Equine Therapy Business Insurance
Getting business insurance for your equine therapy business is essential.
Equine therapy businesses need to be protected against claims involving financial liabilities that can face any type of business, such as property damage and breach-of-contract claims.
For example, one of your employees could negligently injure a horse, or the horse could injure a patient.
We’ll help you find the most personalized and affordable coverage for your unique business.
Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.
Best Insurance for an Equine Therapy Business
General liability insurance is — generally speaking — one of the most important insurance policies for equine therapy businesses.
Some of the risks general liability insurance covers are:
- Bodily injury
- Property damage
- Medical payments
- Legal defense and judgment
- Personal and advertising injury
Having general liability insurance is important for any business, including equine therapy businesses. However, there are liabilities that it doesn’t cover. For those, you will need specialized policies like:
- Commercial property coverage
- Professional liability insurance
- Commercial umbrella insurance
There are two basic types of business insurance providers. Online providers sell policies on their websites and don’t use agents. This means they have relatively low overhead and are able to sell insurance for less than traditional providers, which do hire agents and sell policies out of physical offices. We recommend online providers for most small businesses, not only for the cost savings but also because they’re generally more flexible and faster.
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Cost of General Liability Insurance
On average, equine therapy businesses in America spend between $300 - $700 per year for $1 million in general liability coverage.
Compare the average cost of general liability insurance for an equine therapy business to other professional industries using the graph below.
Several factors will determine the price of your policy. These include your:
- Location
- Deductible
- Number of employees
- Per-occurrence limit
- General aggregate limit
You may be able to acquire general liability insurance at a discounted rate by purchasing it as part of a business owner’s policy (BOP) rather than as a standalone policy.
A BOP is a more comprehensive solution that includes multiple forms of coverage, such as business interruption and property insurance.
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Common Situations That General Liability Insurance May Cover for an Equine Therapy Business
Example 1: While visiting a client’s home for a consultation, you trip in the hallway and knock over a large, expensive vase. The client demands you pay to replace her shattered vase. General liability insurance would cover the cost of replacing the client’s damaged property.
Example 2: A competing therapy company sues your business for slander. While you disagree with the accusation, you know you need a lawyer to protect your interests. General liability insurance would pay for your legal defense.
Example 3: During a visit to your place of business, a client slips on some wet tiling in your restroom, breaks a wrist in the resulting fall, and decides to sue your business. General liability insurance would cover your legal defense costs.
Other Types of Coverage Equine Therapy Businesses Need
While general liability is the most important type of insurance to have, there are several other forms of coverage you should be aware of. Below are some of the most common types of coverage:
Professional Liability Insurance
While you care deeply about the work you do to help horses and their owners, there’s always a chance someone might claim your advice or therapy work caused them harm. If a client sues your business, claiming you made a mistake, professional liability insurance would cover your legal fees and any required settlement.
Commercial Auto Insurance
Any vehicle you use primarily for business requires commercial auto insurance to protect the vehicle, driver, and others on the road in the event of an accident. Be sure to select a policy that covers not only accident-related vehicle repair costs and medical treatment for anyone injured but also sufficient protection for any business materials you carry in your vehicle.
Workers’ Compensation Insurance
If you have any employees, most states will require you to carry workers’ compensation insurance for both part-time and full-time workers. This coverage protects your employees if they become injured at work or fall ill after a work-related accident. It not only covers an employee’s medical bills and lost wages if they need time to recover but also any disability or death benefits stemming from a work-related accident.
Commercial Umbrella Insurance
While your general liability insurance policy covers most claims, some accidents or lawsuits may be so catastrophic that they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for any legal fees and awarded damages that exceed your primary policy.
Additional Steps To Protect Your Business
Although it’s easy (and essential) to invest in business insurance, it shouldn’t be your only defense.
Here are several things you can do to better protect your equine therapy business:
- Use legally robust contracts and other business documents. (We offer free templates for some of the most common legal forms.)
- Set up an LLC or corporation to protect your personal assets. (Visit our step-by-step guides to learn how to form an LLC or corporation in your state.)
- Stay up to date with business licensing.
- Maintain your corporate veil.
Equine Therapy Business Insurance FAQ
Yes, absolutely. You will need to first get a quote from an online business insurance provider like Next Insurance. Next allows you to then purchase a policy immediately and your coverage will be active within 48 hours.
A typical business owner’s policy includes general liability, business interruption, and commercial property insurance. However, BOPs are often customizable, so your agent may recommend adding professional liability, commercial auto, or other types of coverage to your package depending on your company’s needs.
"Business insurance" is a generic term used to describe many different types of coverage a business may need. General liability insurance, on the other hand, is a specific type of coverage that business owners need to protect their assets.
Given the risks inherent in running an equine therapy business, it’s very important to purchase appropriate business insurance before operations start.
Also, check if local laws and regulations require your business to hold any particular policies, such as commercial auto or workers’ compensation).
Not necessarily. Certain exceptions may be written directly into your equine therapy business insurance policy, and some perils may be entirely uninsurable.
Yes, an LLC is meant to create a legal barrier between your business and your personal assets and credit. If you haven’t formed an LLC yet, use our Form an LLC guide to get started.
An LLC doesn’t protect your business assets from lawsuits and liability– that’s where business insurance comes in. Business insurance helps protect your business from liability and risk.