Haven’t thought about business insurance in a while? It might be time to ‘think insurance’ to make sure your salon is protected.
When was the last time you thought about business insurance? If the answer is when you started your salon (or never!), keep reading.
Insurance helps hairstylists and salon owners manage risks to their businesses. Those risks can change over the years, and if you’re not reviewing your policies from time to time, you might find yourself stuck with unexpected bills if something goes wrong.
Here are three times when you may want to think insurance to ensure your salon is protected.
Business grown? Think insurance.
You might have started as a one-stylist operation, but your salon may look different today. Increased revenue may mean your policy is due for an adjustment. If you’ve hired employees, you may also want to check that your policy covers them.
One policy you may especially want to review is Professional Indemnity, which covers you for losses claimed by a third party and defence costs due to alleged or actual negligence in your professional services or advice. You strive to make your clients look and feel great. From treatments and advice to creating a whole new look and style, they expect nothing but the best. But when things go wrong, it can be an emotional rollercoaster, leaving you with a stressful claim from a very unhappy client.
New tools and equipment? Think insurance.
Your tools of the trade are essential to doing your job well and safely. If something happens to them, they could be very expensive to replace. You may want to think insurance if your tools and equipment are new, have been upgraded, or are currently unprotected.
Portable Equipment insurance covers you for loss and damage to your tools and stock due to theft, fire and other perils listed in the wording. Your policy could help you repair or replace hair dryers, clippers and other tools that are vital to doing your job.
Using tech? Think insurance.
Like many hairstylists, you probably rely on the internet and other technology to run your business. Admin, booking and customer service may be easier using different online tools. You probably store customer information and receive cashless payments, exposing you to the threat of a cyberattack, which means it’s time to think insurance.
Cyber Liability insurance covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach. A policy could be handy if a dodgy email, SMS, or phone call fool you or your staff. It not only covers the cost of a cyber incident but also offers 24-hour incident response services to help you contain the damage and get back to business faster.
Think insurance with BizCover
Managing risks is part of running a successful salon. But with so much else to do, thinking insurance might be the last thing on your mind. That’s where BizCover can help.
BizCover make it simple for hairdressers and salon owners to compare policies and save on their business insurance. Get free quotes from selected leading Australian insurers, pick the cover that’s right for you, and be covered instantly—no dramas!
Visit www.bizcover.com.au to buy online in minutes or call today.