The silly season might be your salon’s busiest time of year, but is your business insurance up to the task? Consider reviewing your policies to ensure that you’re not underinsured.
Simply put, you’re underinsured if you do not have suitable insurance limits to cover losses when you face an insurance claim. Without the right levels and types of business insurance, you could find yourself paying out of pocket to cover your insurance gaps.
There are many reasons why underinsurance happens, like underestimating the amount of cover your salon needs, overlooking key risks, or not considering inflation when you renew your policies.
An insurance glow up checklist
- Slips, trips and falls. Make sure you haven’t accidentally let your Public Liability* policy lapse, so you’ll be covered for third-party injury and property damage claims.
- Your professional advice. Professional Indemnity* insurance covers you for losses claimed by a third party and defence costs due to alleged or actual negligence in your professional services or advice, so an unhappy client doesn’t bring down your salon.
- Stock increases. Consider adjusting your Contents* cover (which might be part of your Business Insurance Pack*) so you can replace stock damaged by fire, malicious damage or other insured events without dipping into your savings.
- Cyberattacks and data breaches. Most Cyber Liability* policies offer 24-hour incident response services to help you manage an attack and contain the damage, as well as pay expenses related to cyber incidents.
Switch & Save with BizCover
Don’t let underinsurance cut into your bottom line this silly season. Review your policies and see how much you can save with BizCover.com.au.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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