When you’re looking to add a new piece of equipment at your facility, you usually don’t buy the first one you see. You compare features, price and service and then decide which fits your business model best.
Purchasing insurance should be handled the same way. All salons are not created equal and prices and coverage can vary from carrier to carrier, so it’s always prudent to compare. The most logical time to shop for insurance is when your current policy is approaching expiration. However, as we always say, you should plan ahead. It’s not a good idea to call other carriers and expect that they will be able to provide a quote, get you the forms and bind coverage on the day you call. They also will not usually be able to back-date coverage. So, to prepare you for your shopping trip, here are a few suggestions.
It is very important that you’re honest when supplying your information; none of it is shared with anyone. You will be required to sign an application stating that the information is accurate and if it is not, there could be penalties at the time of loss.
While you’re encouraged to start shopping early, remember that most quotes are only valid for 30 days. If you obtain a quote you like, don’t assume the rate will available at a later date. If you need insurance, bite the bullet and purchase it – delaying could make it more expensive.
I know shopping for insurance is not nearly as much fun as, say, shopping for new shoes, but it is very important. The peace of mind that coverage provides is worth spending a little time to get.
Jenny is Vice President of Universal Insurance Programs, based in Phoenix, AZ. She works with new and existing salon owners to determine and provide insurance coverage for their unique business models. Contact Jenny with any questions regarding your insurance at 800.844.2101 x1480 or email firstname.lastname@example.org.
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