Will Employees Pony Up For Horse Insurance?
Pet insurance is nothing new to group voluntary brokers. A recent survey of SHRM conference attendees demonstrated that nearly 70% of employers have plans to add a voluntary pet insurance plan in the next year.* That is welcome news to employees who are often more likely to take up coverage for their pet than they are to increase their own life insurance. But does the pet insurance that you are offering your clients really offer them the coverage they need?
When we think of pet insurance, and what it covers, most of us will be thinking about coverage for dogs and cats. But, according to the American Veterinary Medical Foundation, there are 1.7 million American households that own horses. And if you think that feline leukemia is expensive, take a look at a typical equine vet bill.
One way to think about the financial impact of owning a horse is to compare it to another major expense, a car. There is a similar range of prices for buying a horse. You can get one for under $1,000 or you can spend $40,000. Either way, there will also be the maintenance costs, and unfortunately unplanned problems. And like other major purchases, protecting it with insurance is a good way to minimize the financial impact from an unexpected issue.
Of course, for most of us, purchasing pet insurance is an emotional choice that we make to protect a beloved member of the family. But when you are speaking with a horse owner this is also a significant financial impact. So before you add that voluntary pet insurance plan to your menu benefits, think about the enrollment conversation you could be having with that equestrian.
