Premises liability is the sort of thing that can keep a person up at night. Most people who own properties have had nightmares about the potential harm that can come to a person visiting the property. What happens if a mail carrier steps in a hole and breaks his leg? How about a child who comes over and falls into a pond? What about the invited guest who happens to cut his arm on some sharp item? When you own property, you are necessarily inviting potential lawsuits. Some property owners have decided to remove the risk by loading up on insurance.
There are many forms of insurance that are popular among property owners. Most homeowners insurance policies will cover general mishaps to people visiting a home. However, if you hope to use your home for any kind of commercial purpose, then you may need more. This is the difficult situation facing people who own ranches out in the country. They live on the property, but they also use the property to hold animals or conduct farming. This can transform the home into a commercial property. By doing so, a homeowner may need additional coverage for things that happen to visitors on the premises.
It is certainly true that ranch insurance is not the only kind of insurance that people are getting today. Some people are buying umbrella policies to protect them from any kind of claim regarding an injury on their property. For instance, what happens when a trespasser comes onto the land and it injured? While the law may not hold you responsible, it’s nice to have insurance just in case? What happens if a child who was not invited comes over to play with your horses? Insurance will protect you if you are found to have put out an attractive nuisance likely to appeal to a child.
You never know what can happen on your property. This is why insurance exists. It’s why more property owners have decided to take out policies to ensure they are protected against harm.