Ellerhorst Russell Insurance
Why You Should Get Farm Insurance
Updated: Apr 10, 2022
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.
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.
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.
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.
Bottom Line With 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.