We’re already halfway through spring, and the Christmas silly season is drawing closer. Now may be a great time to give your salon a business insurance spring clean before the mad summer rush picks up, thanks to BizCover.
Business insurance is one way for salon owners to address common risks and protect their businesses from claims. However, the policies that you purchased or renewed last year may no longer offer you cover that suits your changed business needs. Reviewing your insurance could help you save money and also ensure that you’re not inadvertently underinsured.
You can start reviewing your insurance policies by asking yourself these questions:
1. Has my business expanded or downsized?
If you’ve been operating your salon for a while now, chances are it looks different than when you first opened your doors.
Changes to your business could include hiring more staff, moving to a larger or smaller location, or offering a new range of services. These could all impact your business insurance.
2. Have I bought new equipment?
For a salon owner, having the right tools and equipment is absolutely essential in order to offer customers the services they want. New equipment, including things like shampoo units, high-end styling tools, or new pedestal dryers, could affect your insurance policies, and you may want to adjust your cover amount to reflect these new investments.
Then of course, there’s the electronic equipment you need to run your business, such as your laptop, tablet, payment system and smartphone. If something were to happen to these items, they could be expensive to replace – which is another reason to consider updating your cover.
3. Do my policies reflect how I actually work today?
The salon industry never stands still. New trends, services and ways of generating business can transform the way you operate. Sometimes, these changes can take place without you realising how much things have shifted. Maybe you’ve started offering mobile styling services for weddings and events, or perhaps you’ve decided to open an online shop for retail products.
These new opportunities are exciting, but they can also bring different risks compared to the four walls of a salon. For example, if you’re running an online store, then this brings extra considerations around stock, shipping and cybersecurity.
4. What would I do if I was hit by a cyberattack?
Speaking of cybersecurity, did you know that Australian businesses have lost $83 million to common scams since 2020? This amounts to a staggering $39.72 lost per second. In addition to these dire figures, the most recent data from ScamWatch shows that while actual scam numbers are down, costs are increasing.
If you have a website, accept payments through EFTPOS, take online bookings, or store your clients’ details on a computer or in the cloud, then your business could be vulnerable to a cyberattack.
If your salon was hit by a cyberattack, how would you react and recover? When reviewing your policies, you may wish to consider Cyber Liability insurance, which is designed to help cover losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach.
5. Are there any ways I can save on my business insurance?
If it’s been some time since you last reviewed your policies, you may be paying more than you need to. Premiums can vary between insurers, so comparing quotes is one simple way to make sure you’re getting value for money.
If you’re not sure where to start, platforms like BizCover make the process quick and easy. In just a few minutes, you can see options from some of Australia’s leading insurers – helping you choose cover that fits your salon’s needs and your budget.
For more information visit www.bizcover.com.au
Catch up with INSTYLE and Styleicons!
- Subscribe to our bi-monthly magazine
- Check out www.styleicons.com.au
- Subscribe to our twice-weekly newsletter
- View our digital magazine
- Follow us on social media on Instagram, Facebook and LinkedIn