While you likely already have insurance for your equine business, it is important to review your coverage periodically to ensure your policy is keeping pace with the evolving horse industry. Without the right coverage, your business is vulnerable to risk. A standard business insurance policy may not be adequate to protect your business. So, what’s next? It’s time to start considering specialty insurance.
What is specialty insurance?
Specialty insurance provides coverage for unique items, services, or risks. It goes beyond what standard insurance policies cover. In some cases, it can even cover what may be excluded in a standard policy.
Who needs specialty insurance?
Specialty insurance is designed for businesses that need specific types of protection. You need specialty insurance if:
- You have property, equipment, guest services, or activities that are not covered under common business insurance policies.
- Your business engages in activities where it would be easy for someone to be injured.
Specialty insurance provides additional liability coverage to safeguard your business. This is essential if someone is injured by engaging with your business and decides to sue you.
What does specialty insurance for equine risks cover?
Specialty insurance for equine risks is specific to the operations of businesses in the horse industry. If you work with horses commercially, you will need coverage on activities such as horseback riding lessons, horse training, horse boarding, horse breeding, horse sales, and guided trail riding. Each of these activities require their own special coverage.
How much does specialty insurance cost?
The cost of equine specialty insurance depends on several factors, including the size of your business, the activities you offer, the risks you face, and the amount of coverage you need.
Find an agent who understands your business.
Not all insurance companies are interested in covering all equine activities. Some companies are going to cover only a certain number of those activities and not others. Companies that cover all equine activities could be quite expensive. Finding an insurance agent who understands the equine insurance market can save you time and money and help ensure you have the right coverage for your business.
Here’s an example of how I can help. I recently worked with a business owner who offers several different equine activities. She had been working with another agent for six months on getting the coverage she needed. This agent was doing his best to provide a quote that would suit her needs; however, after all this time he was unable to find coverage that was right for her business at a reasonable price. With my experience in equine insurance and my relationship with companies who serve this market, I was able to find coverage superior to what she had previously been offered and even saved her some money along the way.
Watch the video below to learn more about the importance of an agent who understands equine insurance.
Not sure if you have the right insurance for your equine business? Let’s talk!