Whether you’re running a traditional equestrian business, a small business from home or an online shop; running your own business can come with many perks, but have you got all your bases covered should things not go to plan?
No matter what area of the equestrian industry you occupy, appropriate coverage is key. But, do you know which insurance policy you need, and which you can miss out? Shearwater Insurance explains it all.
Protection for employees
Employers Liability is a legal requirement if you employ anyone. Whether they are full-time, part-time or even temporary, any business that employs one or more members of staff is required to provide the safest possible working environment. Employers Liability not only offers protection for your employees but protects your business and your own personal investment, be it time or financial, in that business.
Employers Liability policies are designed to offer businesses protection, for compensation and legal costs, in the event of an employee making a claim against them following an accident or injury in the workplace.
Protection for the public
No matter how many precautions you put in place accidents do you happen, even more so when horses are involved. You therefore need to ensure that yourself and your business are fully protected.
Although Public Liability insurance is not a legal requirement its importance should not be undervalued. If a member of the public was to suffer an injury as a result of interacting with your business, they are within their rights to make a claim against your business, which could be very costly.
Some businesses, or events, may require you to have Public Liability insurance in place in order to work with them.
Protection for your reputation
Careers in equestrian marketing, PR and journalism are more prevalent than ever. While these roles may not come with the obvious risks of being hands on in the equestrian world, they do carry their own risk areas. For example, unauthorised image use may invoke a copyright breach or poor advice, or campaign execution, may lead to losses for a client.
Professional Indemnity insurance covers legal expenses and costs should a client make a claim against you, in addition to compensation for the claimant, in the case of accidental negligence.
Protection from home
Working from home is a great way to start out for many smaller businesses, you get to avoid the daily commute and avoid paying larger overheads for office/property space. Alongside this many of us more ‘equestrian’ minded people don’t like to be confined to an office and find our businesses in the great outdoors! However, don’t be fooled, just because you’re working from home, or your yard, doesn’t mean you’re automatically protected.
Your household insurance may go some way to covering your business equipment but it likely won’t cover it in all eventualities. An effective Working From Home policy can provide cover for loss or damage to business equipment, for example should the dog knock your high value computer equipment off a desk rendering you unable to work. Public Liability options can be added to provide cover should a business visitor be injured whilst in your home.
Product Liability can be taken as a standalone or as part of your business insurance package. In this instance cover can be provided for costs of compensating customers for faulty goods or should a product cause a customer an injury as a result of a product fault.
Protection for in the saddle
Personal Accident insurance for anyone who rides or coaches for a living is absolutely essential. Many membership bodies provide an element of this as part of their membership packages however putting your own robust policy in place should be the first order of business.
Can you afford to be out of pocket should you be unable to work due to injury? Personal Accident insurance for riders can pay a lump sum amount for certain injuries, as well as providing income support whilst you’re off your feet.
Ready to discuss your customisable and comprehensive insurance options? Call Shearwater Insurance to chat to an experienced