Understanding Equine Insurance
Insuring your business is complicated and important. There are many things to consider when purchasing insurance and having appropriate coverage will protect your business and customers. Read on to learn more.
Where To Start
The first things you should do when looking for equine insurance are as follows: determine what coverage you would like to have, get quotes, and find an agent you like and trust.
What Coverage Do You Need?
Thinking about what kind of coverage you want to have is important.
Do you hold events, shows, or competitions on your property? Do you have stallions that you rely on for breeding? Do you want coverage for mortality as well as surgery or colic? What if a horse gets loose and causes a car accident?
All of these are things to consider and talk about with an agent about so that they can craft a policy to provide you with the coverage you need. There are many different endorsements (add ons) you can get and some may not be necessary for your business while others may be very important.
Some of the most common types of insurance are:
● Health or Mortality Insurance: This is basically life insurance for your horses. If a horse dies, has to be euthanized or is stolen then this would be the policy to cover that loss. The value/ reimbursement is based on the age and health of the horse.
● Liability Insurance and Personal Liability Insurance: Cover yous and your business in the case of accident or injury. Make sure you understand the coverages in the policies you review.
● Care, Custody and Control Insurance: Covers horses that you board that are not your own.
● Show, Clinic and Event Insurance: Covers events that you host on your property.
● Commercial Equine General Liability and Equine Professional Liability Insurance: Equine liability coverage.
Understanding each of the policies and endorsements that are provided under your plan is imperative, and getting the right combination to meet your needs will be a job for you and the agent.
Once you have an understanding of exactly what type of coverage you want, getting quotes from at least 3 companies is a good course of action. Some companies may offer various endorsements in combinations or not offer particular coverages you need or want. Be sure to compare.
Choosing an Agent
Cost is not the only thing to consider when choosing amongst your quotes; finding an agent that you like and trust can be a game changer. If the agent is slow to return calls or e-mails, then you might consider how it would be in the case of an emergency.
A good agent should ask you lots of questions about what you want from your coverage and educate you about the different types of insurance and combinations of endorsements (additional coverages) you can or should have.
It is also important to understand how you would file a claim if necessary. If the process is very cumbersome and the insurance company does not offer any assistance, this may be something to consider.
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