Farm Insurance

 Working in agriculture means dealing with high-risk commodities. It also might be challenging for a farmer to distinguish between personal and commercial assets for their farms. Getting the right farm insurance policy will help farmers protect these assets. 

Common Farm Insurance Questions  

 

What Is Farm Insurance?  

Although in some ways farms are just like any other business, one failed production yield in the agricultural sphere could mean a failed business altogether. There are also a variety of hazards that farmers face when it comes to their assets. Farmers need to be able to bounce back financially if their property gets damaged or their production fails, which is what farm insurance and tailored commercial insurance benefits can provide. 

What Does Farm Insurance Cover? 

There are many insurance options from which farmers can benefit. These include:  

• Crop insurance. Damage to crops might arise from weather, fires and other hazards. This coverage can pay you a settlement to help you replace those items and lost income.
• Farm livestock insurance. A loss to your animals could mean a loss of profit. This coverage can help you recover the results.
• Equine insurance. Horses are often valuable both for farm operations and their market value. Therefore, when you breed or raise horses, a single loss might cost a lot. This coverage can insure your horses against death, injuries and other hazards.

• Farm equipment insurance. Should important assets like pumps, rakes, sprayers and other tools get damaged, this coverage can help pay for those items.
• Tractor insurance. Standard equipment insurance often doesn’t cover tractors or other farm vehicles. You can buy separate coverage to protect these items against damage or other losses.
• Farm dwelling insurance. If you live on your farm, this policy can cover your home.
• Farm structures insurance. This coverage insures barns, grain silos and other buildings and structures.
• Commercial auto insurance. Vehicles owned by the farm or used in its operations need commercial auto insurance rather than personal auto insurance.

• 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.
• Umbrella insurance. Under standard liability insurance, there will be limits. However, if a claim exceeds these limits, then umbrella liability coverage can help cover the remaining costs.
• Workers’ compensation insurance. If you hire full- or part-time employees in your operation, then you will likely have to buy workers’ compensation. It will pay an employee supplementary income if work-related injuries or illnesses force them off the job.

By considering both personal and commercial assets, farmers can customize coverage to meet their needs. In addition, there are numerous industry regulations, so there are countless unique coverage requirements based on each farmer’s situation. 

Do I Need to Insure Farmland?

Farming is a high-risk and high-reward business, and whether you own farmland or rent it, common perils could wipe out any progress you’ve made toward your financial goals. With farm insurance, you can help protect your interests.

What Will Farm Insurance Cost?  

Farm insurance is essential for maximizing production and limiting costs on your farm. Mark Lee Insurance Agency Inc. will help guide you in choosing the right insurance policy for your farm. Our experienced agents will help you choose personalized, affordable coverage for your unique situation, and we will always put you first.  

Take the first step in choosing the right coverage and call us at 256-831-8691 to request your quote now.