PC Buzz - January 2022
Insurance for the Permanent Cosmetic Industry
Industry professionals face a variety of challenges as they begin returning to work. Under no circumstance should we consider working on clients without insurance coverage when we resume procedures. As a community, we are already aware of safe practices, but this unfortunately is not sufficient when it comes to running our own business. As artists we are working in different work settings, locations, and states that require us to take into consideration when we purchase insurance for our business and our staff. We must evaluate and adjust for our own needs and business environment.
To those that don’t have insurance already, I STRONGLY recommend that you sign yourself up for it… especially if you are in the permanent cosmetic industry. There will always be that one client that may feel they had a bad experience and threaten to make a claim and sue. It’s better to be safe than sorry.
Why do I need insurance?
Insurance is a safety net. It covers most of a claim’s expense. All you would worry about paying is your deductible. Without it, you’re stuck having to pay out of pocket for all the damages and expenses and face a high risk of losing your business.
What type of insurance do I need?
There are many types of different insurances out there. There’s general liability, professional liability, and business personal property.
Professional Liability Insurance protects your business from a professional negligence lawsuit. It has the most coverage in a variety of cases. For instance, it covers the services that your business provides, and possible claims related to infections or bodily injuries.
General Liability Insurance protects your business from lawsuits over products used, slip and fall accidents, and other incidents that may happen on your business property.
Personal Property Insurance also known as contents insurance, covers your belongings if they're damaged, destroyed, lost, or stolen.
What happens if my professional insurance lapses?
If your professional insurance were to lapse, you run the risk of having to pay the cost for the injury and to defend yourself. For example, say if a client were to make a bodily injury claim that costs $150,000 during the time of the lapse or having no insurance at all, you will be stuck paying it out of your own pocket.
How much does insurance cost in the permanent makeup industry?
There is no definite answer on how much insurance costs. It all depends on what kind of coverage you decide to choose for you, your employees, and your business. No matter the cost, insurance will always be cheaper than having none at all.
What information do I need to provide to obtain insurance?
General information that you will need to apply for insurance are:
-
Your full name, business name, phone number, email, address, etc.
-
Services your business provides
-
Employee information (if you have any)
-
Property information (age of building, construction, upgrades)
-
Desired coverages
-
Loss run report of business
Whatever the case, insurance is a must in this industry. Without it, you face the risk of losing your business and having to pay an extensive amount of money. Insurance saves you in many ways imaginable. Don’t go without it.
Find SPCP Supplier Member for your permanent cosmetic business needs!
https://www.spcp.org/spcp-member-suppliers/
Best wishes for a highly successful 2022,
Wendy Villalpando, CPCP
SPCP Director, Co-Membership Chair