Personal Accident & Illness Insurance
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If you run a busy salon, you may be actively involved in not only its everyday management but its deliverables as well. In other words, you may offer beauty treatments to clientele alongside other staff members or simply by yourself. Yet what would happen if you were unable to come to work on any given day? In many cases, the salon would not be able to open, which could trigger a whole host of problems. How would you pay for all those bills with no clients coming through the door and generating revenue? It’s a nightmare scenario for many salon owners like yourself who do not have any personal accident and illness insurance in place.
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Dealing with Risk
Even though many people do not want to focus on negativity, you should think about that worst-case scenario and wonder how much you could lose. This will help you decide on the coverage level you need and get protection in place as soon as possible.
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Choosing Levels of Protection
Personal accident and illness insurance policies come in many different forms. For example, you can choose to take cover for illness only or accidental injuries only. You can combine those two risks and also add death or disablement coverage when you seek a quote.
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Understanding the Coverage
In most cases, you will not be required to get a health check in order to benefit from this type of insurance. However, there will be specific exclusions, and you need to take these into account before you apply. If you have certain pre-existing conditions, you may need to disclose these on the application form, and if you develop an illness due to those conditions, it may be excluded. Typically, you won’t be covered if you participate in any professional sport, although amateur involvement should be okay. Still, motorsports may not be covered in any shape or form.
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Some people think this type of insurance is only relevant if you sustain an injury or develop an illness directly from your work. However, this is an incorrect assumption, as personal accident and illness insurance can protect and give you peace of mind in nonwork situations as well.
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Calculating How Much Coverage You Need
How do you work out your level of coverage and ensure that you have enough protection to meet your needs? To begin your assessment, ask yourself some of these questions:
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How much coverage will you need to cover daily expenses if you cannot work?
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How much money would you or your family require if you were permanently disabled or died accidentally? In this scenario, the insurance policy may provide a lump sum payment to your beneficiaries.
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How long would you like your benefits to last, should you need to field a significant claim? For example, you may want to choose 12 months or two years. Your selection here will affect the cost of the premium.
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Also, ask yourself how long any waiting period should be from the date of the claim to the initial payout. Note that this can range from one week to as much as one month. Again, your choice of the waiting period will affect the coverage price.
Getting Your Policy in Place
Remember, you don’t need to go through a lot of hassle and schedule visits to your doctor for a medical examination. It should be relatively easy for you to set up a personal accident and illness insurance to give you the requisite level of coverage, but you should always work with the experts at Salonsure to tailor your policy. Reach out for advice today and start the ball rolling.
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