Risk Assessment

Are you confident that your current personal insurance program will provide protection when you need it?

When evaluating your personal insurance program to determine if coverage includes your horse ownership, you may want to consider some of the following questions:

Does your current homeowners policy extend coverage to your horses?

The answer most likely is, "It depends." Coverage terms and conditions usually vary between insurance carriers. How you use your horses or where you board them may impact coverage. Discuss your horse ownership and uses with your independent insurance advisor to be sure that your homeowners policy will respond in the event of a claim.

Do you have confirmation of this coverage in writing?

It is critical that you have this coverage verified and that it clearly states what is covered. This way, you can rest assured that you are protected in the case of any accident.

Is your private horse farm used for personal or business use?

Determining what type of liability coverage you need to protect your assets in the event of a lawsuit depends on how you use your farm. Employing stable help, outside boarders or training may impact coverage under your personal insurance program. Discuss all aspects of your personal farm usage with your independed insurance advisor. Together, you’ll determine if your homeowners policy is appropriate or if you need broader coverage offered by a farm or commercial policy.

Does your liability extend to locations or competitions away from home, out of state, or outside of the country?

A policy should cover you no matter where you are traveling with or showing your horse.

Do you employ staff to work with your horses or on your farm?

If you employ stable workers, trainers or other help for your horses or farm, you may be required to carry workers’ compensation coverage. Requirements for workers’ compensation vary by state, so discuss any help you employ to care for your horses or your farm with your independent insurance advisor to determine your need for this coverage.

Do you use an LLC or other entity for ownership of your horses or farm?

When an entity has been created for the ownership of horses or a farm, reflect that entity on your insurance policy to ensure protection for the LLC. Your independent insurance advisor should be notified and should work with your insurance carrier to determine how best to insure the entity.

Are all your bases covered for liability should equine accidents or damage occur?

Your personal equine liability insurance should completely cover your equine risk so that you can rest assured that you’re protected.

Does your current independent insurance advisor have experience working with equine owners and farms?

Determining what coverage is right for you or your family based on your level of horse ownership can be complicated. An independent insurance advisor with equine experience will ask the right questions and have access to a variety of insurance carriers to provide you with a program to suit your personal needs.