You’ve decided you’re almost done with the city. You’ve been boarding your horses for a while, and you’re wondering if you’d be better off renting a barn and keeping your horse and equipment there instead of boarding.
Maybe you could do more than just ride yourself? You’ve always wanted to own your own business. What if you decide to share your love of horses with other people and start a business?
You’ve got some great ideas, you worked out a great deal for the lease, but have you thought about your insurance needs?
It’s important that you know about:
- Tenants' legal liability
- Other liability coverage if you’re starting a business
Tenant’s Legal Liability Coverage
Once you have found a suitable barn to rent, it’s time to think about liability coverage.
Tenant’s Legal Liability is insurance for loss or damage of the rented property resulting from your actions. This insurance pays for the cost of the loss or damage caused by the tenant.
This coverage can sometimes be extended from your current property insurance policy or can be built into a Commercial General Liability policy.
Commercial General Liability
You’ve decided to rent farm facilities for a business. You know a thing or two about boarding horses because you boarded yours before. The people who decide to board their horses with you will trust you with their beloved horses, so you need to make sure you’re covered in the case of any accident.
Whether you rent a facility for boarding or perhaps as a lesson barn, you need to make sure you have the right liability coverage.
Not only do you need tenants legal liability to protect you in case of damages to the space you’re renting, but you also need commercial general liability coverage.
The policy gives you coverage for:
- Legal defense costs: You can save your business the financial burden of court costs if you’re sued, whether or not the case has merit.
- Claims or settlement costs: Without this policy, you could be held responsible for bodily injury and property damage claims.
Contact Us Today
At Henry Equestrian, Powered by NFP, we understand horses and we want to make sure your rental structures are protected. Contact us today to learn more or click below for a free, no-obligation quote.