Public Liability and Professional Indemnity insurance are essential for many hairdressers and salons, but if these are your only policies, you might be unprepared for other risks to your business.

Many types of insurance are available to help hair and beauty businesses manage unplanned expenses that could break the bank. BizCover takes a look at four that you might want to consider for your salon.

Cyber Liability

Salons often rely on tech to run their businesses. Everyday actions like emailing clients or suppliers, promoting your salon on social media, and accepting card payments could lead to a cyberattack. In fact, over 60 per cent of small businesses in Australia have been cybercrime victims.

Cyber Liability insurance helps salons manage the costs of a cyberattack or data breach. Many insurers also offer 24-hour incident response services to their policyholders. You’ll have immediate IT assistance to help identify the cause of the breach and minimise damage to your salon’s systems—a valuable service if you’re unsure who to turn to after an attack!

Tax Audit

A visit from the Australian Tax Office is enough to make any salon owner sweat—even those with squeaky-clean books! Responding to a tax audit can be expensive, particularly if you must hire an external accountant.

Tax Audit insurance, an optional part of a Business Insurance Pack, can help take some of the stress out of an audit. It covers a business for specified costs in the event that it is selected by the Australian Tax Office for auditing. The policy offers coverage for the costs of accountants and other nominated professional fees incurred in the course of an audit.

Business Interruption

Anything can happen when you run a busy salon, but if an unplanned event forces you to temporarily close, you could miss out on much-needed revenue until you reopen.

Business Interruption insurance, available through a Business Insurance Pack, covers loss of income following an interruption to your business following an insurable event, such as a fire or property damage. This policy option could also help you cover ongoing costs, like wages or rent, until your salon is back up and running. So, if your business operations are interrupted, you have extra peace of mind knowing your salon is financially protected.

Management Liability

Salon owners have specific responsibilities when it comes to managing their businesses. As a business owner, sometimes you need to make tough decisions about your staff that may not be well received and, although you expect the best from your employees, there’s always different risks like experiencing theft by employees.

Without protection you may be personally liable for actual or alleged wrongdoing in some circumstances, meaning your personal and business finances could both be at risk. Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business. These policies could help manage the cost of unfair dismissal claims, harassment cases, OH&S dramas, and more.

Switch & Save with BizCover

Ready to add Cyber Liability, Business Interruption, Management Liability or Tax Audit cover to your salon’s insurance portfolio? Join over 8,500 salons and barbershops who trust BizCover with their business insurance needs.

Compare quotes and get instant cover on the go with BizCover. While you’re there, you might even find savings on your Public Liability and Professional Indemnity policies.

For more information visit www.bizcover.com.au