Every year hundreds of cosmetic clinics across the United Kingdom are faced with crippling insurance claims, the most common of which being liability claims. The most severe of claims can cost clinics over £250,000 to settle, money that no business has laying about. One thing that every business has in common is a risk so you must evaluate this risk and take the necessary steps to protect the future of the company.
In this article, we will be breaking down some of the most common forms of risk that cosmetics businesses face in 2021. With this, ever-adapting industry companies have to embrace a start-up mindset to stay on top of trends and keep up with competitors. Make your businesses safe and can keep up.
Harm Caused To Companies Employees
The most common claims of all are the ones made by a member of your team. It’s the people that work around this high-risk environment day in and day out who are the ones who are most vulnerable. If one of the employees were to walk into the premises and have a slip, trip or fall are you sure that you would be protected.
Keeping on top of health and safety is a great way for you to help avoid this accident from happening in the first place. Additionally, you can look at employing external cleaners which follow the highest of safety standards so there is never a time where the floor is left slippy without the relevant signposting.
Claims Made By Members of The Public
Due to the nature of the cosmetic industry, people are not afraid to make claims if they feel there has been a mistake during the procedure or improper care has been provided. Without adequate cosmetic insurance in place, your clinic may be left vulnerable to the costs involved with these claims. Not only will this consist of the cost of compensation to the client but it can also result in you covering all the legal costs including a solicitor.
Managing this form of risk is a lot simpler than you may excerpt. Public liability insurance can offer adequate protection if a member of the public has been involved in the claim. Service-based insurance can offer an additional level of support to deal with these claims made against a specific treatment you have provided.
Damaged Specialist Cosmetics Equipment
As a business working within the cosmetic industry there will always be a heavy reliance on specialist equipment. Moving forward into 2021 and predictions for the future, this reliance will grow even stronger. If there were to be a breakdown of an essential bit of equipment needed for the procedure your business could be left to deal with the replacement costs. Let’s not forget the time which could be taken for this replacement to arrive, leaving without work.
This form of risk can almost go unseen by new clinics starting within the industry but it’s an aspect of running a business that you must take seriously.
Breach of The Companies Cyber Security
Gone are the days where business was run on paper documents. The latest advancements in technology have allowed us to become more efficient and flexible but with this comes a new form of risk, one that is invisible. Cyber risk is a huge problem to businesses across all industries and as this is a new hurdle for businesses to overcome many are not sure how to address it. By investing in cybersecurity solutions such as antiviral software and relevant data protection training these risks can be minified.
Protection The Business From Risk in 2021
As a business operating within the cosmetic industry, you make sure that you manage risk effectively. Regardless of the size of your business, insurance is an essential cost that will help keep your business protected. Below are a few of the most popular treatment based insurance products for new clinics.
- Botox® Insurance
- Dermal Filler Insurance
- Chemical Peel Treatment Insurance
- Laser Treatment Insurance
Speak to an insurance broker today and create a policy that will help protect your business from these risks. It’s better to have this cover in place and never have to use it than have an accident and watch the future of your business become uncertain.