Spa+Clinic Team It’s the beginning of the new financial year, and your clients are booking themselves in to your business for their half-yearly check-up.
But just like your clients are going in to feel refreshed, it may also be time for your business to have its check-in so it can keep beautifying people for the months ahead.
From a fire ripping through your store to a haircut gone wrong, spa and beauty businesses carry a variety of risk.
And just like beauty trends change, so could your risk profile.
Here are three factors to check mid-year to ensure that your business is healthy enough to cover any claims that may arise.
Your workforce has changed
Small businesses are barely ever stagnant, which often influences the size of their workforce. After coming out of lockdowns into a worker shortage, spa and clinic businesses may have a drastically different team than when they last renewed their insurance.
If your workforce has shrunk since the you last reviewed your policy, you could adjust your insurance to better suit its current size. Conversely, if your business has grown and your workforce has increased, you may need to consider getting more cover.
Whatever the case, it’s important to ensure your insurance covers your current workforce.
The risk to customers and suppliers is different
If you interact with your clients in a physical environment, there are many risks you may come up against.
Understaffing and untrained workers could lead to situations where safety protocols aren’t properly followed, resulting in a higher chance of an accident.
For instance, if a customer or supplier trips at your workplace and suffers an injury or you damage a client’s property while doing an in-home treatment, a claim could be made against you.
While you could always provide extra training, you may also need to ensure you have adequate Public Liability cover, which is designed to provide protection from third-party injury or property damage.
The risk to your business itself has changed
Your customers are important, but so is stock, your equipment, salon contents and your commercial premises. From fires to theft, the risk to your assets could have changed since you reviewed your policy.
Business Insurance is a package designed to provide cover for these assets from risks such as fire, storm, theft, or accidental damage. It can even cover your portable equipment, glass and for loss of revenue due to a business interruption in specified circumstances.
If you’ve made any internal changes to your business premises or something has increased the risk externally, you might need to consider updating your Business Insurance policy.
Review your policy today
Insurance is there to protect you from the current risks you face. By not giving a business a health check every now and then, these problems could become a lot worse if a claim were made against you. What’s more, doing a review of your insurance could help you save on your premium.
Visit bizcover.com.au to compare quotes or give us a call today – no dramas!
While there are many perks to being your own boss, overseeing everything can get quite dramatic. Luckily with BizCover, business insurance doesn’t have to be.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769
