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Avoid These 3 Common Insurance Mistakes

Plus, find out when, what and how to insure your farrier practice

Farrier Takeaways

  • Independent brokers pledge no allegiance to any one company and will have the ability to provide the best possible coverage that benefits you the most.
  • Buying cheap insurance with low deductibles is akin to throwing your money away. If you have a triggering event and your policy fails to cover you, why pay for it at all?
  • Waiting to insure yourself later in life is a risk. An insurance company will not accept the risk of protecting you after you’ve already been injured.

Are you adequately protecting you and your hoof-care practice? Chances are you’re not.

According to the 2019 Farrier Bus­iness Practices Report, conducted by American Farriers Journal, the vast majority of full-time farriers (95%) have some type of medical insurance. Yet, farriers are woefully underinsured in areas such as life (61%), disability (26%) and liability (46%).

In my previous article (Understand the 4 Facets of Wealth Management, January/February 2019), I shared how insurance plays a role in wealth management, some of the types of insurance that should be implemented by your farrier business, and why. Now let’s consider three common mistakes made by small business owners when it comes to insurance.

1. Sourcing and Placing Coverage

Insurance is a complex field filled with many different products offered by many different carriers. You need to be educated in the field and be familiar with the workings of the industry. Many people think that insurance is as easy as buying the cheapest policy they can find. Often…

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David J. Barron

David J. Barron, CJF, APF, is an insurance broker for ISU In­sur­ance Solutions Group in Wood­inville, Wash., and a certified journey­man farrier.

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