If you operate a spa or salon, you need the right insurance cover. It’s a vital part of protecting your business because you never know what might be around the corner. From contents insurance to employee liability, there are lots of factors to consider.
However, it can be a daunting prospect to find the right insurance cover at a price you can comfortably afford. What should salon insurance cost really look like? Here’s how to find the best salon insurance in 2021.
How much does salon and spa insurance cost? The answer is difficult to say because every business has unique insurance requirements. The needs of your salon or spa will be entirely different for the next, and that is all reflected in the insurance premiums you’ll be getting.
A more comprehensive insurance policy will naturally mean a higher premium. It will give you a broader level of protection, however. This means you need to decide whether you favour a more comprehensive cover or sticking tightly to a lower budget. There’s no right and wrong answer. It’s a decision every salon and spa owner has to make for themselves. There may be certain levels of cover that you’re required to have, such as employee liability cover if your business employs staff. These are non-negotiable and a legal requirement, so they should form the baseline of your policy search.
There are many other levels of business insurance to consider, ranging from public liability insurance to building property insurance to business interruption insurance. It’s essential that you can see every level of the cover open to you and have a proper understanding of what that coverage entails. This will help you to make the most informed possible decision on what the right level of cover for you looks like. If you’re unsure, you can always speak to one of the friendly and helpful team of insurance specialists at Arkwright Insurance Brokers to learn more about your options.
How do you get cheaper cover?
One of the ways you can get a lower salon and spa insurance cost is to increase your voluntary excess. This is the amount of money that you will pay on any claim made. So if your excess is £500, for example, you will pay the first £500 of any claim made against you. The higher you increase your voluntary excess, the lower your premiums will be, usually. Remember, though, that it’s money you will be liable to pay if you happen to have a claim against you, so weigh up the potential savings against your likelihood of making a claim. If you don’t pay your voluntary excess, this will comprise the rest of the claim.
Another way to get cheaper salon and spa insurance cover is to shop around and get the broadest range of quotes possible. This is where the services of a dedicated insurance brokerage like Arkwright Insurance Brokers can help. We work with a network of trusted insurance partners, allowing us to get the broadest and best range of quotes for our clients. Just give us your details and the level of cover you’re looking for, and we’ll be able to find a range of quotes for you to choose from. Working with our experienced team, you’ll have the guidance available to help make the most informed choice.
When you get your insurance policy established, you should make a point of checking for quotes again before it’s due for renewal. You may always find a better like-for-like deal with another insurance provider, so don’t be afraid to shop around and make them compete for your business.
Do you even need salon and spa insurance?
As mentioned, if you have staff, then it’s a legal requirement to at least have employee liability cover. So yes, you do need salon and spa insurance. It’s also a good idea for several other different reasons. The main among which is that it offers your salon or spa a degree of protection in the event that a claim is made against you or you’re otherwise unable to do business. For example, if you have building insurance, you can claim help towards the cost of repairs if your premises are damaged through no fault of your own. Similarly, business interruption insurance can help keep your rent and employees paid if you’re unable to continue trading for some time.
Court fees and costs can be costly, and compensation is a whole other level of expenditure to consider. These figures usually run far in excess of what most salon and spa owners can afford to pay comfortably. This is why the right insurance cover makes so much sense because it allows you a degree of financial safety while also ensuring your obligations to any injured or damaged parties are met. Mistakes can happen, and whether it’s you or one of your employees who are responsible for your business may ultimately be found at fault.
Is finding affordable insurance hard?
No, not when you use a specialist service as we offer at Arkwright Insurance Brokers. We’re a team of insurance professionals who work with a range of some of the most trusted insurance brands in the industry. This means we’re able to offer excellent prices on our insurance packages, providing our clients with a broad range of quotes to choose from. When you contact us, we’ll want to learn more about what kind of salon and spa insurance you’re looking for before putting together an application and submitting it. You’ll get your quotes back quickly.
Once you have them, you’ll be able to decide which is the best option for you. You can choose the quotes that best line up with your ideal budget, or you can choose the quotes that provide you with the most comprehensive level of cover possible. The control is entirely yours, so if you’re looking for low-cost insurance in the UK, you need to contact Arkwright Insurance Brokers to get your quotes today.