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Do barbers need insurance?

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Setting up as a barber will see you rent or buy a premises, invest in equipment and potentially recruit for staff as you seek to grow your business and provide a barber service to your local community. You will hopefully put together a business plan to make sure that you understand your customer and that you can see a path to profitability for your new venture.

But have you thought about insurance and whether you will need to take out insurance to protect your barbershop?

As with any other business, the short answer to whether you need insurance as a barber is definitely “Yes!”.

Why do barbers need insurance?

Barbers typically need insurance to protect themselves and their business in case of unexpected incidents or accidents.

As a barber you will be using specialised equipment, from blades to scissors to specialist chairs. You will be stocking, handling and applying chemicals to clients. You will be dealing with suppliers, and managing electronic payments and data. All of these critical business activities carry with them a level of risk.

Insurance can help barbers cover the costs that arise when these risks are realised, which could otherwise be financially devastating.

What insurances do barbers need?

To cover the risks faced by a barbershop you may like to consider the following types of insurance:

General liability insurance: This type of insurance can help cover legal costs and damages if a client or supplier is injured while in your barber's shop.
Property insurance: This insurance can help cover the cost of repairs or replacement if your barbershop equipment or property is damaged or stolen.
Stock cover: This insurance provides cover for the stock you need to keep to run your business. If you were to lose all your stock in an unexpected event, what financial implication would that have on your business?
Building and Glass insurance: if you operate within a leased premises you will need to communicate with your landlord about who will be responsible for insuring the building as well as the glass shopfront. Glass insurance can also provide coverage for mirrors.
Workers' compensation insurance: If you have employees, you may be required by law to carry workers' compensation insurance to cover medical expenses and lost wages if an employee is injured on the job.
Business Interruption Insurance: This type of insurance may help cover your costs or lost revenue in the case that you are unable to trade for a period of time for various reasons.
Cyber Insurance: This insurance may help in the case that your payments system is hacked, or your customer data is compromised

CyberCare

Agile CyberCare covers small businesses against cyber threats and data breaches, including 24/7 emergency response for incidents.

Details Get Quote

Cyber Liability Insurance

Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.

Details Get Quote

CyberSelect

Agile CyberSelect is aimed at mid-market to corporate clients and is a comprehensive Cyber Insurance policy with 16 policy benefits and 24/7 incident response.

Details Get Quote

General liability insurance: This type of insurance can help cover legal costs and damages if a client or supplier is injured while in your barber's shop.
Property insurance: This insurance can help cover the cost of repairs or replacement if your barbershop equipment or property is damaged or stolen.
Stock cover: This insurance provides cover for the stock you need to keep to run your business. If you were to lose all your stock in an unexpected event, what financial implication would that have on your business?
Building and Glass insurance: if you operate within a leased premises you will need to communicate with your landlord about who will be responsible for insuring the building as well as the glass shopfront. Glass insurance can also provide coverage for mirrors.
Workers' compensation insurance: If you have employees, you may be required by law to carry workers' compensation insurance to cover medical expenses and lost wages if an employee is injured on the job.
Business Interruption Insurance: This type of insurance may help cover your costs or lost revenue in the case that you are unable to trade for a period of time for various reasons.
Cyber Insurance: This insurance may help in the case that your payments system is hacked, or your customer data is compromised

How can I find the best coverage for my barbershop?

It is important for barbers to speak with a qualified insurance broker like Grace Insurance to determine your specific insurance needs. With our experience in insurance for barbers we can ensure that you have adequate coverage for the risks you face daily in your barbershop business.

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Aimee Henderson, Grace Insurance, ABN 63 133 156 742, AFSL 233750