When starting a small skincare business in the UK, obtaining the right insurance is crucial to protect your venture. Here are the key types of insurance you should consider:
Public Liability Insurance: This is essential if you plan to have face-to-face interactions with clients or the public. It covers legal costs and compensation if someone is injured or their property is damaged due to your business activities. Costs typically range from £50 to £500 annually, depending on the size of your business and the level of coverage.
Product Liability Insurance: As a skincare business, you’re responsible for the safety of your products. This insurance protects you against claims of injury or damage caused by a product you supply. Costs vary depending on the scale of your operations and perceived risk, often ranging from £100 to £1,000 annually.
Employers’ Liability Insurance: If you have employees, this insurance is a legal requirement. It covers claims from employees who may be injured or fall ill due to their work. Policies usually cost around £100 to £200 annually per employee, but this can vary based on the nature of the work and payroll size.
Professional Indemnity Insurance: For businesses providing skincare advice or treatments, this insurance covers claims of negligence or inadequate service. Annual premiums can start at around £150 but may rise based on potential exposure and the breadth of services offered.
Property Insurance: If you have a physical location, insurance for your premises and contents protects against damage or theft. The costs largely depend on property value and location, typically starting at approximately £200 annually.
Additional costs can arise if bespoke insurance packages are needed to cover specific risks unique to your business operations. It’s advisable to consult with an insurance broker who can tailor a policy package to your business needs, ensuring comprehensive coverage at competitive rates. Always carefully assess each policy’s details to understand the extent of coverage and any exclusions that may apply.