Being in business means you have to watch your outgoings and try to save money where you can, now more than ever. One area a barbershop owner can look to make a saving is to purchase cheap insurance.
However, cheap may not always mean best. Sometimes you really do get what you pay for.
A lower premium may look enticing but it’s not just the price you need to consider when choosing your insurance policy. Have you thought about the following?
If you were in the unfortunate situation where you had to make a claim, how smooth is the process of making a claim? Is there someone there to help you? How quickly will your claims payment be made? At HJ Direct for instance, we have a fast track claims facility which can be utilised for various types of claims.
How knowledgeable are the customer advisors who handle your policy? Do they understand the cover you require as the owner of a barber shop? Are they approachable when you have a query? HJ Direct offer insurance for the hair and barber industry, this is our speciality. We are not a call centre, we are a small team who have over 30 years’ experience between us in the hair and barber industry and we pride ourselves on our customer service.
Every insurance policy is different so you need to look at the cover of the one you wish to purchase. Some policies are on a claims made basis which means they only provide cover for claims that are made against you for the 365 days your policy is valid. These can often be cheaper. A customer having a shave or a cut at your shop has up to 3 years to make a claim against you and if you had a policy of this type which had subsequently expired and your customer decided to make a claim, this policy wouldn’t provide you with cover. People with these types of policy often have to buy run off cover for another 7 years to ensure they can be insured for claims that may be made at a later date – so if you were considering taking a break from work or retiring you would have to pay for insurance for an extra 7 years just in case! At HJ Direct our policies are written on a claims occurring basis which means if you ended your policy and your customer made a claim against you months or years later, providing there was a policy in force covering the date the incident occurred then the claims occurring policy would respond to the claim – even if you were no longer trading.
Keep in mind when selecting your barber shop insurance policy that you think about more than just the price.
This is an article in collaboration with HJ Direct Insurance.