BizCover, Australia’s number one online business insurance service, explains why you may want to “spring clean” your business insurance.
Spring has sprung, and summer is right around the corner. With clients coming in for new cuts and styles, you might also want to look at your business with fresh eyes.
Business insurance is a popular way for salon owners to address common risks, but as your salon grows and changes, your business insurance might also need to grow and change. So, if you haven’t thought about your salon’s insurance in a while, a “spring clean” may be in order!
Make your business insurance spring cleaning a no-dramas experience by asking yourself a few questions:
Has my salon grown and changed?
Your salon probably looks different than it did on your first day of business. Changes like hiring more stylists, moving to larger premises, or offering new services can greatly impact your business insurance.
Think about the ways your salon has changed. You may need to update your policies to avoid underinsurance—not having enough cover for common risks. Consider whether your cover limits are adequate enough to cover any losses, as inflation has had an impact on the prices of many goods and services. Additionally, new types of insurance might be needed to cover all your business activities.
Have I bought new equipment?
A stylist’s tools are essential to creating hip styles and making clients happy. If you’ve invested in new pedestal dryers, high-end styling tools, or other equipment since you last renewed your business insurance, you may need to adjust your cover amount to reflect these new purchases.
But what about the equipment you need to run the salon itself? Replacing a broken laptop, payment reader, or smartphone could be expensive. You may also want to consider cover for your salon’s essential electronic equipment.
What if a cyberattack happens?
Think a hacker would never target your salon? Think again! One IT provider found that 43 per cent of cyberattacks in Australia target small businesses. Your salon could also be a vulnerable, especially if you have a website, store client details on a computer or to the cloud, or accept payments online or through EFTPOS.
Cyber Liability insurance helps create a safety net for your salon should a cyberattack or data breach happen to your business. It covers losses from claims arising from data breaches, business interruption and remediation costs following an actual or threatened data breach. With cybercrimes costing small Aussie businesses an average of $39,000 per incident, it may be well worth covering your salon!
Can I save on my business insurance?
Stretching your budget may be necessary, but looking for savings elsewhere in your business might seem simpler. Who wants to spend all that time getting insurance quotes, right? If this sounds like you, it might be time to visit BizCover!
BizCover have helped over 8,500 Aussie salons and barbershops compare quotes and get instant cover online in minutes! Comparing policies could help you save money—like Amy, a hairdresser in NSW who saved $100 on a Business Insurance Pack, Public Liability, and Professional Indemnity insurance.
With BizCover, spring cleaning your business insurance is a refreshing, blissful, and sunny experience—just like the season itself!
Visit BizCover.com.au to get started today!