Keep posted, keep informed.
In a previous post, we discussed some of the ways that equine business operators can keep their horses safe during the summer months. Equine businesses can be immensely lucrative as it’s a versatile industry; from breeding to training and everything in between, there’s a lot of room for growth and profitability. However, as part of any successful business plan, risk management should be considered. In this article, we’ll explore the common risk factors associated with this sector and how to mitigate them. Even more importantly, a comprehensive Equine Insurance Program will provide the peace of mind these business owners deserve.
Whether the business is run out of a home ranch or is strictly business, identifying how it’s run is important for mitigating risk and responsibility. Most farms and ranches have an owner-occupied dwelling, and often a dwelling or two occupied by tenants or workers, as well. Because this type of agribusiness typically includes some personal property, an investigation identifying the personal exposures and liabilities must be made, states Insurance & Risk Management Knowledge Alliance.
- If the ranch also serves as the business owner’s home.
- If the business hosts training and riding sessions on the property.
- If the property has specialized equipment on site to operate the business.
Horse and equipment exposures.
Losing an animal to disease or accident is the worst-case scenario for an equine business operator. In the event this was to happen, the right insurance can provide the money to recover the loss. In addition, these professionals should protect the equipment, food, tractors, ranching machinery and more. Having to repair something on the ranch without the cash reserves or insurance protections can devastate a business.
Lastly, are the owned horses valuable? If so, discussions should include mortality, medical and surgical, and loss of use; additionally, every insurer uses their own specific policy forms, exclusions, and definitions.
About Mavon Insurance
At Mavon Insurance, we have a deep understanding of the insurance requirements for equine businesses throughout the country. Our comprehensive policies include pertinent coverages including Equine Mortality, Theft, Medical Expense Reimbursement, Transit Coverage and more. For more information on our competitive policies, or to become an agent with us, contact us today at (877) 426-2866.