Last Updated: February 21, 2024, 3:34 pm by TRUiC Team

Goat Rental Business Insurance

Getting insurance for your goat rental business is essential; goat rental businesses need to be protected against claims involving things like animal cruelty and property damage, as well as general employment law disputes.

You will also want to protect yourself from the cost of replacing your goats as a result of various risks, such as accidental mortalities, illnesses, and theft. 

We’ll help you find the most personalized and affordable coverage for your unique business.

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Recommended: Next Insurance is dedicated to matching small businesses with the right policy at the best price.

Best Insurance for a Goat Rental Business

General liability insurance is — generally speaking — one of the most important insurance policies for goat rental 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 said that, the nature of a goat rental business (and the fact that animals are involved) will likely mean that you will need to get additional coverage in order to be fully covered. Such coverage options include:

  • Livestock transit insurance: Covers risks associated with transporting livestock (i.e., goats.). 
  • Animal mortality insurance: Covers costs associated with goat deaths over a broad category of risks (e.g., sickness, disease, theft, etc.). 
  • Business income insurance: This covers part of the lost income that you will incur if you need to temporarily close down due to a covered risk (e.g., fire, wind damage, etc.). 

When finding the right coverage for your business, you will be able to go with either a traditional brick-and-mortar insurer (e.g., Hiscox, The Hartford, etc.) or with an AI-based online insurer; both of these come with different benefits.

Generally speaking, online insurers may be better for some small business owners because they offer customizable coverage at a more affordable rate.

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Cost of General Liability Insurance

On average, goat rental 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 a goat rental 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.

Graph showing average price of general liability insurance prices per industry

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Find the Best Rate

Discover the best coverage at the lowest rate in our affordable business insurance review.

Common Situations That General Liability Insurance May Cover for a Goat Rental Business

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Example 1: While a potential investor tours your stables, a goat rounds a corner and knocks her down. She breaks an arm in the fall and demands you pay for her medical treatment. General liability insurance would cover her medical expenses.

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Example 2: A competitor sues your business for libel. While you disagree with the claim, you want to hire an attorney immediately. General liability insurance would pay for your legal fees.

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Example 3: While conducting an interview with you at your place of business, a local reporter slips on some mud as she checks out the goats. She breaks an arm in the fall and decides to sue your company because you didn’t display a caution sign anywhere on your property. General liability insurance would cover your legal fees and any damages awarded in the lawsuit.

Other Types of Coverage Goat Rental 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:

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 workplace accident.

Commercial Property Insurance

You made a major investment in the specialized equipment, supplies, and real estate necessary to run your business. In the event of a fire, theft, or natural disaster, commercial property insurance would cover the cost of repairing or replacing your business-related property. This includes structural damage to your building(s) and the business materials stored there.

Business Interruption Insurance

If you need to shut down temporarily to make repairs after a fire, tornado, or other covered event, business interruption insurance helps cover some of your expenses and lost revenue until you reopen. You can typically purchase this coverage as part of a business owners policy (BOP).

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 goat rental 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.

Goat Rental 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.

Technically, getting the right business insurance for your goat rental business will not be legally required unless you purchase (or lease) a company vehicle or end up hiring employees.

Having said that, getting business insurance before you start operating is a good idea when it comes to limiting your liability and improving your business’s long-term longevity.

Not necessarily. Certain exceptions may be written directly into your goat rental 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.