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Do you dread the thought of renewing your salon insurance, fearing that it will burn a hole in your pocket?
We’ve got you covered with our top 7 tips to save money when renewing your salon insurance. In this blog post, we’ll explore how comparing multiple quotes, bundling policies, reviewing coverage needs annually, increasing excess amounts, implementing risk management strategies, asking for discounts and loyalty rewards, and working with an independent broker can help you secure the best possible deal on your next renewal. Read on to learn more.
1. Compare Multiple Salon Insurance Quotes
When it’s time to renew your salon insurance, don’t just automatically stick with your current provider. It’s always a good idea to shop around and compare quotes from multiple insurers to find the best deal. Each insurance company will have its own pricing structure and coverage options, so you might be able to save money by switching to a different insurer who offers better value for the same level of protection.
To make this process easier, use online comparison tools that allow you to enter information about your business once and receive quotes from several providers at once. Be sure to carefully review each quote, considering not only the premium but also factors such as coverage limits, exclusions, and customer service ratings.
2. Bundle Your Policies With One Insurer
If you have other types of insurance policies – such as property or liability – consider bundling them with your salon insurance policy under one insurer. Many companies offer discounts when clients combine multiple policies together since it simplifies their administration process while securing more business for them.
By bundling policies, you can potentially save anywhere between 5% – 25% on each individual policy premium depending on the insurer’s discount program. Plus, dealing with a single company can make managing your insurance coverage much more efficient and easy-to-handle.
3. Review Your Coverage Needs Annually
As your business evolves over time, so do its risks and associated needs. Therefore, you should make it a point to review your coverage annually to ensure that it aligns with your current needs. For instance, if your salon has grown or if you’ve added new services, you may need more coverage. On the other hand, if you’ve downsized or removed services, you may be able to reduce your coverage and thereby lower your premiums.
It’s also crucial to assess whether there are areas of risk in your business that aren’t currently covered. Adding these to your policy could save you significant money in the long run, even if it means a small increase in your premium.
4. Increase Your Excess Amount
Another option for lowering your salon insurance premium is to increase the excess amount, which is the out-of-pocket expense you’ll be responsible for in case of a claim before your insurance kicks in. By agreeing to cover a higher portion of any potential claims, your insurer may be willing to lower your premium.
However, it’s crucial that you weigh this decision carefully and ensure you can afford to pay the increased excess if an incident occurs. It’s better to have a slightly higher premium than find yourself unable to cover the required excess following an unexpected event.
5. Implement Risk Management Strategies
Insurance companies offer lower premiums for businesses that actively minimise potential risks associated with their operations. For example, implementing safety measures like proper staff training or installing security cameras can reduce the likelihood of accidents or theft occurring at your salon.
By showing insurers that you’re committed to mitigating risks and creating a safe environment for both clients and employees, they might reward such efforts by offering discounts on salon insurance premiums.
6. Ask For Discounts And Loyalty Rewards
Don’t be shy about asking your insurer if they offer any discounts or rewards for loyal customers, or if there are any special promotions available at the time of renewal. Some insurance companies might provide discounts for clients who have been with them for several years without filing claims, while others may have promotional offers during specific periods.
7. Work With An Independent Insurance Broker
An independent insurance broker can help you navigate the complex world of salon insurance and find the best coverage options at competitive prices. These brokers aren’t tied to a single provider so they can objectively assess your needs and compare quotes from multiple insurers to get you the most suitable policy at the best price.
Working with an independent broker can potentially save you time and money, both during the renewal process and throughout the life of your policy, as they will monitor any changes in your business or industry that may impact your insurance coverage needs.
By following these 7 tips when renewing your salon insurance, you can effectively balance affordability with the essential protections needed to keep your business safe and thriving. Your salon’s success depends on many factors – don’t let costly insurance premiums be one of them!
Salon Saver is committed to helping salon owners secure low-cost core protection without paying for unnecessary extras. Get your quote today.
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