When evaluating your personal insurance program to determine if coverage includes your horse ownership, you may want to consider some of the following questions:
1. Does your current homeowners policy extend coverage to your horses?
The answer is “It depends”. Every insurance carrier has different coverage terms and conditions and how you use your horse/s or where you board it may impact coverage. Discuss your horse ownership and use with your insurance advisor to be sure your homeowners policy will respond in the event of a claim.
2. 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 insurance advisor to determine if a homeowners policy is appropriate or if you need broader coverage offered by a farm or commercial policy.
3. 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 it is important to reflect that entity on your isurance policy to ensure protection. Your insurance advisor should be notified and should work with your insurance carrier to determine how best to insure the entity.
4. Do you employ staff to work with your horses or on your farm?
If you employ stable workers, trainers or other help on your farm or to help with your horses, you may be required to carry workers compensation coverage. Requirements for workers compensation vary by state, so discuss any help you employ with your insurance advisor to determine your need for this coverage.
5. Does your current 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 horses ownership can be complicated. An independent agent 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.