When reviewing your insurance policy at renewal, it’s essential to ensure the coverage remains appropriate for the business’s needs and aligns with any changes over the past year.
1. Treatments and Services
- New Treatments: Has the business introduced any new treatments? Verify they are covered or whether they need to be added.
- Discontinued Treatments: Remove coverage for any treatments no longer offered to avoid unnecessary costs.
- High-Risk Treatments: Check if high-risk procedures (e.g. injectables, laser treatments) are adequately covered.
2. Professional Indemnity Coverage
- Ensure the coverage reflects the business’s current level of risk and services offered.
3. Public and Product Liability
- Verify that the coverage is sufficient for potential claims from accidents (e.g., slips and falls) or adverse reactions to products used or sold.
- Check compliance with any new regulations regarding product safety.
4. Employees and Practitioners
- Confirm the number and qualifications of employees are up to date.
- Check if new staff or freelancers are included and adequately trained for the treatments provided.
5. Equipment and Stock
- Update the insured value of tools, machinery, and stock (e.g., skincare or hair products).
- Ensure coverage for theft, damage, or loss, including portable equipment.
6. Regulatory Compliance
- Review any new regulations or licensing requirements for the beauty industry in the jurisdiction.
- Ensure the policy complies with updated standards or laws.
7. Business Operations
- Update the business address or premises details if there have been changes.
- Check for any changes in the number of locations or operational hours.
8. Claim History
- Review the previous year’s claims (if any) and assess how they may impact premiums or policy terms.
- Discuss strategies to minimise future risks based on past claims.
9. Endorsements
- Review policy endorsements carefully to ensure you fully understand their implications and how they affect the coverage.
10. Policy Limits and Excesses
- Evaluate if current limits are adequate for the size and scope of the business.
- Take time to understand the excess amounts on your policy, so you’re prepared for any expenses in the event of a claim.
Regular reviews and open communication with the insurer or broker help ensure the policy provides optimal protection for evolving business needs.