It’s no secret that, when it comes to the world of barbering blog topics, insurance isn’t usually high up on the list of the most interesting subject matter.
The purpose of this blog is primarily to offer you serious career advice that can help you take your barbering biz to the next level—and in our honest opinion, keeping you in the loop about the best insurance coverage is a big part of that process.
That’s why we’re on the topic of insurance today, specifically something called additional insured options.
If you’re familiar with our blog, you know we’re not in the business of dropping a buzzword and then leaving you solo to figure it all out.
Nope, instead, we’re going to take you on a deep dive to explain what additional insured options are, why they matter for your shop, and why barbers like you should consider adding them to your insurance policy.
Ready to get this thing rolling? Keep reading to learn more.
First Things First—What Are Additional Insured Options?
In a bit, we’re going to tackle a few reasons why additional insured options are such a stellar idea for barbers. But we can’t very well explain why additional insured options matter without clearly defining what these options are in the first place.
So, let’s start there.
Additional insured options are a distinct type of liability insurance status that is usually associated with your professional liability insurance policy (in your case this would be your barber insurance policy) that provides coverage to a specific individual or group that was not initially named on the policy.
So, to put it in different terms, additional insured options are precisely what they sound like—additional people or parties on your barbering liability policy.
When these people are added to your policy, that means they’re endorsed by your policy—AKA, they can and will be protected under the named insured on the policy (that’s you).
To sum it up, additional insureds are just new names added under your policy, whether that’s an employee, a contractor, a business partner, a receptionist, or someone else.
The Top 3 Reasons You Should Consider Adding Additional Insured Options to Your Barbering Insurance Policy
The benefits of additional insured options probably seem pretty obvious at this point—additional coverage for your employees and beyond is always a good thing, right?
But to be totally honest, the benefits go far beyond just this interpretation, in fact, there are plenty of advantages that you might not be aware of off the bat.
For example, additional insured options can be beneficial even if you’re running a one-man or one-woman show. Think about it.
Do you have contract workers that you pay for freelance services? Do you have a business partner who might not be directly involved in the shop but hangs around often?
If so, it might be necessary (and smart) to add these types of people to your additional insured policy.
But that’s not all—here are the top three reasons you should consider additional insured options for your barbershop.
It’s Extended Coverage For Your In-House Team
You’ve probably heard us compare liability insurance to a safety net before. If we roll with that same metaphor, then consider additional insured options as an extension of that safety net. In the case of professional liability insurance where you’re the only name on the policy, you’re covered if something should happen. But with an additional insured option, you can ensure your team is covered should something happen, too.
It Covers Your Professional Bases
Did you know that if something happens in your shop—even if you have nothing to do with the incident—the liability and repercussions can fall back on you?
Unfortunately, as an owner, manager, or barber in charge, it’s likely you’ll have to shoulder the liability of an incident, accident, event, or occurrence—even if you weren’t even present when that event (allegedly or actual) took place.
For this reason alone, it’s crucial to cover your professional bases and make sure that no matter what happens—and no matter who’s there when it happens in your shop—you and your employees, contractors, and others are covered.
It’s a Low-Cost Risk Management Strategy
Whether you like it or not, mitigating risk is a part of your gig as a barber. That means that navigating liability is a game you have to play—especially navigating liability before it happens.
Depending on your insurance provider and its supported policies, it can be very low-cost to add additional names to your insurance policy. And while this might be an additional cost that you normally wouldn’t pay (even if it is relatively affordable), it’s important to consider this an investment in your career’s longevity, your reputation, and your future.
In other words, don’t consider this another payment to make each month—consider it an affordable investment in your success and protection.
At the end of the day, the best thing you can do for the future of your barbering career is ensure that you—and those who work for and with you—are covered. That’s precisely where additional insured options can do the trick.
Want to learn more about how additional insured options can change the way your coverage takes care of you and your shop? Check out what the National Association of Barbers can offer you!
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