With a world that is so rich in diversity and culture, it is a shame that so many focus primarily on what they find familiar and do not branch out to experience different things. But not me. My name is Shane Silverstone and I have an amazing treasure trove of imports from around the world. It is very difficult and expensive to find products that suit my tastes because so many businesses do not know how to find and market exotic products that may actually be a hit domestically. For that reason, I have decided to create a blog dedicated to the exciting world of business and imports!
People typically have insurance policies to protect their home, car, and businesses. The same is true for farmers. However, farm insurance can be a little confusing a tricky. Because of the variety of different policies and plans available, it can be difficult for a farm owner to select the proper amount of coverage. Luckily, it doesn't have to be so hard. With a little knowledge, you can ensure that your farm is properly insured.
So what should you include in your farm insurance? Here are four policies:
1. Home and Building
As you probably expect, farm home and building insurance protect the valuable buildings on your farm. In addition to protecting your home, this type of insurance will also protect your silos, barns, and other buildings situated on your farm. Most providers will offer protection against theft and weather damage. Because of this, it's a good idea to include this in your policy.
Farm owners can also purchase liability insurance for the farm. Just like other liability policies, farm liability insurance covers accidents that might occur. This is very handy, as it ensures that farm owners aren't paying out of pocket for expensive medical bills. Since farms can be a very dangerous place, it's a good idea to have liability insurance on your policy – even if you don't have a lot of visitors.
If you have livestock on your farm, you might want to have a livestock policy. Just like the name suggests, this type of insurance protects your livestock. It can help cover the cost of veterinarian bills, animal accidents, and more. Even better, livestock insurance offers a fair bit of customization. For example, you can have specific animals included in your policy while excluding others.
However, it is important to note that livestock insurance doesn't cover everything. There are specific medical issues, such as genetic infertility, that won't be covered. In addition, specific diseases may not be covered. For example, footrot and swine fever, are usually not covered by livestock insurance. So if you are interested in livestock insurance, be sure to talk to your agent or broker first. This will ensure that you know exactly what is – and isn't – covered.
Finally, farm owners can also get crop insurance. This is perhaps one of the most helpful insurance policies, as it can really help protect farm owners. Crop insurance can help protect against crop damage from weather, such as hail. It can also protect the farm owner during low yield years by helping to bridge the income gap. So if you have a lot of crops on your farms, crop insurance is definitely worth investing in.
As you can see, there are many policies you can include in your farm insurance. If you are interested in purchasing (or revamping) your farm insurance policy, talk to your agent or broker about including one (or all) of these policies.