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Farm and Ranch Insurance Offers Essential Protections
From small farms to large ranches, insurance is one of the best ways to manage and mitigate risk on your farm. Do you have all of the necessary coverage in place? The right coverage can help protect you when you face weather disruptions, accidents, and more.
Identify Your Risks
Before you purchase any kind of insurance, it is essential to identify the risks you face in your operations, from minor mishaps to worst-case scenarios.
- What kind of farming do you do?
- How big is your operation?
- Do you rely on crops or animals for your livelihood?
- Do you have employees?
- Do you allow the public to tour your farm or make purchases from a farm store?
The answers to these questions will help you determine what types of insurance are essential to protecting your farm and your employees.
What Type of Farm Insurance is Available?
Insurance is available for just about every type of activity that takes place on a farm. There are several types of basic farm or ranch insurance that most farmers will need. You may also need specialty coverage for certain types of operations.
- Property insurance protects the farmhouse, outbuildings, equipment and supplies if they are damaged by fire, flood or other covered perils.
- Liability insurance protects you from claims that you have caused injury to another person or another person’s property. It also extends liability coverage to your employees.
- Livestock insurance allows those who rely on animals to earn a living to recoup losses in the face of certain covered disasters. Livestock insurance varies greatly among insurance companies—from broader policies that cover specific perils and exclude others, to full-mortality policies for high-value animals like racehorses, registered livestock or show animals.
- Group policies are available to groups of producers or businesses that are engaged in the same enterprise. Group policies can be negotiated at a more economical rate for each insured farm.
Farmers or ranchers who have employees may also need workers’ compensation insurance to cover employees for the costs of work-related illnesses and injuries. If you offer u-pick crops, farm tours, a petting zoo or some other type of tourism or public access to your farm, you will need to consider specialty policies to cover the risks associated with these operations.