Spring Clean Your Salon’s Business Insurance

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Spring is a season for fresh starts and new beginnings. As a salon owner, you may be keen to revamp your business for the new season. Why not start with your business insurance?

Every salon owner must manage risks to their business, and insurance is a popular way to help address common liabilities. However, many salon owners are guilty of having a “set it and forget it” attitude when it comes to their policies.

If this sounds like you, don’t worry! Spring cleaning your business insurance can be fast, easy and drama-free. You just need to get back to basics.

Reviewing your current cover

Are your business insurance policies still a good fit for your salon? If it’s been a while since you purchased cover, it might be time to ask yourself a few questions:

Has your salon grown and changed?

Chances are your salon is different than when you first opened your doors. It might even have changed since last week! However, if your insurance policies are still the same, you could find yourself underinsured.

Think about the ways your salon has grown or changed: more stylists, a bigger premises, new services… You may need to update your insurance to make sure you have enough cover and that your policies cover all your business activities.

Have you invested in new equipment?

Think about the equipment you need to do your job. Styling tools, dryers and the like are of course essential, but they aren’t the only things you use to run your business. Your laptop, smart phone, and payment reader are also important—and potentially expensive to repair or replace.

You might want to consider covering essential electronic equipment—if you haven’t already—or adjust your cover amount to reflect new purchases.

Could you be getting a better deal?

Making every dollar count is important for many salon owners. You might have stretched your budget in other areas, but what about your business insurance? Savings could be minutes away—you just need to know where to look!

Comparing business insurance with BizCover can help you save money on your policies. Like Kerralee, who saved $200 on a Business Insurance Pack for her Western Australia salon.

Covering your salon

You may have had business insurance for years, but have your business changed? You may be missing crucial cover. While every salon is unique, many consider key policies, such as:

Public Liability

You have clients, suppliers, and delivery people visiting throughout the day—that creates plenty of opportunity for accidents. A trip or fall is all it takes to bring a whole world of drama to your salon.

Public Liability insurance* is designed to provide protection for you and your business in the event a customer, supplier or a member of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities.

Public Liability may be required to lease your salon premises. But even if it’s not, a policy can still provide important protection against expensive property damage and injury claims from third parties.

Professional Indemnity

Clients rely on your styling skill and expertise. But what if you or an employee gives a poor recommendation, or a client misunderstands your advice? Your clients trust you will deliver in style but if they are not happy with your work, an expensive claim or legal action could be headed your way.

Professional Indemnity insurance* protects you against losses claimed by a third party due to alleged or actual negligence in your professional services or advice. This includes your legal costs and other expert fees.

A Professional Indemnity policy helps defend your business and professional reputation even if you’re not at fault.

Business Insurance Pack

When an insured event occurs (such as fire, storm, theft or even accidental damage), repairing or replacing your business contents, stock, tools, and commercial premises could create an expensive headache. Business Insurance can be customised, so it only includes cover that fits your salon’s needs.

Also known as Business Insurance* Packs, they are a convenient and affordable way to help protect your salon. These insurance packages bundle different types of cover into a single policy, making it easy to manage multiple business risks at once. In addition, cover is available for public liability, tax audit, employment practices and statutory liability risks.

Cyber Liability Insurance

Cyberattacks are a bigger problem for salons than you might realise. Are you storing valuable customer information? Taking payments online or via EFTPOS machines? Do you have a website? If your salon has an online presence, then you can be at risk.

Over 40% of attacks in Australia target small and medium businesses (according to cybersecurity firm Kaine Mathrick Tech), and the Australian Cyber Security Centre reports that the average cost per cyber incident for small businesses is $39,000.

Cyber Liability insurance* covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.

Policies typically pay expenses like investigating a breach, recovering data, or fines and penalties. Importantly, most provide policyholders with 24-hour incident response services that can help you minimise damages immediately after an attack, so you can get back to work sooner.

Protect your salon without the drama!

BizCover understands salon owners. They’ve helped over 8,500 Aussie salons and barbershops find drama-free cover for their small businesses. Compare multiple quotes, buy instant cover in minutes and get back to refreshing other parts of your salon this spring.

Visit BizCover.com.au to get started today!

*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
†Savings made in January 2023.This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
‡Based on data from 1 July 22 to 30 June 2023
© 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

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