Whether you have a large farm with livestock or a small operation where you sell some produce at the farmers’ market, you should consider investing in farm insurance.
What exactly is farm insurance, and what are the benefits of farm insurance? This post will cover everything you need to know.
What are the benefits of farm insurance?
Before we get too deep into the intricacies of farm insurance, let’s cover the perks of having it. These are a few reasons to consider buying farm insurance:
- Equipment protection: All of the heavy equipment required to run a large farm is quite expensive. The last thing you want is to lose it during a natural disaster. Farm insurance can cover the replacement cost of machinery or pay for repairs. Keep in mind that farm insurance usually doesn’t cover damage due to negligence.
- Product protection: Your seeds and grains are covered under many basic farm insurance policies. For example, if a fire destroys your seeds or other farm products, your insurance company will pay you back for your lost products. Keep in mind that the policy does not cover these products once they’re planted.
- Liability coverage: Unfortunately, farming accidents are all too common. The best way to protect yourself in the event of an accident is to pay for farm insurance. This will safeguard against any lawsuits and can provide medical coverage for injured individuals.
Some facts about farm insurance
The insurance industry is full of different facts that many farmers don’t know. Here are a few interesting things to know if you’re wondering, “Do I need insurance for my farm?”:
- Your homeowners insurance policy might be enough: Thankfully, your current homeowners insurance policy may cover your farming activities if you only do it for a hobby. So if you don’t intend on making any real money from your farming activities, you may not need to pay for farm insurance. But to be safe, talk to our pros to make sure you’re fully covered from potential disasters or theft.
- For-profit farmers need a different policy: Hobby farmers and for-profit farmers need different policies, especially if farming is a full-time job. Hobby farms must meet certain criteria, including being under 500 acres and not having any employees.
- Farm insurance coverage isn’t standard: One big misconception is that all farm policies are the same. Each farm is unique, and so is each farm insurance policy we provide. Your agent can build a policy that meets all of your farm’s needs to ensure you’re protected.
- You need special coverage for livestock: Livestock typically isn’t covered under standard farm insurance policies. Your two options for livestock insurance are individual coverage and blanket coverage. Individual coverage protects each animal under a separate policy, while blanket coverage protects your entire herd, equipment and more.
Contact our pros today
If you’ve asked yourself, “Do I need insurance for my farm?” and determined that the answer is yes, then talk to our team at Harvey Sarles Insurance Agency. We’ll work with you to create a policy that fits your exact needs.