This page contains a Flash digital edition of a book.
insurance


types of insurance cover


We spoke to Dave Horton of insurance expertsAssociated BeautyTherapists (ABT) about what to look for when choosing your insurance cover.


“There aremany aspects to insurance that when combined will give comprehensive cover should the worst happen and a claimbe successfully made against you/your company,” says Dave. “It is crucial to choose a policy that provides the following:


Public Liability Insurance


“This insurance covers you / your company in terms of legal liability to pay damages tomembers of the public for death and injury or damage to property or possessions, which has resulted fromthe business' activities.


“Whether you are amobile therapist or you have your own business premises it is strongly advised that you have this cover. Potentially a client could claimfor an injury they have sustained on your premises or if you have visited their home and the injury is a direct result of the treatment activity / equipment used.


Product Liability Insurance


“A ‘product’ is defined as any physical itemthat is sold or given away.There is always the possibility that the client might have an adverse physical reaction to the product supplied.


“As youmight be retailing treatment products or even giving samples / products free of charge as a ‘goodwill gesture’ it is vitally important your insurance policy includes this. Legally a claimant will usually try to claimfrom the person who provided themwith the product in the first instance, even if they did notmanufacture it. If you are making your own health care / skin care products this formof insurance is essential.


Professional Indemnity Insurance


“This protects your business against claims for loss or damagemade by a client or third party if youmake a mistake or are found to have been negligent in some or all of the services you provided.


“This could be a physical act or verbal in the formof treatment advice etc. Again for the nature of the relationship between a therapist and client it is essential you are covered for this. It is crucial to keep fully documented pre and post care consultation records and treatment advice cards for your clients.


MedicalMalpractice / Treatment Risk Insurance


“This is professional negligence by action or inaction by a health care provider in which the treatment provided falls below the accepted standard of practice in themedical community and causes injury or death to the client / patient.


“With the ever increasing number of Cosmeceutical treatments such as 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 claimagainst the therapist for.


“As aminimumrequirement 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 nevermore relevant than with insurance. Policies can vary widely in price and cover.There can bemany reasons for this but two policies that look identical on the surface can vary hugely andmake the difference between whether you’re covered if a claimismade or not. Ensuring your policy has Public and Product Liability Insurance, Professional Indemnity along withMedicalMalpractice 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 Horton 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 themost fundamental questions to ask. Some policies will tempt you with amazingly low premiums which would seemingly make themthe obvious choice.The ‘excess’ is the amount ofmoney that your insurance company will expect you to contribute to the claim/ before they will release funds. In some cases this can be asmuch as the initial premium, so if you paid £100 as an insurance premiumand discovered you had an excess of £100 you have paid £200 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 howmuch the excess is until it is too late.


“Some policies don’t have an excess and it is advisable to weigh up whether a slightlymore expensive initial payment is worth the peace ofmind that your financial commitment has been covered by your premium.


86 GUILD NEWS


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124