Four Things You Should Be Aware Of When You're Getting Insurance For Your Farm

Business Blog

Insuring your farm is essential if your farm provides you with your livelihood. You need to protect the investments you've made in your farm and also protect yourself from accidents that could compromise your income stream.

It's important to find the right farm insurance policy. You need to put careful research into the policy you choose. You also need to put research into choosing a policy so that you make the right decisions for your needs.

The following are four basic things that farm owners need to know when selecting an insurance policy to protect their commercial operation from financial hardships down the road.

If you make money from a farming operation, your home insurance is probably not going to cover farm liabilities.

Some people make the mistake of assuming that their home insurance will extend to coverage for farm buildings if they live on their farm. However, home insurance will typically not extend coverage to farm buildings that are used commercially to make a profit.

Therefore, your farm buildings and equipment are probably not going to be insured by your home insurance unless you have solely a hobby farm and not a commercial operation. 

There aren't really any standard policy features when it comes to farm insurance.

Unlike some types of insurance like auto insurance, farm insurance really doesn't come standard. Each individual farm insurance policy tends to differ a lot depending on the unique properties and operations that the farm takes part in. 

This means that you're going to have to spend some time discussing your needs with the insurance agent to create a policy that's right. You're going to need to make decisions about specific policy details, and you really shouldn't assume a particular expense will be covered unless you've discussed it specifically with your agent. 

The most basic policy is likely to cover property and liabilities that are part of commercial activities.

While there is no standard policy when it comes to farm insurance, the most basic policy coverage is going to focus on covering the buildings that make up the farm and liabilities specific to the farm's commercial operations.

You're going to want to modify the basics by analyzing particular financial risks you're concerned about and adding coverage for them as appropriate.

If your operation includes livestock, you'll need a special type of coverage to insure it.

One of the most important things to be aware of is that basic farm insurance is not going to automatically cover livestock. Livestock coverage is usually an added on endorsement.

Livestock coverage consists of either scheduled individual coverage or unscheduled blanket coverage. You can specify that you want to cover individual animals up to a certain amount if you have high value animals that are key parts of your operation. You can also set up coverage so that you get a lump sum amount of blanket coverage for all of your livestock.  

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