How to Buy the Right Business Insurance

Buying the right business insurance is vital for ensuring your spa or salon is protected should a worst case scenario arise. Whether you’ve purchased business insurance before or you’re not sure where to start, we have outlined below the best tips to help you get the right protection for you and your business.

• When taking out insurance, it pays to be honest. Failing to mention something that could be imperative to a claim, such as the existence of a flat roof or bankruptcy, could reduce the settlement amount or ruin your chances of getting anything.
• If you are taking on freelance or self-employed staff members in to your business, never assume that they have insurance. It is vital that before employing any freelancers, you should get sufficient evidence that they hold their own insurance and complete annual checks.
• After taking on a new insurance policy, you should ensure that all staff follow the policy to the letter. Set in place working place standards which ensure compliance and best practice.
• It can be easy at times to only focus on the interior of your spa or salon when taking out an insurance policy, but it is just as important to inform your insurer in advance of any exterior problems. If your business premises has a flat roof then you need to let your insurer know. If you don’t and your roof leaks then the claim will not be paid.
• Whether you own your business or have taken over someone else’s, ensure you check the lease. If it states that it is full repairing, this means that not only will you be responsible for the upkeep and maintenance of the spa or salon, but that you may be responsible for insuring all of the fittings too.

For more advice on finding the right business insurance for you, head to smallbusiness.co.uk or to Startups.