What happens if your client’s bull becomes injured, sick or crippled while in your possession and control? Likely the owner will blame you for the injury and seek compensation. What happens if a bull breaks through your holding pens and injures a bystander? Most likely you will receive notice from the injured party that he has retained legal counsel to seek compensation for his injuries.

As with any small business, it is imperative to protect your assets from personal liability by maintaining adequate insurance coverage for premises liability; worker compensation for employees; and coverage for compensation or replacement of expensive bulls, including mortality; theft; loss of use; and major medical policies.

In addition to having sufficient limits of coverage, you should determine the proper type of insurance for your business. The prudent stock contractor, owner, stock hauler or trainer should contact a knowledgeable insurance agent to discuss their individual needs and certain types of insurance. Most likely, your current insurance agent will have limited, if any, knowledge of our industry. You should locate an insurance agent who is active in the cattle or equine industry to discuss your liability concerns and policy needs.

In the above example of the bystander injured by a bull, don’t look for your homeowner’s policy to protect you because most homeowner’s policies contain business pursuits exclusions. Commercial liability insurance should be purchased to protect the stock contractor, owner, or promoter against claims brought by an injured party who claims the professional was negligent. For an extra premium, you may qualify for an incidental business endorsement to you homeowner’s policy.

A landowner has an affirmative obligation to warn any lawful visitor on his property of the existence of any known dangerous condition. Without question, maintaining possession and control of bucking stock is inherently dangerous. Accordingly, you are obligated to take reasonable precautions to ascertain the danger and provide warnings as may be reasonably necessary to inform your visitors of the foreseeable dangerous condition. There is no duty to protect a lawful visitor who was adequately warned and advised of the inherent danger. Despite adequate warnings, you will be liable for damages if you act recklessly or with conscious disregard for the safety of your invitees.