We fully understand that conversations about insurance, the associated jargon, and the never-ending policy details can get a little tedious and a lot overwhelming. But we 100% believe that insurance should be something every barber has.
So, we're here to do what needs to be done–make insurance approachable again by sharing simple answers and having straightforward conversations. And to us, that means taking all the complicated lingo floating around the insurance world and making it, well, uncomplicated.
Today, we're starting with a majorly important one–additional insureds. We're going to dive into the need-to-knows on this topic (AKA, definitions, benefits, and why unlimited insureds are a must).
The Ins and Outs of Additional Insureds
Maybe this is the first time you've ever heard the term "additional insureds." Maybe it's the 50th. Wherever you fall on the spectrum, we think this blog is for you. Take a little walk on the additional insured side with us to piece together the benefits of a policy that offers this option.
What is an "Additional Insured?"
Additional insured is actually one of those phrases that is exactly what it sounds like. It's additional parties that are covered under your sole insurance policy. (See, that wasn't so bad, right?).
If you really want to break it down, an additional insured is someone who's protected by your policy but wasn't originally listed on the policy.
Think about your insurance like an umbrella. The policy is in your name, so, hey, you get to stand under that umbrella and savor all that sweet protection from the rain. But eventually, you want to hire a shop associate who works with you. They're not listed on your policy, but you'd like them to be covered. That's where additional insured comes into the mix.
When filed properly, your additional insured (that shop associate) can now stand under that umbrella with you in the event they endure a little hectic weather (like claims, allegations, lawsuits, etc.).
They're covered under your policy for the same things you are!
What are the Benefits of Additional Insureds for Your Barbering Liability Insurance Policy?
There are a lot of unique benefits that go hand-in-hand with additional insured policies. But honestly? In our eyes, the biggest ones are these:
- Your full team (in-house or not) can be covered: It doesn't matter if you've got your additional insureds on your full-time team or as part-time contractors. If they're part of your team, they should be covered–and additional insured policies let you do that.
- This covers your professional bases: It's our greatest hope that nothing ever happens where you need to cash in on your insurance policy. Is that realistic, though? Not really. Your professional bases needed to be covered from every angle– that includes the team you work with.
- It mitigates your shop (and your!) risk for a relatively low cost: Risk mitigation is the name of the game when you're working in the customer service industry. And while it might be another bill you'll have to pay, it's a low-cost mitigation tactic that can save you tons of time, energy, and money in the long run.
- It's an affordable investment in your protection: Sure, additional insureds will be another "cost," but really, they're an investment–and a pretty low-cost investment at that.
Unlimited Additional Insured: That's the NAOB Policy
Now that you get the additional insured thing, it's possible you're thinking something like, "Sure, it's great that you can add additional insureds to the policy–but what's the limit?"
Many insurance companies do have a limitation on the amount of people you can add to your policy.
But you know what? NAOB doesn't.
Our policy includes unlimited additional insureds. We know that there's no limit to the potential of your shop–why would we limit its protection?
Have more questions about additional insureds? Want to learn even more about barbering liability insurance in general? Looking for the latest news in your industry or help leveling up your barbering career? You can find all of that (and so much more) on the NAOB blog.
See? We're not just an insurance pitching crew here to fling policies at you. We care about your career, about your future, and about all your ambitions–subscribe to our barbering newsletter to get the latest and greatest insight into the barbering industry!