How To Protect Your Equine Business
Chances are your equine business is not just a business it is also a labor of love and you will want to do everything you can to ensure it is safeguarded and future-proof. To keep your business intact there are steps you can take, as you can with any business, to minimize risk and help protect your passion project and life’s work. Here are some steps to consider to help protect your equine business.
Insurance
Insurance is not specific to the equine industry but when you weigh up the additional level of risk when horses are involved and the consequences of not being insured, it is the one thing you can ill afford to overlook. It is important that as a business owner you know the types of insurance you need to fully protect both your business so take specialist advice and be aware of what is not covered in any insurance plan you intend to take out. Keep your insurance company regularly updated of changes to your business to ensure you aren’t under or over insured.
Security
Again, any business needs security but the type of security you will need for your equine business may well be specialized. You will need a level of cyber security to protect important information you may have stored on databases or within your computer network, much like any other business. You may need an element of physical security for your premises, especially if you are an equine retailer or barn. Alarms, CCTV and physical security devices such as barriers, padlocks & wheel locks on trailers and quad bikes will reduce the risk of theft and may be a condition of your insurance cover. If you have horses on the site of your business, they may also be vulnerable. To ensure your animals are protected from harm from others and themselves you may want to install security cameras so that they can be monitored at all times..
Legal
Legal advice and representation are key in any business and the equine industry is absolutely no different. There are several instances where you may need legal assistance in the equine industry and it is not something that should be overlooked.
First and foremost you need to consider the potential liability of your equine business. You will need to have liability release forms correctly drafted and to be signed by clients. These forms will help to protect your business from liability in the event that an accident may occur. It doesn’t matter how experienced you are or how much caution you exercise, accidents can still happen so ensuring these forms are expertly drafted is essential.
Other instances you may need legal advice for can include the sale or purchase of land, horse sales or purchasing, commercial leases, recruitment and staffing or even in the event of a transportation accident. Transporting animals can be a precarious endeavour and should an accident happen on route you will need effective truck accident attorneys to help protect your business from third party claims and to help recover any losses your business may have incurred.