Farmers, Protect Your Finances With These 4 Insurance Policies

Running a farm is a big job, and you need to protect yourself financially from the many disasters that can befall this vulnerable enterprise. One of the most important ways to do this is with the right kinds of business insurance. Not sure what you need? Here are a few of the most important types of coverage you might need.

Farm Insurance

A farm insurance policy is designed to attempt to cover the needs of the large majority of small farms. It is a bundled package of policies that often includes things like farm buildings, equipment, and your personal residence (if on the farm itself). It may also provide protection for general liability in case there is an injury or damage to your property.

A farm policy may be the most convenient option and save money, but don't assume it covers 100% of your needs. Special circumstances still call for specific riders or added policies. 

Homeowners Insurance

The purpose of your farm operation determines whether you need personal insurance or business coverage. Personal insurance policies, such as homeowners or auto insurance, are appropriate for farms that don't operate to make a profit.

If you grow food or livestock for your own needs but don't generally sell to customers, you may be able to save money and get sufficient coverage from a simple homeowners policy. But don't expect homeowners coverage to pay for claims related to operating as a business. 

Crop Insurance

Crop insurance is a unique type of policy specifically targeted to the farm industry. Crop insurance can be purchased from private insurers or government programs, and it pays in the event your yield suffers many types of natural disasters. Multi-peril insurance typically covers things like droughts, flooding, storms, wildlife, pests, and even some losses from a decline in market prices. 

Product Liability

When you sell goods to customers — both wholesale and retail — you risk someone claiming your products caused some sort of damage. And if a customer complaint is taken to court, product liability helps pay the legal bills and even any necessary damages or settlements. Product liability is particularly important if you package a line of products made from your meats, fruits, or vegetables. 

Do you have these necessary farm insurance policies in place? Have you reviewed your current operations to determine if existing coverage is still adequate? If either answer is no, take the time to meet with an experienced insurance agent today. 

About Me

The Principles Of Pet Insurance

Hello, my name is Bobby Parker and this is my blog about pet insurance. My wife and I have four dogs and we consider these animals our children. Whenever one of them gets sick or is not feeling well, we always take them to the veterinarian for care and treatment. Since surgery and other veterinary procedures can be expensive, my wife and I decided to purchase pet insurance. Before we bought the policy, I did a lot of research about pet insurance and I discussed the different kinds of policies that are available with my insurance agent. By doing this, we were able to get the type of insurance coverage we needed for our pets. Since I know how important animals are in the lives of many people, I wanted to write this blog to share the information I learned about pet insurance.

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