Whether you're a rider, trainer, or owner of an equestrian business; it is vital you have adequate insurance. Not just to protect you, but to protect your horse too. But financial issues - especially when it comes to specialist insurance - are complicated.
How do you know what kind of cover you need? How can you make sure that every eventuality is accounted for? And how do you know you're getting the best deal?
In this article we will look at the different kinds of insurance you need, depending on your needs:
Equine Business Insurance
If you're involved in or run your own equestrian based business, you will need coverage that protects you from a number of things. Firstly, you will need to make sure any policy covers the same things as standard business insurance.
This should include:
• Business owner coverage • Property insurance • Liability insurance • Product liability insurance • Errors and omissions insurance • Business income insurance
The point of these aspects is to protect both you and any employees. As an equestrian business, you should make sure your policy protects you should anything happen to the horses in your care. You should always get a policy from a specialist agency that understands your needs.
If your business involves the breeding of horses, you will need a policy that also covers you for this. You should be able to get coverage for stallion and mare infertility. For companies like yours, you must weigh costs against risks and possible losses.
Ownership Insurance
As a horse owner, you will need more than just standard pet insurance. You should endeavour to find a policy that covers mortality and theft, colic and non-elective surgeries and more. While this will bulk up the cost of your policy, you could also look for one that covers you for accidents, sickness and disease.
Unlike in the world of equine business, horse ownership is not an investment. The insurance companies will see it as a liability, thus charging you high rates. You will therefore, want to insure your horse for its value, and protect yourself with liability cover.
What to Look for In a Company
To make matters more complicated though, not all insurance companies offer horse insurance policies. This means you will have to be prepared to shop around, but we have prepared some tips to make this easier for you.
Firstly, always use a company with a rating of A+ or higher. You should also speak with fellow businesses and horse owners to check their reputation. After all, you want to work with an insurer who understands your needs and requirements.
Finally, you need to know more than what is covered by your policy. It is, in fact, more important to know what isn't covered. Ask every company to clearly outline these so-called "exclusions" to help you make an honest and informed decision.
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