Farm and ranch insurance is a particular policy providing broad protection. It covers various risks, including personal property, livestock, and commercial losses.
The type of coverage you need depends on your unique needs. Your agent can help you find a package policy that meets those needs and is affordable.
Property Coverage
If you run a farm or ranch, having the correct type of property coverage is critical. This can protect you from losses from various factors, including fire, earthquake, flooding, and hail.
Many farmers and ranchers assume their standard homeowner’s policy provides adequate coverage, which is often untrue. This can lead to a loss of livelihood and financial stability.
Depending on the needs of your operation, your insurance agent can help you understand which types of property and liability coverages you need to cover your specific risks.
Livestock is a significant investment, and you want to be sure they’re protected if something happens. You can purchase limited animal mortality coverage to reimburse you if your animals die due to an accident or illness.
In addition, liability protection can help you cover costs associated with a lawsuit against you and your business. This coverage can also cover damage to other people’s property and injuries.
Livestock Coverage
If you’re raising livestock, such as cows, pigs, sheep, goats, or horses, you know that many uncontrollable factors could negatively affect your livelihood. That’s why it’s essential to get livestock coverage.
Livestock insurance is designed to protect your herd in an accident, theft, or natural disaster. It may cover losses caused by fire, electrocution, accidental shooting, flooding, or explosions.
It’s also an excellent way to insure against the possibility of attacks by wild animals, such as coyotes, hawks, and mountain lions.
A related livestock insurance option is animal mortality coverage, which reimburses you for losing an animal if it dies due to one of the covered causes. These can include fire, lightning, windstorm, hail, collision or upset while in transit, accidental shooting, drowning, and more.
Business Liability Coverage
Farm and ranch insurance protects you from claims that arise from accidents, injuries, or damage to property resulting from the operation of your business. You can also purchase specialized coverage, such as animal collision and environmental liability.
Your policy premiums are determined by the type of agricultural commodity produced (crop, livestock, or poultry), acreage, locations, farm equipment, and labor costs. Additional specialized coverage can be provided by endorsement.
Liability insurance protects against claims involving bodily injury, property damage, medical expenses, libel and slander, defense costs, and judgments. In addition, it provides additional protection for claims resulting from defamation of character or reputational harm.
Farm and ranch business liability insurance is essential to protect your livelihood. It’s the best way to keep your business covered in the event of a claim. It can help you select a liability policy that meets your needs at a price that fits your budget.
Equipment Coverage
If your farm relies on a tractor, seeders, harvesters, or other equipment to make its business possible, you need farm and ranch insurance to cover those things should they be lost or damaged. That can happen for various reasons, from natural disasters to theft.
Your insurance company will offer options for this coverage based on the value of your farm equipment, whether you opt for a blanket or scheduled policy, and other factors. For example, consider a planned approach for better protection if your tractor is worth over $200,000.
You can also choose additional endorsements to customize your farm insurance package for your specific needs. These can include peak season coverage that protects your inventory for those times of the year when more products are stored on your property. Earthquake coverage for farms near fault lines, identity fraud expense coverage to reimburse you for your expenses in restoring your identity, and more.
