Beauty - Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
facial peels and injectables being offered by therapists there is an increasing risk that a treatment could fall into this category. The risks of an adverse reaction can be great and there can often be permanent or severe scarring which produces very expensive claims due to physical and psychological damage that clients can claim against the therapist for.
“As a minimum requirement ensure your insurance policy covers you for all of the above, many companies will also offer you legal and tax protection too at no extra cost.”
Cheapest not always
the best The old adage ‘too good to be true’ is never more relevant than with insurance. Policies can vary widely in price and cover. There can be many reasons for this but two policies that look identical on the surface can vary hugely and make the difference between whether you’re covered if a claim is made or not. Ensuring your policy has Public and Product Liability Insurance, Professional Indemnity along with Medical Malpractice cover is just the beginning.
Dave explains: “Insurance companies are professional bodies and when asked specific questions they will of course answer truthfully but the key is to know which questions to ask. All the details of an insurance policy will be documented but if it is terminology that is unfamiliar it is often impossible to fully understand before purchasing insurance exactly what you will be covered for and what your insurance company will expect of you in the event of a claim.”
Dave outlines some useful questions that you should always ask when enquiring about insurance or if you already have insurance then ask your current provider:
Is there an excess should I need to make a claim?
“This is one of the most fundamental questions to ask. Some policies will tempt you with amazingly low premiums which would seemingly make them the obvious choice. The ‘excess’ is the amount of money that your insurance company will expect
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you to contribute to the claim / before they will release funds. In some cases this can be as much as the initial premium, so if you paid €250 as an insurance premium and discovered you had an excess of €250 you have paid €500 before your insurance company will acknowledge /instigate release of their funds. The cheaper policy then doesn’t look so attractive but unfortunately it is often the case that people don’t realise how much the excess is until it is too late.
“Some policies don’t have an excess and it is advisable to weigh up whether a slightly more expensive initial payment is worth the peace of mind that your financial commitment has been covered by your premium.”
Does the policy cover Claims Made or Claims Occurring?
“For the beauty and complementary sectors this is vitally important. It is very common for a client to make a claim over a year after the initial treatment that caused the injury. If you have a Claims Made policy you are only insured / covered whilst you are with the insurance company. So if a claim is made and you are no longer insured with that company you aren’t covered. A Claims Occurring policy covers you for the time the incident happened so you can rest assured that even if you are no longer practising treatments, your policy is still protecting you over the time you were insured with that company.
“Most cheaper insurance policies operate a Claims Made policy. The Claims Occurring policy is always the best option for professional therapists.”
Is the insurance provider an industry specialist?
“Always ensure that you source your insurance from an industry specialist with a proven, long established track record in the beauty and wellness sector. This will ensure the treatment list that they cover will be extensive and directly relevant to your business. Industry specialists have a thorough understanding of treatments and are continuously updating their policy to ensure they provide the most comprehensive and concise protection.
“It also means that the claims process is often far quicker as they have
experienced underwriters who can make informed decisions quickly and effectively on your behalf.”
How to get insured
If you are a student, you can gain student insurance policies which will cover you for case studies and supervised treatments. If you are a professional therapist you must be fully qualified and have your certificates as proof.
Online & by phone
Most insurance companies / brokers have comprehensive websites which allow you to view policy details and apply online so you can compare policies and read the small print at your own pace. If you are unsure of anything, telephone the company to discuss your concerns before committing online.
In person
Many industry specific insurers exhibit at national beauty trade shows, offering ‘show specials’ on their prices, plus the chance to speak to staff one-to-one.
By joining a membership organisation
Not only do membership organisations, such as Associated Irish Therapists, offer some fantastic benefits to therapists and salon owners, their membership packages also include insurance, which can be tailored to your specific needs depending on your business and the types of treatments you offer.
These organisations offer an annual membership which, as well as insurance, often includes business support such as a legal helpline, tax advice, discounts on training and education and magazine subscriptions. What’s more, their membership badges, certificates and window stickers mean that you can advertise that the level of your expertise has been recognised by a national organisation.
• Associated Irish Therapists: 1800 625 179
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