Salon Safe Insurance: Do You Need to Insure Cash on Premises?

By Dean Laming on June 27th, 2023

Salon owners face a myriad of challenges to keep their businesses thriving. One such challenge is ensuring the safety and security of hard-earned cash on premises. As a salon owner, have you ever wondered if Salon Safe Insurance is necessary for your business? Are you aware of the risks associated with holding cash on your premises and how insuring it can provide peace of mind? If these questions have crossed your mind, then this blog post is just what you need…

1. Understanding Salon Safe Insurance

Salon insurance is a form of business insurance specifically designed for salons, spas, and other beauty industry establishments. It focuses on covering the unique risks faced by these businesses, such as property damage, employee injury or illness, or loss due to theft.

But one aspect that salon owners may not consider when purchasing insurance is coverage for cash held on the premises. This type of protection can be especially important in an industry where many transactions are still conducted in cash.

There are several reasons why holding large amounts of cash on your salon’s premises might pose a risk to your business:

  • Theft: The most obvious concern is the potential for theft by employees or external parties, either during working hours or after-hours burglaries.
  • Fire and water damage: In case of accidents like fires or floods, you could lose not only physical assets but also any stored cash.
  • Liability issues: If you store substantial amounts of money at your location without proper safety measures in place and it gets stolen or damaged somehow, there could be legal ramifications.

That’s why so many small business owners use safes to keep their cash secure—and also why safe insurance is so important.

2. Benefits Of Insuring Cash On Premises

Having insurance coverage for cash kept on-site at your salon offers several benefits. The first is financial security: should any covered event occur (theft, fire, flood), you’ll receive compensation for lost funds up to your policy limit. You can also enjoy peace of mind knowing that potential losses related to storing money are covered can reduce stress and worry related to running the business.

Despite all that, it is not legally required that you insure any cash you keep on premises.

3. Determining The Right Coverage Amount For Your Salon

The right amount of insurance coverage will depend on factors such as:

  • Average daily income levels
  • How much money is typically stored onsite overnight
  • Your client base
  • Location-specific crime rates

It’s crucial to work with an experienced insurance agent who understands the salon industry and can help you assess your unique risks and needs. They’ll be able to guide you in choosing the most appropriate coverage amount.

4. Comparing Different Salon Safe Insurance Policies

When shopping for a salon safe insurance policy, it’s important to compare different providers’ offerings based on several factors:

  • Coverage types: Identify which policies include cash on premises coverage.
  • Policy limits: Determine how much each insurer will pay out in case of a covered loss.
  • Excess: Compare costs before the insurer begins paying benefits.
  • Premiums: Look at the overall price of each policy along with any discounts or payment plans available.

5. Implementing Additional Security Measures To Protect Your Cash

In addition to insuring cash held on site, consider implementing other safety measures such as installing security cameras and alarm systems, using a safe with time lock or deposit option, limiting employees’ access to cash storage areas, regularly depositing profits into bank accounts instead of storing them on-site, and/or training staff about proper handling procedures.

Salon Saver is dedicated to helping businesses like yours obtain low-cost core protection without unnecessary extras. By ensuring that you have adequate coverage for cash held on premises, you can protect your business from unexpected losses while keeping costs manageable and focused on what really matters – providing excellent service to your customers. Don’t leave anything up to chance; invest in salon safe insurance today!

Dean Laming

Dean Laming is a Chartered Insurance Broker with more than 25 years insurance experience. Through various underwriting, operational and management roles, Dean has built up extensive knowledge of the hair and beauty sector and is now Managing Director of Salon Saver, part of the wider Henry Seymour Group.

All articles by Dean Laming

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