here with Savvy. Just answer a few simple questions about your business and the insurance you need and you’ll have quotes from a range of respected insurers to compare instantly. Use our quick and easy comparison service to make sure you get the best-value insurance for your makeup business today.
There are several types of business insurance you should consider if you’re a self-employed makeup artist or run a hair or beauty salon, which include:
Professional indemnity insurance
The greatest risk faced by makeup artists and beauty technicians worldwide is liability risk. If something goes wrong with the service you provided or a client is unhappy with their beauty treatment, you could potentially face a very expensive lawsuit. As such, professional indemnity insurance is essential for anyone in the makeup, hair, nail or beauty businesses, particularly if you’re self-employed or a freelance beauty therapist or makeup artist.
Professional indemnity covers you against claims that the service you provided was negligent or fell short of expected professional standards. It’s the most important type of insurance to have for anyone offering professional services to the public and it may be a compulsory form of insurance in many circumstances (for example, offering regular makeup services for an ongoing show or stage performance). Cover is available starting from $2 million but can extend up to $10 million or more.
What it covers
Public liability insurance
Public liability insurance is also essential for anyone in the beauty or makeup industries. It will cover you against claims that your business activity caused injury to a member of the public, or damaged their property. For instance, if a customer slipped on your mopped floor and broke a bone, this type of insurance would help cover you if an injury claim is made.
There can be some overlap with professional indemnity insurance for anyone providing a makeup or beauty service, which is why it can be a good idea to bundle your policies. This can make things much simpler in the event you need to make a claim and reduce the overall cost of your insurance, meaning you can get public liability coverage quite cheaply as part of the package. This insurance can offer between $5 million and $20 million worth of coverage.
What it covers:
General business insurance
General business insurance may also be worthwhile if you have expensive tools or portable equipment to protect (such as the equipment used in laser hair removal) as part of your business. Beauty therapists should be aware that glass breakage is a common exclusion in general business insurance policies, so if you do have a salon full of mirrors you wish to insure, you may need to purchase it as an add-on to your policy.
Commercial vehicles also aren’t included under this type of insurance, so if you offer a mobile beauty service as a freelance or self-employed beauty technician, you may need separate commercial vehicle protection for your work vehicle.
What it covers:
What isn’t covered under general business insurance?
The most common general exclusions include:
There is no set cost for an insurance policy, as each applicant is different and faces unique risks. Many factors influence the cost of business insurance, including the following:
The main factor which will affect the cost of your insurance is the industry you’re in. All businesses in Australia are classified according to the risk their industry poses, and are allocated a risk ratio. These ratios are used by insurers to calculate the comparative risk of any one business compared to another.
However, in general terms, businesses in northern parts of Australia will have higher insurance costs than businesses in the southern or eastern states. This is because of the environmental risks posed by cyclones in vulnerable tropical areas of Australia. Therefore, for example, the cost of public liability insurance in the Northern Territory for a hair salon will likely be higher than a similar business based in Adelaide or Melbourne.
You can find out how much insurance will cost for your business by comparing quotes right here with Savvy. Whether you need insurance for your small beauty business or as a freelance makeup artist, you’ll be able to find a policy which is perfect for your needs right here.
Business insurance is there to protect you just in case things go wrong, even if the claim is caused by something totally out of your control (for example, a client suffering an allergic reaction to a product you applied to their hair or skin). You’ve trained and worked hard to establish your business and your great reputation, so it makes sense to ensure you’re protected in case a claim is made against you. It’s there to ensure your income can continues no matter what happens.
Most small businesses or self-employed people have some contingency funds, but they’re rarely sufficient to cover the cost of major damages claims, which could potentially run into millions of dollars. For example, if your makeup client who suffers an allergic reaction is a famous person, a personal injury claim could involve a loss of income amounting to hundreds of thousands of dollars. This also applies to other professionals offering personal health or beauty services, such as masseurs and alternative health therapists. If you have adequate insurance to protect your business, you’ll have a much better chance of recovering from a lawsuit and getting back on your feet quickly.
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Savvy is partnered with BizCover Pty Ltd (ABN 68 127 707 975, AFSL 501769) to provide readers with a variety of business insurance policies to compare. Savvy earns a commission from BizCover each time a customer buys a business insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via BizCover.
Savvy does not compare all business insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.
For any further information on the variety of insurers compared by BizCover or how their business works, you can read their Financial Services Guide.
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© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
