When looking for any form of business insurance, there are certain steps or processes that you will need to go through before getting a quote. When looking for cover for your car or house, it is easy to give the information the insurers need as you use your car regularly and live in your house.
However, when getting cover for your business, things are slightly different, particularly if it is a new venture. If you are one of the thousands of people who decide every year to start their own hairdressing, barbers or beauty business each year, some of the information the insurers need will be at best, a “guestimate”.
For salon insurance, the major business assets, such as contents, flooring and even the buildings will form part of your policy. But, you also need to give consideration to the stock insurance. Gone are the days when a hairdressers simply had a few pounds worth of shampoo and hair cream on their shelves. Nowadays, even the shampoo and hair products can cost hundreds of pounds and that is before you consider items such as straighteners.
There is some good news, you may receive stock from a supplier on a promotional basis, they are obviously looking for you to sell their products and may, as part of the deal, agree to insure the stock themselves. But, in most cases, you are responsible for the stock that is sitting on your shelves. As a result, you need to make sure that you have a suitable sum insured.
Break in’s to salons do happen and the theft attractive, easy to move contents, are the ones that are taken. Money is obviously the first on the list, but the boxed up electric items and stock are second on the theft list. Speak to a business insurance broker to make sure that you get the best possible price for the widest cover in the market.