Farm Insurance Information
Operating a farm or ranch comes with many inherent risks and uncertainties, necessitating a robust insurance policy to protect these valuable assets. Farmers and ranch owners need to understand the importance of insurance.
What Is Farm Insurance?
Farm insurance, also known as agricultural insurance, is designed to protect farmers and agricultural businesses from financial losses resulting from various risks and perils. Agriculture is inherently susceptible to various uncertainties, including weather-related events, crop diseases, livestock mortality, equipment breakdowns and other unexpected circumstances. Farm insurance helps mitigate these risks by providing financial compensation for covered losses.
What Does a Farm Insurance Policy Cover?
Farm and ranch insurance typically covers the following:
General liability insurance can help pay for a farm’s legal liability for third-party injuries and property damage.
Farm dwelling coverage can provide protection for the primary residence on the farm or ranch, including the home itself and attached structures, such as a garage or barn. It can help repair or replace these structures in case of covered perils like fire, windstorm or vandalism.
Farm property coverage can cover the physical property associated with the farming or ranching operation, including barns, silos, sheds and other outbuildings.
Farm equipment insurance can help repair or replace farming equipment and machinery in case of damage or theft.
Livestock coverage can provide protection for livestock, including cattle, horses, poultry and other animals, in case of perils like disease, theft or death due to accidents.
Crop insurance can offer coverage for crops, helping to mitigate financial losses in case of crop damage due to natural disasters, pests or disease. Crop insurance often includes options for different types of crops and different coverage levels.
Do You Need Farm Insurance?
Anyone who owns a farm should consider farm insurance. Farm insurance policies are adaptable to fit the type of farm you have. The larger your farm, the more coverage you will typically need, but it’s generally better to have protections in place than to pay for an unexpected incident out of pocket. Contact Jack L Bonus Insurance Agency to discuss your farm insurance needs. We can make coverage recommendations based on your specific operations.