Things to Know About Farm Insurance Policies
Farm insurance is essential for protecting your agricultural business from a variety of risks. Whether you operate a small family farm or a large commercial operation, having the right coverage can safeguard your assets, income, and livelihood. ISU – Bright Agency provides farm insurance in Columbus, IN, North Vernon, Madison, IN, Seymour, IN, Scottsburg, IN, Versailles, IN and surrounding areas.
These are key things to know about farm insurance policies:
- Comprehensive Coverage Options
Farm insurance typically combines elements of homeowners, auto, and business insurance. A standard policy often covers farm dwellings, personal property, machinery, equipment, and livestock. Many insurers offer customizable packages to meet the specific needs of your farm.
- Liability Protection
Farm policies usually include liability coverage, which protects you if someone is injured on your property or if your operations cause damage to someone else’s property. This is especially important if your farm is open to the public or involves employees.
- Crop Insurance
This is often separate from traditional farm policies and is federally subsidized in the U.S. Crop insurance protects against losses due to natural disasters like droughts or floods, and sometimes market price drops.
- Livestock Coverage
Basic policies may cover livestock, but you can purchase additional coverage for specific risks such as accidental shootings, attacks by wild animals, or disease outbreaks. High-value animals may need individual coverage.
- Equipment and Machinery
Your tractors, combines, irrigation systems, and other machinery can be insured against theft, fire, or accidental damage. Breakdown insurance may also be available.
- Business Interruption Insurance
This optional coverage can help you recover lost income if a disaster or insured event disrupts your farm operations.
- Policy Exclusions and Limitations
Always review your policy for exclusions. For example, damage from certain natural disasters, like earthquakes or floods, may not be covered unless added as endorsements.
- Recordkeeping Is Key
Maintain up-to-date records of your assets, purchases, and operational details. Accurate records help ensure proper coverage and smooth claims processing.
Farm insurance is a critical investment that protects your assets and ensures continuity. Work with an experienced agent to build a policy tailored to your farm’s specific needs.
Would you like to discuss? Please give us a call, or email us!