August 21, 2014

Why Insurance is so Important for Horse Owners

Many horse owners unfortunately overlook or prolong horse insurance for a variety of reasons such as lack of time, money or a general feeling that it is not needed. However, as with any type of insurance, horse insurance can protect you and your loved ones from worst case scenarios. From your horse getting sick to someone being hurt, different types of insurance can help with the financial and emotional burden. Here are just some reasons why insurance is so important.

Your bank balance

Although horse insurance premiums may be on the rise due to rising vet fees, without the insurance plan, you may be forced to spend up to thousands of pounds in bills and sometimes compensation. It is important to check policies thoroughly as some insurers place cap limits for operations and other medical procedures.

A business

If you are the owner of an equine business such as riding school then insurance should be one of your biggest concerns. If an adult or child is in risk of injury whilst in your care, you will be charged with hefty compensation bills and could face prosecution. From slow donkey rides to lessons and courses for experienced riders, a policy should be in place to protect your horses and customers. Some third party liability insurance can amount in the region of £1 million. This may sound like a steep figure; however, the price of an accident can vastly exceed this sum. This is why some insurers recommend that you pay up to £3 million in third party cover.

Losing your horse

Without adequate insurance, you may risk losing your horse if you cannot afford to pay the bills for its care. This can be a distressing situation to you and your family and can be catastrophic for a business. The situation can then be made worse as the costs associated with the death of a horse can leave you even more in debt. Look online at a range of policies including E & L Horse Insurance to avoid this unnecessary situation.  

Your own health

Insurance doesn’t just help your horse and other riders; it can also help with costs if you get injured whilst riding. If you are planning to do a spot of horse riding either at home or abroad, you should invest in riders insurance to cover the cost of private medical bills, lost or damaged equipment and vet bills. A policy can also cover the costs of any child tuition fees if they cannot attend a class due to injury. Anyone between the ages of 5 and 75 can claim so protect you and your family from costly and distressing situations now.