Insurance. It’s an important part of the smart professional equestrian’s financial plan — you have it to keep your business and personal assets financially protected in the case of the unexpected. But, are you really covered like you think you are, or should be?
You might assume you have all the coverage you need, but do you really?
Equine Mortality / Loss of Use will insure the value of your horse, or the loss of it’s income due to an injury or illness. Equine Major Medical is a health insurance that covers major medical expenses. Property insurance will cover any fire, theft or destruction, and Liability insurance covers you in the event that your horse injures someone, or damages property. As a professional you understand the value of the appropriate insurance when it comes to protecting your equine investments, but have you considered yourself personally and thought about what you would do if you suddenly lost the ability to meet your financial needs due to a critical injury? If you’re a professional rider or trainer you should always protect yourself, and your business.
In addition to your equine insurance, Disability insurance for yourself is an important, yet often overlooked aspect to consider when deciding upon your insurance needs. Disability insurance will not only provide important funds that can allow you to maintain the continuity of your lifestyle with comparable income coverage, but also offers peace of mind in the event that an unfortunate life changing accident happens. Should you become injured and unable to work for a period of time, disability insurance will be invaluable by providing critical resources for you and your family to help with the care and treatment that may be needed.
What happens when the worst happens? While other professional sports might get more attention for their proclivity to traumatic brain injury (TBI), research from the National Trauma Data Bank indicates that equestrian sports are the 3rd leading cause of TBIs. With head injuries being the number one cause of horse related deaths, wearing a well-fitted and comfortable helmet while riding can reduce the safety risk. However, the costs associated with the medical care and rehabilitation often necessary following a critical riding injury that does not result in death can be astronomical. There comes a point that personal insurance will max out, and while there are legal systems in place through the United States courts to help procure funds for you from various sources, attorneys must still battle in court to determine who will pay for what. When the rider is wearing a helmet, like the seatbelt, insurance companies are not able to use that angle in an attempt to avoid paying the claims out. Should the injury result in paralyzation, lifetime assistance is going to be necessary and personal disability insurance can help meet this need.
Being prepared can help you recover with greater dignity and comfort in the unforeseen event that something goes wrong, because accidents do happen, and many people mistakenly assume that they are adequately covered when they’re not. Don’t let this be you — purchasing disability insurance for yourself is a smart business move for the wise entrepreneur.