Farm Insurance Information
Farm insurance is a combination of types of insurance that can keep your assets protected and your farm operational. The right policies can help cover your equipment, buildings and even lost income. The appropriate agricultural coverage is key to protecting your assets and keeping your farm operational.
What Types of Coverage Are Available?
Many farmers choose numerous types of insurance coverage, including:
- General liability insurance may give your farm the needed protection from any claims, including bodily injury, property damage, personal injury and others that result from your operations.
- Crop insurance can help reimburse you for your losses if a disaster strikes, such as a tornado, wildfire or flood destroys crops.
- Livestock insurance is multifaceted. You can purchase specific coverage, such as livestock transit or auction market coverage. You can also buy insurance for particular animals, such as poultry coverage or pasture and dairy cattle coverage. In addition, you can purchase mortality insurance for animals with an exceptionally high value to their farm, such as a stud.
- Farm equipment insurance helps reimburse farmers for certain losses and damages to their machinery (e.g., tractors, irrigation equipment, trailers, combines).
- Workers’ compensation insurance is necessary if your farm employs workers. Otherwise, you may have to pay for your injured employees’ medical expenses and lost wages.
Can I Get Additional Protection?
You may choose additional types of insurance for more protection, including:
- Equine insurance—Horses are often valuable for farm operations, and a single loss might be expensive; this coverage may insure your horses against death, injuries and other hazards.
- Farm auto insurance—If you use vehicles for your farm’s operations, you may need coverage to protect these items against damage or other losses.
- Farm dwelling insurance—If you live on your farm, this policy might provide coverage for your home.
- Farm liability insurance—Your operations could cause bodily injuries or property damage to staff and clients. This coverage may help repay them for their losses.
- Farm structures insurance—This coverage may provide coverage for structures on your farm, including barns, grain silos and other properties.
- Farm umbrella insurance—An umbrella insurance policy might help protect against liability claims exceeding the limits set on your other liability policies.
What Does Farm Insurance Cost?
Your farm’s insurance premium depends on the insurance policies you choose, the size of your operations, the number of employees, and the nature of your agribusiness.
Do Farmers Insure Their Tractors?
Tractors may be covered with a farm insurance policy, but many farmers choose to purchase a stand-alone policy for high-value farm equipment, including tractors.
Farmers can purchase insurance for their tractors to help protect their operation from liability claims. They can also buy tractor insurance designed to help pay to repair or replace their farm equipment after a damage-causing accident or incident.
What Does Crop Insurance Protect Against?
Multiple peril crop insurance (MPCI) helps provide financial protection in case insured crops are damaged by natural events such as destructive weather, drought, disease or insects. Crop-hail insurance, usually purchased to supplement MPCI coverage, is a special policy that farmers purchase to help provide financial protection in case their crops are damaged by hail.
We Can Help
The Andrews Insurance Agency offers numerous agribusiness solutions, and we can help you get the insurance that gives you the best protection for your farm. Call us today at 401-722-4271 to get started on your insurance.