Do you have a policy for a small pony ride business?

Asked by Judy from North Carolina

Judy:

InsureMe does not currently offer business insurance quotes. If you have a good relationship with your home or auto insurance company, we recommend calling to see if they can give you a rate quote. Business insurance is very important and must meet the needs of your particular situation. Therefore, it is essential to have an agent who will take the time to understand your business and help you get the coverage you need.

In the meantime, here is some background information: According to the Insurance Information Institute (III), most brick-and-mortar companies have the following policies (at the very least):

•  Liability insurance
• Property insurance
• Worker’s compensation insurance
• Business auto insurance

These four policies are often bundled into what are known as ‘business owners policies’ (BOPs). For your pony ride business, you may only need liability insurance, but again, make sure you explain the particulars of your business to your agent so that you get all of the coverages you need.

Other coverages:

• Income insurance: income insurance pays for various recovery costs if an insured event puts a stop to your daily operation.
• Umbrella liability insurance: for companies with more exposure and/or more assets to protect, an umbrella liability policy picks up the slack when you exceed the liability limits of your other policies. “It is designed to protect against unusually high losses,” says the III.

The following sites can give you more information about business insurance:

• Insurance Information Institute
• U.S. Small Business Administration

Good luck!