What Every Farm Operator Should Know About Protecting Your Business
If you recently made the decision to invest in a farm, you need to act quickly to protect that investment and the property that it includes. While you could simply call a commercial insurance agent and ask for whatever you should have, it's in your best interest to be proactive about creating a solid coverage plan. Here are a few things that you need to think about along the way to create a sound and comprehensive insurance plan.
Your Liability Needs
The first thing you should think about—and it's often the most significant—is your farm's liability protection needs. There are all sorts of liability hazards that come with owning a farm. For example, if you intend to offer farm tours, you risk people being injured as they embark on those tours. This is a serious liability risk, and you need a farm liability policy to protect you against hazards like this. The same applies to liability from injuries from your farm animals and livestock.
You'll also want to make sure you have farm equipment liability insurance. If someone is injured on your equipment or by your equipment, you could be facing thousands in medical costs and negligence claims. Make sure you have insurance coverage for liability associated with all of your farm equipment.
Your Additional Coverage Needs
Liability is a vital part of your farm insurance needs, but it's not all you need. There are other protections that you need. For example, you'll need property insurance that covers not only the house but also the barn, stables, corrals, and other structures on the property.
You'll also want to have coverage for your crop production losses. If there's a severe weather season or natural disaster that reduces your crop output, coverage like that will ensure that you are compensated for the loss.
Finally, you'll want to inquire about protecting your livestock and other farm animals. After all, you have a significant investment in those animals. If you experience any kind of illness, outbreak, or other issues with your animals, the farm animal and livestock insurance will help you to recover the money for the animals you've lost.
The more you understand about the insurance needs of your farm operation, the easier it is to protect that investment and ensure that it keeps running smoothly. Talk with a commercial insurance agent near you today for more help and information as you choose the coverage that's right for your farm.
