It can be tricky to know where to begin when searching for an Equine Insurance policy for your stable or business. Not only do you want to be financially well-protected in case of a difficult situation, but you care for your animals and clients and want them to be in good hands. There are a few ways to suss out the best insurance agencies in the pack and help you find the best company for your needs.
A.M. Best Rating
The first thing to check for when searching for an Equine Insurance company is their A.M. Best rating. A.M. Best is a national service that grades insurance companies on their financial strength and solidity. Their rates start at A++ and move down through the alphabet and are usually coupled with a a number that indicates the size of the insurance company (the larger the number, the larger the financial size of the company.) You’ll want to find an equine liability insurance company that features a rating of A- or higher.
State Admittance
Each State Department of Insurance must review an insurance company’s books and file its rates in order for the company to be in admitted for business in that state. Going with an insurance company admitted in your state provides a safety net should there be any issues with the company as you will be able to work with your state’s Department of Insurance to remedy any problems. You can check on a company’s admittance status by visiting your state’s department of insurance website. Some insurance companies are admitted in multiple states, which is something to watch for if your business travels across state lines.
If you do need to go with a non-admitted company for any reason, such as attempting to cover more difficult to insure disciplines, check for an A or above A.M. Best rating coupled with a higher secondary number (indicating a larger company size.)
Public Facing Persona: Accessibility and Reliability
Once you’ve found a company or two with solid ratings and state admittance, check out their websites. A good insurance company will provide lots of information about their various policies on their website, clearly provide a form of contact, and encourage potential clients to call and speak with their agents to help you find the right plan for you. You can also hunt online for company reviews, either on the company’s website or third-party review sites.
Finding a reliable equine insurance company is important to health of your business and your horses, and using these tips will get you on the right track for whatever might come your way in the years ahead.
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