Farm Insurance: The Policies to Consider Purchasing
Owning and operating a farm can be very rewarding but can also be financially risky and dangerous due to uncontrollable weather and machinery accidents. Protect the wellbeing of your farm and your family when you purchase the proper insurance coverage.
There are various insurance needs depending on which type of farm you operate. Is your farm a hobby or a business? Do you raise livestock? Do you grow, store, and sell crops? Do you open your farm to the public for tours or other recreation?
Talk to an independent insurance agent to find out which type of insurance you should purchase according to your specific farming activities.
It is pertinent for farmers to purchase personal insurance. Doing so will protect your family from financial hardship should you get injured, become ill, or pass away. Examples of policies you should have include life, health, dental, and disability insurance. It is also wise to open and contribute to a retirement savings plan.
Business Property and Asset Insurance
There are many options of farm property and asset insurance policies. Consider your farm’s needs when it comes to purchasing the following types of insurance:
- Farm Homeowner/Farm Rental: Similar to homeowner’s insurance or renter’s insurance but needed when your house is sitting on farm property.
- Farm Property/Farm Structure: This covers all structures on your land including barns, sheds, silos, pens, coops, chutes, dairy parlors, confinement facilities, corral fencing, etc.
- Farm Equipment: This covers all equipment including tractors, threshers, combines, cultivators, broadcast seeders, sprinkler systems, sorters, balers, livestock trailers, etc.
- Livestock: This insures cows, sheep, goats, or swine in the event they are killed in an accident. You may want to consider equine coverage for your horses.
- Crop: This protects your investment should an uncontrollable weather event ruin your crops.
- Continuation of Income: This provides income for bills and payroll should a covered event force a temporary cessation of farm operations.
Liability insurance protects your assets should an accident occur on your farm property. Consider your farm’s risks when it comes to choosing the correct liability coverage options:
- General: If a farm visitor is injured onsite this can cover accidents you are found liable for.
- Product: This will protect you if you sell food or products that cause illness or injury to others.
- Commercial Vehicle: All insured cars and trucks can be covered should a driver injure another person or cause property damage. Some policies also cover vehicle repairs and lost income due to a breakdown.
- Non-Owned/For-Hire Vehicle: This can provide protection for your farm if a personal vehicle is used for farm or business duties and is involved in an accident.
- Workers Compensation: If a farm worker is injured on the job, this insurance can provide compensation for all related medical bills.
American farms employ millions of people and produce food that is eaten around the world. Because of that, you, your family, your farm, and your employees all deserve the protection and peace of mind that proper insurance coverage provides.
For a free farm insurance quote in Vermont, contact Taylor-Moore Agency.