We get a lot of enquiries for all sorts of trades and businesses, providing a hairdressing salon insurance quote is one of most competitive areas. Significant savings can be made, just by making two or three, five minute phone calls.
There are a lot of parts to running a business which you constantly put on the back burner and say, one day I will get around to looking into that in more detail. Top, or very near, of the list is business insurance. You know you need it, you know it is not really that interesting and you also know that it needs to be right.
When you do get around to going through your policy and cover, make sure you check your sums insured. You must make sure that you are covered for the correct amount. If not, you may have a claim reduced.
Salons are wonderful places to visit, they are designed to look good, feel comfortable and most of make you want to go back again and again. So, when you set up your business you tend to spend a fortune on fixtures, fittings, stock, computers, mirrors, sinks and a whole host of other items.
Basic as it may seem, you need to sit down with a sheet of A4 paper for each room in the business. Then, list down everything that you own or are responsible for (ie you may lease, and therefore not be worried about, the building). Next to each of these items, put down your rough idea of how much you think it would cost you to replace if it were damaged beyond repair or stolen. Then, add up all of the amounts you have for business contents, stock and tenants improvements (these are things you would not take if you moved – ie laminate flooring). When you have the three amounts, add 10% in case your estimation is wrong and then refer to your policy.
If your amounts are the same, well done, if lower (than your policy) - speak to your broker to see if it is worth reducing your sums insured. If they are higher, you also need ot make a phone call and get an estimate of how much it would be to rack up your cover, if it is affordable, go ahead.