Liability insurance is extremely important to a having a successful healthy business and this is especially true when working with horses. What all skilled and experienced professional in the equine business ought to know is the difference between general and professional equine liability insurance and what their plan needs to include. Let’s take a look at a few points about equine liability insurance.
General Equine Liability Insurance
General equine liability insurance provides coverage from financial loss if a client or customer becomes injured or their property is damaged in relation to horse activity and you, the business owner, are held responsible. General liability covers primarily physical risks and is a stand alone policy that covers an individual, business, partnership, or corporation. Trained professionals in the horse world that are at risk for any possibility of liability should hold or look into a general liability insurance plan.
Professional Equine Liability Insurance
Professional equine liability insurance is not a standalone plan, but an additional complementary coverage you would add on top of your general liability plan. Professional liability insurance is slightly more nuanced and covers more abstract risks, such as those related to errors or mistakes on the part of the professional that lead to loss in a number of capacities. Should a professional become liable for a incident that resulted in a fiscal loss or loss of value or reputation to a horse or rider, professional liability insurance can help cover that. Professional liability coverage will help cover both legal defense costs and settlement or claim costs to a specified maximum limit, whether or not the case has merit.
Who Can Benefit from Professional Equine Liability Insurance?
One might wonder when this sort of insurance would be most useful? A number of equine professions can benefit from professional equine liability insurance including riding and driving instructors, equine therapists and assisted services professional, horse trainers and training instructors, farriers and blacksmiths, horse groomers, and professionals involved in the creation and execution of horse shows and competitions such as officiants, judgers, stewards, and consultants. Essentially, professional equine liability will provide coverage should any of these professions make an error related to their professional line of work that causes damage to a client, customer, or similar party.
No professional wants to find themselves in a situation where they do not have any liability insurance and are being held liable for mistake or error. Planning ahead by taking out an equine liability policy that’s right for you will stand you in the best stead going forward.