If you have a hairdressers or salon insurance policy, now is the time for you to review your cover.
Why are we saying this? Only because we know, from speaking to salon owners day in, day out that when you actually review your sums insured, you can find yourself with a few gaps.
The best way to understand what cover you have and what you need is to speak to a professional, a business insurance broker. The reason for speaking to a broker is that they know and understand what you are looking for, and also the penalties if you do not have the right sums insured.
Stock insurance is one area where, most businesses at some point are under-insured. What this means is, if you have £20,000 of stock and only have a policy covering £10,000 then any claim, whatever the amount, is reduced by 50%.
So, you need to refer to your policy, usually in the first few sections of cover, and look for the amount that your stock is covered for. Then, compare this to your average stock levels over the past 6 weeks and compare the two. If there is a difference of more than a few percent, you need to speak to your broker.