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Home » Insuring Livestock on Your Ranch
March 17, 2021
Agency

Insuring Livestock on Your Ranch

Livestock farmers and ranchers are significantly different from the average crop farmer. Their commodities are both living things that require care, and very valuable commodities to the agricultural supply chain. As a result, only specialized livestock insurance will help them institute an adequate riskcattle management strategy. It’s an important benefit that any livestock holder should have as part of their agricultural insurance portfolio, and here’s how it works. 

Understanding Livestock’s Insurance Needs  
When you raise livestock, you have an incentive to keep that livestock alive, either for eventual slaughter or for use on the farm. Livestock insurance can extend to most of these animals, including:  

  • Buffalo  

  • Cattle  

  • Bison  

  • Horses  

  • Goats  

  • Sheep  

  • Alpacas  

  • Llamas  

  • Deer  

  • Elk  

  • Ostriches  

  • Emus  

  • Pigs  

  • Chickens  

Though some of these are common livestock, others are more exotic. Regardless of your need or intended use for your livestock, however, benefits known as livestock & cattle insurance will generally assist you.   

What Does Livestock Insurance Cover?  
In case of an unexpected but unfortunate accident on your farm, your livestock insurance can come to your aid. Livestock can be very expensive, so anything that harms them can financially harm you.  

This insurance may cover loss or death of your livestock due to:  

  • Weather such as lightning, hail, flooding, wind, etc.  

  • Accidents such as fire, smoke, explosions and more  

  • Natural disasters  

  • Theft and vandalism  

  • Collision in transit  

There is also a liability insurance component, which will cover your livestock if the animal causes harm to someone else. For example, if your horse kicks a neighbor who is visiting you, then this coverage can help them cover their medical expenses. It can also assist you if that party sues you.  

What Does Livestock Insurance Not Cover?  

Though livestock insurance is expansive, it is not all-encompassing. For example, certain exotic animals will not be covered. Additionally, death of livestock due to old age or disease will not be covered. You may also have to add additional insurance to cover animals who are accidentally shot, attacked by wild animals or drown.  

What Does Livestock Insurance Cost?  
The cost of livestock insurance varies widely depending on many factors, including the:  

  • Location and size of the farm  

  • Type of coverage you carry  

  • Coverage limits of your policies 

There are three general livestock insurance benefits available on the market:  

Individual coverage insures animals individually. Usually, these are expensive animals that you want specifically listed on the policy. This is generally more expensive than other policies.  

Blanket coverage bundles coverage for your livestock with coverage for your other property, such as structures and equipment.  

Herd coverage is the most common type of livestock insurance and allows you to cover animals separated by species. It might insure 500 pigs, 300 cows, etc.  

Be sure to speak with your insurance agent about the coverage your livestock need. They will guide you through the process of optimizing your benefits. 

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