Farms are often complex organizations with a lot of different income streams, including revenue from livestock, crops, and property. To make sure you don’t lose money due to a circumstance that is outside your control, such as a natural disaster or an accident, you have to take out comprehensive farm insurance. Let’s have a look at what this means.

What Kind of Farm Insurance Do I Need?

Most farmers need a wide variety of policies to cover all the risks associated with running a farm. You might have to protect your home, farm buildings, and belongings, your crops and livestock, and your equipment. Additionally, you’ll have to get workers’ compensation insurance if you employ other people.

Home and Belongings 

Most farms are large and expensive. It’s important to have both the main building and the other structures, such as the barn, the stables, and the chicken coop insured. That way, you’ll be protected if there is ever a natural disaster such as a storm or if your property gets vandalized or broken into.

Additionally, you’ll need to get your farming equipment insured. Tractors and other vehicles can cost many thousands of dollars, so it’s worth taking out a policy. If you keep valuable belongings inside your home or the other buildings, contents insurance could be a good idea.

Crops and Livestock 

Most farmers make a living from raising livestock or growing crops, and this might be the main source of income. But unfortunately, nature isn’t predictable, and you could make a loss if your animals pass away unexpectedly or if your crops don’t grow as you’d hoped due to adverse weather conditions. You can get insurance for both your crops and your livestock.

Workers’ Compensation 

When you hire others to work for you, you need to get workers’ compensation. Farms are dangerous, and if your workers get injured, they might sue you if they believe that you could have prevented the accident. A good insurance policy will help you pay for the compensation and the legal fees associated with the case.

Specialized Kinds of Insurance 

Depending on the type of organization you run, you might need additional insurance. For example, some people have a cafe on their farm, or they rent out rooms in the house or one of the outbuildings. These business ventures require specialized kinds of insurance. If you have key workers without whom it would be hard to run the farm, you might have to get them insured, too.

Should I Contact an Agency? 

Because there are so many insurance companies and each one offers slightly different policies, speaking to an agent is a good idea. They will determine what kinds of insurance you need and then help you find cheap but comprehensive cover. That way, you can run your farm without having to worry about potential disasters.

Getting your farm insured is crucial because it protects your investment and prevents expensive lawsuits. Because each farm is different, there isn’t an easy way to find the best policy. Speak to an experienced insurance agent who can help you figure out which company and policy is right for you. Contact us at ISU Armac to find out more.