3 Insurance Mistakes that Small Business Owners Make

Farrier Takeaways

  • Independent brokers can provide better coverage that benefits you because they are not affiliated with one company.li>
  • Buying cheap insurance with low deductibles is akin to throwing your money away.
  • 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.

There are a lot of things to consider when starting your own hoof-care business. Insurance protection should be at the top of your list.

According to the 2018 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%).

When the farrier’s body is ready to retire, it’s likely without the means to do so unless they can become dependent on either their children or their spouse. It’s not so much a strategy than it is a stumble-to-the-finish-line exercise.

Like them or not, these are the four basic imperative skills that a hoof-care business owner should possess:

  1. Horse skills.
  2. Hoof skills.
  3. Blacksmithing skills.
  4. Business skills (administrative management, wealth management and business strategy).

It is common for the farrier to focus almost exclusively on the first three, sometimes to varying degrees, and assume that they will culminate in deft execution of the fourth.

It’s a little like trimming a hoof, shaping the shoe, then laying the nails and hammer together with the shoe next to…

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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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