If you’re running a beauty salon, you’re going to need beauty salon insurance to protect your business against unexpected losses. There are a number of things that you need to consider in order to get the best possible quote.
Give the insurance provider as much information as possible
Insurance companies will base their price on the likelihood of you making a claim and the potential cost of any claim if you end up having to make one. They use the information you provide them with to calculate those probabilities.
If there’s something that you think makes you a better risk, tell your insurer. If you have a burglar alarm fitted to your premises, for instance, mention it because it might get you a discount.
Don’t lie
Although perhaps it’s obvious that you should tell your insurance company about all of the good features, it can be tempting to hide the bad features or even tell lies to keep your premium down. However, doing so is a big mistake.
If you fail to reveal a material fact to your insurance company, such as not telling them that you’ve had a previous claim, your insurance could be invalid. Similarly, if you lie by saying you have a burglar alarm when you don’t have one, you wouldn’t be covered.
It can also be tempting to insure for a slightly lower amount than your property is worth to keep the costs down. After all, it’s unlikely that you’d lose everything in one incident. This is also a mistake though, because if you are underinsured, you’ll be penalised in the event of a claim. Even if the amount you’re claiming for is under the policy limit, your claim will be reduced to reflect how uninsured you are.
Ask for the right cover
If you just ask for “insurance” that’s what you’ll get, but that insurance might not be the best insurance for a beauty salon.
As an example, the public liability insurance in a standard business insurance package will not cover compensation claims that arise out of professional services. As such, any claims arising due to the provision of beauty services would not be covered unless the policy had a treatment risk extension.
You also need to make sure that your public liability insurance has a financial loss cover extension. Otherwise, you would be uninsured in the event of a claim for a purely economic loss.
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