BizCover, Australia’s number one online business insurance service, explains why an “insurance spring clean” is a good idea as the weather warms up.

As the weather starts to warm up and we head towards both summer and the silly season, it may be time to consider reviewing your insurance.

Business insurance is one way for salon owners to address common risks and protect their businesses from claims. However, the policies that you last purchased may no longer fit your business. As your salon grows and changes, your insurance needs may also evolve. So, if it’s been a while since you last thought about your salon’s insurance, then a “spring clean” may be in order.

You can start by asking yourself the following questions.

1. Has my salon expanded or changed?

If you’ve been operating your salon for a while now, chances are it looks different than what it did on your first day of business. Changes like hiring more staff, moving to larger premises, or offering a new range of services may impact your business insurance.

Think about the different ways your salon has changed since you last reviewed your insurance. You may need to update your policies to avoid underinsurance – which basically means that you don’t have sufficient cover to replace your assets or fully protect you from the risks your small business faces.

Consider whether your current cover limits are adequate to cover any losses. Think about inflation as it can also impact the cost of replacing damaged stock and construction. Also, if you’ve started offering new services, new types of insurance might be needed to cover all your new business activities.

2. Have I bought new equipment?

When it comes to your trade, the right tools and equipment are absolutely essential. If you’ve invested in new salon equipment – such as shampoo units, high-end styling tools, or new pedestal dryers – then you may want to adjust your cover amount to reflect these additional investments.

On top of this, there’s also the equipment you need to actually run the salon, like your laptop, tablet, payment system and smartphone. Replacing these essential business tools could be expensive, which is another reason to consider updating your cover.

3. What would I do if I was hit by a cyberattack?

Cyberattacks are big in the news right now, and with good reason. The Australian Signals Directorate discovered that cybercrime in Australia has risen by 14 per cent over the past year, and a recent study by Accenture found that 43 per cent of all cybercrimes target small businesses.

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.

This is where Cyber Liability insurance could help you. It covers the expenses and restoration costs related to data breaches, including theft or loss of client information, business interruption costs and cyber extortion, among other things. Your insurance may also include 24/7 incident response that can connect you with IT help in the event of a cyber incident. This could be a handy feature to have, as many small businesses do not have access to a full-time IT helpdesk the way a much larger corporation would.

5. Are there any ways I can save on my business insurance?

If you haven’t reviewed your insurance in a while, then it may be time to get a few quotes to see if you could save money on your premiums.

You can compare multiple quotes on business insurance in minutes by simply visiting the BizCover website. BizCover have helped over 11, 900 Aussie hairdressers, salons, and barbershops compare quotes and get instant cover online in minutes!

For more information visit www.bizcover.com.au

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