Posted: 8th July 2020 | Back to news feed
As an equestrian business owner do you know what types of insurance cover you need? Whether you’re a sole trader, a small business or a larger retailer, effective insurance can be make or break should the worst happen. There are legal requirements to adhere to and there are optional policies that could just save the day should you be on the receiving end of a claim.
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 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
If delivering expert advice or a professional service is the name of the game, then professional indemnity should be a priority for you. Should your advice, or work for a client, turn out to damage their business, or result in losses for them, they could make a claim against you.
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 not only commonplace for many smaller businesses but is now the ‘new normal’ for businesses and workers around the world. However, don’t be fooled, just because you’re working from home, or your yard, doesn’t mean you’re automatically protected by existing insurance.
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. 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.
Ready to discuss your customisable and comprehensive insurance options? Call Shearwater Insurance to chat to an experienced advisor who understands the unique requirements of your equestrian business. Mention the Equestrian Index or use code EI20 for a £20 discount off new policies.
www.shearwater-insurance.co.uk or 01992 367112
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