As a barber, you take great pride on giving your clients the hair rejuvination they’re looking for while ensuring they’re in safe and reliable hands. However, unforseen event can occur within your business. They may be beyond your control even if you’ve taken every little precaution to safeguard your workplace. That’s why it’s important to protect yourself, your clients, and your business with the right insurance coverage.

As stay-at-home orders are lifted and restrictions begin to relax, barbershop owners everywhere are preparing to reopen their businesses. However, because covid is still active and posing a threat to public health, barbershop reopening must be handled with the utmost care. Below are some reopening tips to help you ease into your normal activities safely.

Make sure you have insurance.

Doing business in the pandemic exposes you to even greater risks for liability and loss. For this reason, having the proper insurance coverage is crutial. Before you reopen your barbershop, thoroughly assess your current insurance coverage, and consider whether any additional policies or increased limits are necessary. It is always best to be protected before something pernicious happens.

Liability insurance

There are three types of liability insurance

Employer’s liability insurance covers claims made by your employees and is a legal requirement.

Public liability insurance covers claims made by clients and members of the public.

Products liability insurance covers claims made following a defect in a product that you have sold or supplied.

All three of these types of liability insurance cover compensation claims that are made against you.

Compensation claims can be expensive to settle. A relatively minor injury could result in a claim costing $10,000 – $20,000, with a more serious injury costing at least ten times that amount.

As well as covering any compensation awarded, the insurance also covers any wages that the claimant has lost, as well as any legal fees and other associated expenses that are incurred in the handling of the claim.

Your liability insurer will also deal with the compensation claim on your behalf. This is important because compensation claims can involve complex legal issues. Having a legally trained team that specializes in dealing with compensation claims can be beneficial, as it means you don’t have to source your own legal representation, or pay any compensation claims awarded, out of your own pocket.

This brings us to personal insurance. Life and disability (critical illness) insurance are the cornerstones of every sound financial plan. 40% of Canadians are underinsured. 53% of those who are uninsured say they are unsure of how to be properly protected. Given the importance of insurance, it is essential to make sure that your coverage is sufficient. Financial security cannot happen without income protection, and that income protection cannot happen without the combination of life insurance, critical illness coverage and disability income. However, overpaying for insurance or purchasing insurance that is not necessary can be a significant drain on your finances.