The phrase “anything can happen” is certainly a well-worn cliche, but one that proves to be very true when working with animals, such as on a farm or ranch. Luckily, insurance policies for livestock and other domesticated animals such as horses can help you prepare for the unexpected accidents that may arise. Livestock insurance covers the most common domesticated animals such as cows, sheep, pigs, and goats, but also may cover less commonly farmed species such as llamas and alpacas. Equine insurance is built around the needs of a horse and horse owner and will provide for the specific requirements of horse ownership. Whatever sort of animal you raise or care for, there are great reasons to consider purchasing a plan.
1. Protection Against Accidents, Disease, & Other Calamity
The primary types of equine and livestock insurance are Full Mortality and Limited Mortality. Both provide compensation should your animal meet with an accident. However, the Full Mortality policy will cover the entirety of the animal’s value, ascertained at the purchase of the plan with a certificate of good health from a veterinarian. Limited Mortality covers specific types of calamities, such as natural disasters, travel accidents, and a variety of other misfortunes such as drowning or theft. Full Mortality is generally a more expensive policy and has more restrictions as to which animals can be covered, so Limited Mortality will be a good option should you need to spend less or have an older animal to cover.
2. Buffer Against Falling Prices
Certain types of livestock insurance may also protect you against a drop in prices for whichever animal based goods you base your livelihood upon. These policy is should be backed by the USDA and will provide you with compensation should the case price index fall below a certain point. If your income depends upon the animals you raise, this sort of policy can help your farm or ranch sail through troubled times a little more easily.
3. Security from Liability
If there are visitors to your ranch or farm in any shape or form, from riders, to workers, to guests, liability insurance will protect you in the event someone or someone’s property is damaged by one of your animals. Many visitors to farms and ranches are not prepared for interaction with livestock or horses, and even with those that are, accidents can happen, and liability insurance will protect you in the event something does go wrong.
You never know what might be coming down the pike on any given day on your farm or ranch and equine or livestock insurance will give you the protection you need to take on whatever trials and tribulations may fall into your path.