The proper agricultural coverage can protect the assets of agribusinesses, keeping them functioning if their operations become endangered. Farm insurance can prevent potential financial hardship that local growers and even large cultivators can experience from damaging losses. 

What Protection Do I Need? 

Farm insurance can help cover your equipment, buildings and even lost income. Farm insurance isn’t a single insurance policy but a combination of insurance types that offer protection. Farms may need several types of insurance that most businesses need, but it’s essential that they also have insurance coverage that directly relates to their type of business.  

These are some types of insurance many farmers choose for protection:   

• General liability insurance can help protect against various third-party liability claims, including bodily injury, property damage, personal injury and others resulting from a farm’s operations.
• Crop insurance can help reimburse farmers for their losses if a covered incident occurs or disaster strikes, such as a tornado, wildfire, or flood, and destroys their crops. 
• Livestock insurance offers protection for your livestock, which may include coverage for livestock transit or auction market coverage. Some farms also buy insurance for particular animals, such as poultry coverage or pasture and dairy cattle coverage. In addition, you may purchase mortality insurance for animals with an exceptionally high value to a farm, such as a stud.
• Farm equipment insurance helps reimburse farmers for certain losses and damages to their machinery (e.g., tractors, irrigation equipment, trailers, combines). 
• Workers’ compensation insurance helps provide wage replacement benefits, coverage for medical expenses and death benefits to employees who suffer work-related injuries or illnesses.  

Can I Get Additional Protection? 

Farmers can choose supplemental policies for added protection, depending on the scope of their operations. Some of the coverages that farmers choose include: 

• Equine insurance—Horses are often valuable for farm operations, and a single loss might be expensive. This coverage may insure your horses against death, injuries and other hazards. 
• Farm auto insurance—If you use vehicles for your farm’s operations, you may need coverage to protect these items against damage or other losses. 
• Farm dwelling insurance—If you live on your farm, this policy might provide coverage for your home. 
• Farm liability insurance. Your operations might cause bodily injuries or property damage to various people, including your clients. This coverage can help you repay them for their losses. 
• Farm structures insurance—This coverage may provide coverage for structures on your farm, including barns, grain silos and other structures. 
• Farm umbrella insurance—An umbrella insurance policy might help protect against liability claims exceeding the limits set on your other liability policies.  

Garrison Agency Inc. can help you identify your potential risks to determine suitable insurance coverage for your farming operations. 

What Does Farm Insurance Cost?  

The cost of your farm’s insurance policy depends on the coverages you choose, the size of your operations and number of employees, and your business’s nature.  

A hands-on approach to protecting your farm can ensure you are covered if something disruptive happens. To get started with a policy for your operations, call Garrison Agency today at 580-338-5561. 

 

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