Equine Professional Liability Insurance: Coverage, Benefits & More

Your Guide to Equine Liability Insurance: Coverage, Benefits & More

Posted August 6, 2024

Owning a horse is a dream come true for many, offering great joy and fulfillment. However, it’s important for business owners and enthusiasts to be aware of certain risks.

Whether you’re a weekend trail rider or run a bustling boarding facility, unexpected accidents can happen without warning. That’s where equine liability insurance comes in—specialized coverage offering a potential safety net in case the unknown occurs.

THE BASICS OF EQUINE LIABILITY INSURANCE: WHAT IS IT?

The liability insurance required by a boarding barn owner will differ from that needed by a trainer who travels to various farms to give lessons. However, both need insurance, with each policy covering different specific aspects. For those involved in the equine industry, the most popular liability insurance options are Equine Personal Liability and Equine Professional Liability.

HOW TO DETERMINE YOUR EQUINE INSURANCE NEEDS

To determine the type of insurance you require, ask yourself a simple question: “Are services being charged at this operation?” If the answer is yes, it’s considered a “commercial” exposure. In this case, you’ll need a commercial farm policy, which provides different coverage than a personal policy.

For example, standard homeowners policies or basic insurance for a farm don’t always adequately cover owners or businesses. As a result, specialized equine liability insurance fills in any missing gaps by covering everything from medical bills to legal fees.

To enroll in a policy, you start by working with an insurance team specializing in this type of coverage. Your team then curates a policy designed to shield you in case someone gets hurt or in the event of property damage. You pay the premium and your coverage begins.

WHAT DOES EQUINE LIABILITY INSURANCE COVER?

While insurance products like those on our topic may appear somewhat narrow, our clients often find them more customizable than expected.

For example, we’ve partnered with several of the best national carriers to deliver horse-related insurance that addresses farm risks and unique equine needs, such as:

Medical expenses
Property damage
Legal defense costs
Damage to or loss of equipment and facilities
Injuries or death of horses
Liability coverage for horse shows or training
Business interruption under covered events
Theft of horses or equipment
Veterinary expenses

THE BENEFITS OF EQUINE LIABILITY INSURANCE

The right equine insurance policy offers more than peace of mind, but it certainly does that too. Here are some of the key benefits tailored to our topic:

Financial protection
Comprehensive coverage
Risk management
Peace of mind
Customizable policies

THE 5 TYPES OF EQUINE LIABILITY INSURANCE TO KNOW

We tailor horse liability insurance to meet the unique needs of our clients, offering a range of coverage options to provide comprehensive protection. The following are the main types of insurance we commonly recommend:

1. PROPERTY INSURANCE

This type of insurance protects your farm or property’s assets, including barns, stables, equipment, and personal property. It can also cover loss of income if your farm production suddenly becomes interrupted under qualified circumstances. We also work closely with folks running equestrian-related businesses who already have a commercial liability plan.

2. LIABILITY INSURANCE

This type of insurance is crucial for horse owners who offer riding lessons, boarding, or horse-related activities on their property. It protects against legal claims and lawsuits filed by individuals who may be injured while interacting with your horse or on your premises.

3. EQUINE MORTALITY INSURANCE

We recommend this type of insurance because it covers the value of your horse in the event of death due to accident, illness, or disease. Here, you have two options: full or limited coverage. This type of policy often includes theft coverage and is generally required when enrolled in other medical horse insurance plans.

4. EQUINE MAJOR MEDICAL AND SURGICAL INSURANCE

We always recommend considering major medical and surgical coverage. Similar to health insurance for people, this option covers veterinary expenses for your horse, including surgeries, diagnostics, and treatments for illnesses or injuries.

5. LOSS OF USE INSURANCE

We’ve had clients whose dressage stars suffered career-ending injuries, and loss of use insurance was their financial safety net. This is where equine professional liability insurance comes in.

It may compensate you if your horse becomes permanently unable to perform its intended use due to accident, injury, or illness. In this case, you work with an insurance partner to determine a percentage of the horse’s value that could be reimbursed should it become unable to perform its duties.

FIND YOUR IDEAL EQUINE INSURANCE COVERAGE

Your peace of mind is just a conversation away. Working with an experienced insurance agent offering nationwide coverage can help tailor a package that provides the right level of protection for your particular circumstances.

Ashley Barto