Four types of insurance coverages farmers need
America (and the rest of the world, really) is fed by farmers. There are millions of type of farms, from large to small, conventional to organic who work every day to deliver safe and healthy food to your table.
Regardless of the size or product, there is a high level of risk in farming – whether it’s weather, bad seeds, bugs or drought. Because of all the risks that are out of farmers control, it’s important to have the right business insurance to provide protection should a crop or harvest not go according to plan.
Here are a few types of farm insurance policies that all farm owners or business owners related to the farming industry should have:
- Dwelling or home protections: Let’s say your home is located on the land that you also do business on and also acts as your home office.What happens if it burns down or is damaged in a hail storm? Dwelling or home protection covers your home in the event of a major disaster such as a windstorm, hail or fire.
- Farm liability protection: What happens if you have an employee injure himself while working on the farm, and because of this injury he needs to take time off to heal, who pays for his injuries and his time off? Farm liability protection protects you from losing your farm due to any liability issues such as injury to another person on your property, medical payments or hospital bills or legal defense.
- Barn insurance and other outbuilding coverage: This coverage is designed to protect any outdoor buildings related to your farming business such as barns, sheds, garages or grain silos.
- Farm equipment coverage: This coverage does just what it sounds like it does, it protects your farm equipment, supplies and other machinery. This policy is very important because, as most business owners know, farming equipment is not cheap. A single tractor can cost into the tens of thousands and the breakdown of any farm equipment can be detrimental to your business.
Protecting your farm, your equipment and your business
Farming takes more time, dedication and hard work than most careers. Check with your insurance agent to make sure you have the right insurance, and the right amount of coverage to protect your business. Buying the right insurance is an investment into your business and can make a huge difference in your financial stability if something were to happen to your home, farming equipment, or to an employee.
