When you own or manage a farm, you need insurance. However, farming has changed quite a bit since your great grandfather started the farm. So, what types of insurance do you need, what can a farm insurance policy do for you, and how much does it cost? You need more than protection from droughts and locusts—your farm is a business that requires a range of coverages.
Use these tips to learn how farm insurance works. When you reach out to our team, we can provide guidance, but this information will help you get the wheels turning so you know what you’re looking for.
1. Purchase One Farm Policy to Cover Everything
Farm insurance can be purchased much like a business owner’s policy. A farmowner’s policy will create a comprehensive insurance package for the property and business.
Generally, a farmowner’s policy covers:
- Commercial Property
This means that the policy can cover everything from damage to buildings on the property to dog bites and personal injuries. Additionally, you can add all the liabilities your farm faces. Not sure what you need to include? Work with our team at Buren to learn how your farm should be insured.
Our team aims to close gaps in your coverage, all under the auspices of this singular policy.
2. Cover Multiple Locations with Farm Insurance
You can cover multiple locations with your farmowner’s policy. This is especially important when you are expanding your farm or take over another property. You can even insure rented properties with “Lessor’s Risk” coverage. Tenant farming is still common, and you need to protect your investment even though you’ve vetted your tenants and work with them closely.
3. Cover Property, Equipment, Personal, and Commercial Assets
Make certain that you’re covering more than your property and personal injuries. You can also cover all the equipment you use. This is critical because you cannot plant, tend, or harvest on the property without the proper equipment.
You can ensure everything the farm owns and uses, and you also avoid overlap with other policies (which can get quite confusing.)
Also, you can insure the farmhouse—your dwelling space—with the same policy.
4. Insure Seasonal Farm Dwellings
You may erect seasonal dwelling spaces for workers who come to the farm for the harvest season. Insure these structures under the same policy, once again avoiding overlap and saving money. Plus, you can insure the dwelling for its full replacement value instead of getting shorted by other carriers that might only covering its “Actual Cash Value”.
5. Add Endorsement to Farm Insurance as Needed
Because farms could expand and take on other business pursuits at any time, you can add endorsements or coverages to your farmowner’s policy.
You might also take on umbrella coverage to extend your limits and further protect your growing business. The moment you think of expanding your farm operation, reach out to our team at Buren to learn how we can insure the next phase of your business. Getting started early is easier, cheaper, and gives you more time to review your options.
Contact Buren Insurance Group for More Information on Farm Insurance
Contact Buren Insurance Group to learn more about farm insurance coverage. We have decades of experience insuring farmers across Ohio. Plus, we provide several business services that will help you grow your farm and continue the family legacy for many generations to come.