Most horse owners’ equine investments are a financial asset and a beloved family member. That’s why a comprehensive insurance policy is a must-have.
A few policies are available, but significant medical and mortality are the most common. These plans help cover veterinary costs such as diagnostic procedures, medications, surgery, and postoperative care.
Peace of Mind
There’s no doubt that horse insurance is a must-have for every ranch owner. It provides peace of mind, financial security, and veterinary care.
Having this type of policy in place can help ease your stress as you prepare for the unthinkable. For example, if your horse should be killed in an accident or become ill, you will have some money to cover funeral costs.
Another option is to add primary medical and surgical insurance, which helps reduce the costs associated with veterinary procedures. This is especially helpful if your horse needs expensive surgery.
When looking for a policy, make sure the company you choose is financially sound and that it understands its claims process. You also want to notify you of any injuries or illnesses promptly.
Financial Security
A common expression is “knowledge is power.” Fortunately, you can use that power regarding your horse insurance. With the proper knowledge, you can save much time and frustration if something goes wrong with one of your horses.
Whether you own a single horse or a whole herd, there are several policies to choose from. Among the most important are equine mortality and primary medical insurance, which protect you against losing a beloved steed should it die, be destroyed, or become seriously injured in an accident or illness.
Besides veterinary expenses, these policies also cover loss of use, reimbursing you for the earnings lost due to your horse’s injury or death. This is especially important if you utilize your horse for income-generating activities, such as breeding or performance. This coverage is often included with a full mortality policy. It can also be purchased on a stand-alone basis.
Veterinary Care
Horse insurance is a must-have for every ranch owner because it can cover the veterinary bills often resulting from an unforeseen illness or injury. The costs can range from hundreds of pounds to thousands, depending on the situation.
There are different types of equine insurance, from basic mortality insurance (similar to our life insurance) to primary medical insurance that covers various veterinary services like diagnosis, treatment, surgery, and medication. The type of insurance you choose should be based on what you’re willing to accept regarding risk and your horse’s riding.
Working with a livestock specialist is essential to get a good deal on your horse insurance. Ask about their experience in the industry and the types of policies they offer. You also want to ensure they have access to more than one company’s programs so they can find the best approach for you from a cost and coverage standpoint.
Liability
Whether it’s a million-dollar racehorse or an Olympic-caliber sport horse, the cost of insurance pales in comparison to the loss of income if your horse gets injured or dies. Even a less expensive horse can represent years of effort and investment in your passion.
Keeping your liability risks in check is the only way to ensure you can stay financially stable should the unthinkable happen. A comprehensive equine liability policy will provide defense costs and pay claims that are legally yours up to the policy limits.
Liability coverage is essential if you operate a business, such as boarding, riding instruction, breeding, or sales of horses. Without the proper protection, you could find yourself at the end of a lawsuit or paying high damages and attorney’s fees.