9 Tips to Save Money When You Renew Your Beauty Salon Insurance

By Darragh Timlin on July 9th, 2023

Do you gulp nervously at the thought of renewing your beauty salon insurance? Are you keen to lighten the financial burden on your business without compromising on coverage? You’re in the right place. As a salon owner, finding ways to cut down on insurance costs while ensuring your business remains protected can be a headache.

This blog post is a treasure trove of practical tips for beauty salon owners like you, looking to save money on insurance renewal. We’ll explore everything from shopping around for competitive quotes, to working with an experienced insurance broker. So, are you ready to learn how to protect your business without breaking the bank? Let’s get started!

1. Shop Around For Competitive Quotes

Before renewing your beauty salon insurance, it’s wise to shop around for competitive quotes. Don’t just settle for the first quote that comes your way. Instead, take the time to research and compare insurance providers and their offerings. This will give you a better idea of what’s available and help you secure the best possible deal. You might be surprised at how much you can save by simply taking the time to do your homework and compare prices.

2. Consider Adjusting Your Coverage Limits

Another way to save money when renewing your beauty salon insurance is to consider adjusting your coverage limits. This means looking at the amount of coverage you currently have and evaluating whether it’s still necessary. For example, if you’ve downsized your business or reduced the number of services you offer, you might be able to lower your coverage limits accordingly. Just be sure not to skimp on necessary coverage, as this could leave your business vulnerable to risks and losses.

3. Make Use Of Discounts And Lower Rates

Insurance providers often offer discounts and lower rates to clients who meet certain criteria. For example, you might be eligible for a discount if you’ve recently upgraded your salon’s security system or if you’ve maintained a clean claims history. Be sure to inquire about any available discounts when you’re shopping around for quotes, and don’t be shy about asking for lower rates if you believe you qualify.

4. Bundle Your Salon Insurance Policies

Bundling your salon insurance policies can result in significant savings. If you have multiple insurance policies, such as property insurance, public liability, and employer’s liability insurance, consider bundling them together under one provider. This can not only save you money but also make managing your insurance policies easier and more convenient.

5. Review Your Salon’s Risk Management Practices

Taking steps to improve your salon’s risk management practices can also help you save money on insurance premiums. For example, implementing a comprehensive employee training program, regularly inspecting and maintaining equipment, and keeping the salon clean and well-organised can all help to reduce the likelihood of accidents and claims. By demonstrating to your insurer that you’re serious about risk management, you may be eligible for lower premiums.

6. Negotiate With Your Current Insurer

If you’re happy with your current insurer but would like to see if you can get a better deal, don’t hesitate to negotiate. Let your insurer know that you’ve been shopping around and kindly ask if they can match or beat the best quotes you’ve found. Many insurers are willing to work with their clients to keep them satisfied and maintain their business.

7. Raise Your Excess

Another way to save money on beauty salon insurance is to raise your excess, which is the amount you pay out of pocket before your insurance kicks in. By opting for a higher excess, you can often secure lower premiums. Just be sure that you can afford the higher excess in the event of a claim.

8. Stay Updated On Industry Changes

Staying informed about industry changes and trends can help you save money on your insurance premiums. For example, new safety regulations or innovations in salon equipment could potentially lower your risk and, consequently, your insurance costs. Regularly review industry news and stay in touch with your insurance broker to ensure you’re taking advantage of any potential savings.

9. Work With An Experienced Insurance Broker

Working with an experienced insurance broker can help you navigate the complexities of beauty salon insurance and secure the best possible deal. A knowledgeable broker can guide you through the process of identifying your coverage needs, shopping around for quotes, and negotiating rates. Plus, they can provide valuable advice on risk management and other strategies for reducing your insurance costs.

Choose Salon Saver

Salon Saver aims to bring low-cost core protection to beauty salon owners who know what they need and don’t want to pay for more than they have to. By following these nine tips, you can save money when renewing your beauty salon insurance and ensure that your business is adequately protected. Remember to shop around for competitive quotes, consider adjusting your coverage limits, make use of discounts and lower rates, bundle your policies, review your risk management practices, negotiate with your current insurer, raise your excess, stay updated on industry changes, and work with an experienced insurance broker. Your salon deserves the best protection at the best price, and these strategies can help you achieve just that.

Darragh Timlin

With over 25 years’ experience, Darragh is an expert in all things insurance. Starting his career in commercial property underwriting, Darragh has worked for a number of global insurers and is now Managing Director of Salon Saver, part of the wider Henry Seymour Group.

All articles by Darragh Timlin

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