09 Mar Insurance was a business lifesaver – equestrian centre owners say

Insurance was a business lifesaver – equestrian centre owners say

In the current (almost) post-COVID climate, many businesses are looking to save money wherever they can while they get back on their feet following the year-long disruptions caused by the pandemic.

However, scrimping on business insurance should not be one of the financial strings to let go of.

Equestrian business insurance to the rescue

Horse and Hound magazine has reported on a competition venue and livery yard business that would have been financially devastated had the owners not maintained business insurance. The equestrian centre had to make an extensive business insurance claim following a devastating freak storm which happened in August 2020.

The three-hour storm caused damage valued at £700,000. Flash flooding affected stables, two indoor arenas, two outdoor arenas, the café and car park, and disrupted a dressage event that was happening at the time.

The business site, located near Norwich, had no history of flooding but as the deluge of rain fell the drainage system was overwhelmed.

When the flood waters subsided and the business owners were able to survey the damage, they described their initial feelings as being “heartbroken”. They had worked on the venture for five years but had always paid for top level business insurance cover because they knew that should such a devastating occurrence happen, they could be made bankrupt as a result.

Insurance payout sees rebuilding work start

Over the winter of 2020/21, the stud park used insurance payout money to rebuild the venue and they are now ready to run events again as soon as coronavirus restrictions are lifted.

One owner said that she realised many people “begrudge paying insurance” and don’t buy the correct level of cover for their needs. She added that their insurer had been “brilliant” and helped them sort out the damage.