To protect your horse boarding business, you must have the right insurance. You can do this by finding the best provider and getting a quote. The insurance should provide a wide range of protection for you. This kind of coverage is essential, particularly if you have several horses. This is especially true when it comes to accidents.
Building a New Space
When running a horse boarding business, it’s more about what you don’t do and what you do. A bit of planning and a smattering of smarts can go a long way in the long run. One of the more practical things to do is to choose the best location for the new barn. The right place can make all the difference in the world. In addition to being convenient for your clients, there are many advantages to having a boarding barn in your neighborhood. Many locals will have fond memories of the old barn and will be happy to help you if you need it. After all, a boarding barn is a family affair.
While a new barn is a big undertaking, the small details can be the deciding factor in making your equine dreams a reality. As with all major purchases, be sure to shop around for the best price and terms.
Liability Release Agreement
In many cases, a liability release is necessary when you participate in horse-related activities. It is designed to protect the facility from liability in an accident. These releases can also provide a strong defense against a lawsuit.
Most states have equine activity statutes that require a liability release. Each state has its requirements, so it is essential to know your state’s specific laws.
If running a boarding stable, you should require liability releases for guests and employees. This will help discourage lawsuits from injured patrons.
Suppose you board horses that belong to other owners, and you charge a fee or accept payment in the form of work or different kinds of compensation. In that case, you have commercial horse insurance to cover liability adequately.
Some people may be reluctant to sign a liability release, but it is an effective way to protect yourself and your business. You are getting a lawyer to review your disclaimer before use is recommended.
The language of the release will determine the enforceability of the agreement. The release should specifically list the risks. Also, ensure the proper parties sign the waiver.
Keeping Accurate Business Records
Keeping accurate business records is essential for running a successful horse boarding business. You can make better decisions about your operations and evaluate your financial health by keeping up-to-date records.
Fortunately, there are several ways to keep your records. You can purchase software to help you with the process or use a notebook or three-ring binder.
Some documents you may need to maintain include invoices, canceled checks, credit card sales slips, and inventory purchases. There are also specific IRS record-keeping requirements for certain types of records.
Whether you keep your documents or hire someone else to do them, it is a good idea to consult an accountant. An accountant can advise you on how to record your finances and how long to keep your records.
As you start your horse boarding business, it is essential to establish a legal structure. Several options exist a sole proprietorship, a partnership, a limited liability corporation (LLC), or a C Corporation.
COVID-19 Insurance
In light of the ongoing outbreak of coronavirus, horse boarding businesses need to adjust their operations. This includes using specific forms to minimize liability risk and monitor their situation. There are also resources to help equestrian enterprises to stay on top of the latest updates and information.
The American Association of Equine Practitioners (AAEP) has created a suggested protocol for preventing COVID-19 from spreading in equestrian facilities. The two-page document provides advice on barn visits and cleaning. It also indicates the use of effective disinfectant products and recommends frequent handwashing.
Besides a safe, stable environment, horse industry businesses must be able to accommodate changes in their operations. For example, if a barn or farm is affected by an outbreak, the owner may choose to close it or limit access to visitors. On the other hand, if the disease does not spread in a particular location, a private business may decide to allow visits.
