Understanding insurance for farmers is a step toward sustainability, as anyone investing in agriculture needs to protect the value of their property from disasters. A farm can generate wealth until a drought or severe storm strikes. The right coverage can help pay for unexpected disasters, from natural events to theft or vandalism. Here’s a look at some key benefits for farmers to carry farm insurance.
Some Facts About Farms in the United States
Over 2 million farms operate in the United States, accounting for over 20 million American jobs. About 30 percent of farmland is used to produce exports. In 2010 the U.S. exported $115 billion in agricultural goods.
Liability Insurance for Farmers
Farmers need to carry liability insurance to pay for mishaps involving third parties. If a visitor to your farm, for example, slips and gets injured, your liability coverage will pay for it. Several types of lawsuits are covered under a commercial general liability policy. This coverage can pay anyone who suffers a loss from visiting your property.
Running a farm requires specific responsibilities, such as ensuring animals are fenced in and can’t escape the property. If cattle escape, you need special coverage to pay for missing cattle or damage they do to other property.
Liability Insurance Inclusions
It’s always wise to read a policy carefully before signing up to ensure you know the exact coverage you’re getting. A standard commercial general liability policy and a commercial property plan may be all you need. But if your farm has unique risks, you may need to add endorsements to your plan. Ideally, you can bundle various types of insurance under one plan at a lower price than purchasing each separately.
Here are some of the different types of business insurance to consider:
- Workers’ compensation if you have employees
- Commercial auto liability insurance
- Non-owned vehicle liability insurance
- Cyber liability insurance
Business Property and Asset Insurance
As a farmer, you likely have plenty of commercial assets to protect, including farming equipment. For expensive investments, getting farm equipment insurance and covering specific items is best. Your assets may also include farming structures, crops, and individual animals. In each case, you’ll need separate coverage for farm structure, crop, and livestock insurance.
Other Types of Insurance for Farmers
Insurance is such a vast world; a farmer still needs other types of coverage beyond the several types of farming insurance. You should also look into health and dental insurance. If you raise a family on the farm, you’ll need someone to eventually take over the family tradition, which you can do with a life insurance policy.
Some important things to consider when filing claims
When you file a claim, there’s a chance you’ll see an increase in insurance costs in the future. Ask yourself if it involves something that needs to be fixed or replaced. If so, act swiftly and document losses with photos and thorough descriptions.
Contact Us to Get the Right Insurance for Farmers Now!
Navigating the complexities of farming insurance can be daunting, but it doesn’t have to be. Let the experts at Leland Smith Insurance Services guide you through the process. With our wealth of experience, we have the knowledge and expertise to help you choose the right insurance coverage for your farm. Trust our experienced team to provide you with the support you need. Contact the experts at Leland Smith Insurance Services. Our experienced team is ready to help you.