Equine Insurance: Do You Need It?

When raising horses on a large farm or keeping a horse for recreational purposes, one of the biggest risks is that they could suffer an accident or other form of unexpected damage. The farm insurance that you purchase is designed to protect the investment that you have made in both the animal and in its future. To make the most effective purchase possible, you must be aware of the different types of insurance available and know what they cover.

Insurance can not only protect your investments, but it can help you deal with any unforeseen circumstances that may come about while raising horses. Here’s how to tell if you could benefit from farm or equine insurance.

Understanding What Equine Insurance Does

There are several different types of insurance available for individuals with a farm or livestock. These are namely property and liability insurance. Property insurance will cover the value of your equine assets on a farm. This means that if you have been permitted to keep animals on your farm for recreational purposes, the insurance will also provide you with financial assistance should anything happen to these animals such as sickness, death or injury.

Specialized equine insurance can be tailored to provide the kind of coverage you’re looking for. It’s a specialized enough field that the insurance companies who provide it will already have options in place for recreational horses, such as:

  • Horse mortality insurance
  • Theft protection
  • Liability coverage
  • Veterinary services reimbursement
  • Medical or surgical costs
  • Equipment and tack

One of the biggest risks is if a boarder falls off of their horse while on your property. If you’re looking for insurance specifically to cover your horse farm, you’ll still be able to benefit from equine-related coverage, but farm insurance will likely extend to help protect your horses, farm buildings, produce, machinery, or loss of income.

One of the primary factors you need to consider is the age and health of your horse. Do you intend to race or practice your horse in competitions? Then you will likely need a more robust policy. If you are just planning to give your horse a good home to keep them safe and happy and take them out for an occasional recreational ride, then a basic policy will likely do just fine.

It is highly advisable to talk to a qualified and licensed insurance broker before deciding which type of farm insurance best suits your needs. Equine insurance has become quite popular in Canada and around the world amongst horse breeders, farmers, and recreational riders as a means by which to protect their animals and their livelihood.

How to Find Equine or Farm Insurance

Horse insurance is a very sensible idea. With an adequate coverage policy, you will be able to carry out all of your day-to-day horse needs like training, travelling and racing without worrying about losing your investment. However, there are some specific legal requirements you’ll likely need to consider when obtaining equine insurance.

Especially amongst equine clubs or professional sports organizations, you may be required to obtain equine insurance before using shared facilities or participating in shows. Horse lovers are constantly on the lookout for new policies that offer the best benefits at the lowest premiums. If your equine friend is particularly important to you, it makes sense to secure adequate equine insurance. You need to make sure that whatever policy you choose provides the necessary coverage for your lifestyle and the kind of work your horse will do.

It is also wise to compare the various policies available so that you can get the best possible value for your money. To find a suitable insurance policy, it is worth consulting the professionals who deal with equine policies.

Farm Insurance from Will Marshall Insurance Brokers

Taking the time to make sure that building limits are sufficient and the best possible coverage is in place are major challenges. That is why Will Marshall Insurance takes the time to visit farms. At Will Marshall Insurance Brokers, we’re well-acquainted with the agricultural industry, and we know the questions to ask to make sure you find the right farm insurance for your business or hobby.

For more information about equine or farm insurance, call our office at 705-726-2551 or send us a message online.

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