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  • Writer's pictureEllerhorst Russell Insurance

7 Factors To Consider When Purchasing Farm Insurance

Updated: Nov 5, 2022

There's no question that every farm is unique. So, when you are looking for farm insurance near me, it's important to keep in mind that you get one for your specific needs. If you are looking for insurance in Garrettsville, you want to check out Ellerhorst Russell Insurance Agency. Here, you will be able to find the right farm insurance for you.

7 Factors To Consider When Purchasing Farm Insurance

Since there isn't a one size fits all farm insurance, you need to keep some factors in mind when you are purchasing this type of coverage. Overall speaking, you will need to get a comprehensive package of insurance that includes various property and liability policies.

#1: Property Protection:

The first thing you need to consider when purchasing farm insurance is your farm property. This includes not only the land itself but also any commercial structures and outbuildings that you use for your farm business. These incorporate silos, sheds, barns, and even detached garages.

#2: Equipment Coverage:

When purchasing farm insurance, you need to know that most standard policies don't cover equipment and breakdowns. So, this means that you'll be at risk whenever your equipment isn't working when you need it.

To ensure that this doesn't happen, you should look for equipment coverage that protects feeding systems, irrigation systems, refrigeration compressors, milking equipment, among any other equipment you need for your daily operation.

#3: Dwelling Coverage:

Another factor that you should also consider is dwelling coverage. Simply put, with this type of coverage, you will be protecting yourself from tornadoes, hail, and even fires.

#4: Liability Coverage:

When farming is your main occupation, it's normal that you have employees working for

you. So, if one of them is injured on your farm while working, the liability coverage ensures that you are protected from third-party lawsuits.

#5: Livestock Coverage:

In case your farm business relies on domestic mules, horses, goats, sheep, chickens, cattle, swine, donkeys, llamas, or alpacas, you should consider purchasing livestock coverage.

Overall speaking, you may get a policy that covers livestock individually or at total herd value. It all depends on your specific needs.

#6: Product Liability:

When farming is your main business and you depend on the selling of fruits, vegetables, eggs, dairy products, or other food products, product liability insurance should be considered.

Simply put, this type of coverage protects you in the event that one of your products causes injury or illness to others. Generally speaking, this type of policy pays medical costs up to policy limits for illness or injuries caused by the consumption of a farm product. Sometimes, it may also cover non-economic damages ordered by the court.

#7: Seasonality & Growth:

All farms are different. So, you need to make sure that your farm insurance can change during times of business growth as well as seasonally. Let's say that the size of your livestock herd fluctuates throughout the year. It may pay off to make seasonal adjustments to your farm insurance policy.

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