As a farmer, you know you need insurance. But, what type of insurance is required for a farm and how can you make the most of it? Look at the insights below to learn how farm insurance works and what it can do for you.
Your business is your lifeline and legacy—proper insurance is a critical component of your financial portfolio. Don’t write off these tips just because “the farm’s never needed it before.”
Natural Disaster Coverage for Farmers
Natural disaster coverage is more than important—it’s the only thing standing between your farm and a catastrophe. Ohio is known both for its tornadoes and flash flooding. As a result, you need natural disaster insurance that covers:
- Perennial crop losses
- Loss of use due to flooding
- Soil salinity caused by natural disasters
- Decreased yield or business Income losses
Speak to our team at Buren when your land is near a flood plain, sits on a flood plain, or is prone to storm damage. Just because the river near your property hasn’t overflowed its banks in 100 years, that does not mean it can’t do so in the very near future.
What is crop insurance? Crop insurance protects your crops/harvest at every stage of planting, tending, and picking. Because you can insure your crops, you are less likely to lose everything with no recourse. While the season may dictate how much you can recover and move forward, crop insurance fills the gaps so that all is not lost.
Low Overhead for Farm Operations
Crop insurance is unique in that it keeps overhead down. You will pay far less in premiums than you will if you lose everything. While you don’t want to experience a natural disaster, you can file a claim and recover quickly knowing that your insurance carrier is backing up your business.
Build these insurance premiums into your budget so that you’re ready to renew each year.
Income Stability for Farms
Crop insurance also allows for income stability. Your farm may have cashflow problems if you experience any losses, and you might not be able to sustain your operations in the interim. As a result, a claim against your crop insurance will pay for those losses, keep your income levels stable, and allow you to get back on track.
Remember, a stable income allows you to pay your team, pay yourself, maintain your property, and fulfill your obligations.
Business Support from Insurance Carriers
Insurance carriers often provide business support for farmers such as yourself. Additionally, Buren and our partners at The Liberty Company provide a range of educational, safety, HR, and business support services. We can help you modernize your operation, streamline the business, expand your farm, and much more.
Contact Buren Insurance Group for More Information on Farm Insurance
Nothing is more important than the nation’s food supply, and your farm provides for millions of Americans every year, allowing you to build a business that serves many needs across the industry. Because every farm is different, we encourage you to reach out to our team at Buren for more information on farm and crop insurance. Without proper insurance coverage for your farm, the nation loses an important cog in the food production industry.
We handle the insurance, and you can get back to business.