Ellerhorst Russell Farm Insurance
Have you ever wondered why you should get farm insurance? There’s no question that farming is more important than ever. After all, this is how people can get food on their tables every single day. So, if farming is your main occupation, you want to ensure that you protect your business with farm insurance.
What Does A Farm Insurance Policy Cover?
In case you are wondering why you need to get farm insurance, you need to know what a farm insurance policy covers.
Overall speaking, a farm insurance policy covers all personal property that is directly related to the farm operation. It usually includes three main categories: farm machinery and equipment, livestock, and farm products like fertilizers, pesticides, seed, silage, and animal feed. The good news is that there isn’t standard farm insurance. This means that you can decide on which categories you want to include and the coverage you need according to your farm needs.
List of Coverages - Why You Should Get Farm Insurance
Farm Machinery And Equipment:
The farm machinery and equipment coverage protects you from damage or financial loss due to covered perils. The best part of this type of coverage is that it covers many different types of machinery including planters, cotton pickers, hay rakers, combines, tractors, field equipment, among others. In case you also use a truck for farm work, you can bundle a commercial auto insurance policy and add it to your overall farm insurance package. In addition, portable fences, portable structures, and portable irrigation equipment are usually covered as well.
Livestock Farm Insurance Coverage
In case you have animals on your farm, you may consider covering your livestock as well. This way, you will be covered in case they are either injured or killed as a result of a basic peril that is covered. However, in case livestock is the main part of your farming activities, you may also have more extended coverage. Some extended policies may include coverage when animals are struck by a vehicle, when they die by accidental shooting, attacks by wild animals or dogs, and even when you lose them due to an earthquake or flood, for example.
It’s important to keep in mind that horses and other equine animals are in a different category since they can be quite expensive. So, no matter if you use them for shows, breeding, work, or just pleasure, you want to protect your investment. The more common coverage options for horses and other equine animals tend to include death due to a broad number of perils and theft. Other coverages may include loss of use, surgical expenses, or major medical expenses.
Coverage For Farm Products
While seed, grain, feed, and other similar items are covered by farm insurance, you need to keep in mind that they are only covered when they are stored. This means that the ones that are only planted aren’t yet covered. To ensure that you cover these as well, you may need a commercial insurance policy if the sale proceeds exceed your policy’s incidental income limit.
Farm Liability Coverage
Just like your standard home insurance policy, farm insurance also provides liability protection. It covers property damage, attorney’s fees associated with covered incidents, medical expenses, and bodily injuries.
Even if you are the most careful person in the world, accidents do happen. You can misstep and hurt yourself when operating machinery, an animal may injure its handler, an animal may escape and cause an accident.
Different Types Of Insurance For Farm Owners
You can read more about these on our farm insurance page.
Home and Contents Coverage
Farm Machinery Coverage
Farm Equipment Insurance
Bottom Line Why You Should Get Farm Insurance
As you can see, there are many reasons why you should consider getting farm insurance. In case you are looking for a reputable company with decades of experience, you should consider the Ellerhorst Russell Insurance Agency.
What is farm insurance and why do I need it?
Farm insurance is a type of coverage that helps protect farms and agricultural businesses from financial losses due to property damage, liability claims, and other risks. If you own a farm or work in the agricultural industry, farm insurance can provide essential protection for your business assets, operations, and income.
What risks does farm insurance cover?
Farm insurance typically covers a range of risks, including property damage from natural disasters like fires, storms, and floods, liability claims for injuries or damages caused by your farm or products, loss of crops or livestock due to weather or disease, and equipment breakdowns or theft. Coverage may vary depending on the specific policy and the type of farm or agricultural operation you have.
How much does farm insurance cost?
The cost of farm insurance depends on several factors, including the size and type of farm, the level of coverage needed, and the level of risk involved. Premiums can range from a few hundred to several thousand dollars per year, but the cost of insurance is generally much lower than the potential financial losses that could result from an uninsured event.
Do I need farm insurance even if I have homeowners or commercial insurance?
While some homeowners or commercial insurance policies may offer limited coverage for certain farm-related risks, these policies are generally not designed to provide the comprehensive protection needed for a farm or agricultural business. Farm insurance is specifically tailored to the unique risks and challenges of the agricultural industry and provides more extensive coverage for farm property, liability, and operations.
How do I choose the right farm insurance policy?
Choosing the right farm insurance policy depends on your specific needs and the risks you face as a farmer or agricultural business owner. It’s important to work with an experienced insurance agent who understands the complexities of the agricultural industry and can help you identify the risks you need to protect against. Be sure to compare policy features, coverage limits, and premiums from multiple insurers to find the best fit for your farm or business.
