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American Farriers Journal is the “hands-on” magazine for professional farriers, equine veterinarians and horse care product and service buyers.
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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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Life Data Labs Inc. is a dedicated product manufacturer committed to producing premium quality animal nutrition and health products through continuous product improvement and new product development. First-class ingredients, fresh products, consistent high quality and scientifically proven effectiveness are the principal features of Life Data Labs animal health products. And that's why they've produced the #1 recommended hoof supplement by farriers for 12 consecutive years.
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From the feed room to the tack room, SmartPak offers innovative solutions to help riders take great care of their horses. SmartPak was founded in 1999 with the introduction of the patented SmartPak™ supplement feeding system. The revolutionary, daily dose SmartPaks are custom-made for your horse, individually labeled and sealed for freshness.