Whether you maintain a hobby farm or run a large, profitable business, farm and ranch insurance may be something you want to consider in order to protect yourself. You can choose what kinds of coverage to include in your insurance package depending on the nature of your farm.
You Have Buildings and Equipment
Besides your home and garage, additional structures such as sheds, barns and stables can also be covered by an insurance policy to protect them from damage caused by natural disasters. Such a policy can cover everything from large sheds used to store tractors to small greenhouses used to grow plants. Farm and ranch insurance can also cover equipment including tractors and storage units for crops, protecting them from theft and damage.
You Want to Protect Your Animals or Crops
Livestock and crops are the most important assets to a farm owner, and insurance can protect against a huge loss of life or damage in the event of a natural disaster. A few pet chickens wouldn’t qualify you for insurance, but you may want coverage for a stable of horses or a prize-winning animal. Some types of farm insurance will cover animal sickness as well. Crop coverage is most important for large-scale farms that essentially depend on the weather for profit.
You’re Running a Business
For many types of farm insurance coverage, you only qualify for protection if your income from your farm is over a certain amount. At that point, you may want to consider other types of protection to cover the business aspect of your farm, depending on the scale. These could include workers’ compensation coverage if you employ more than two people or liability coverage in case a customer gets sick from one of your products.
If you love your farm or ranch, no matter how large it is or what kinds of plants or animals you raise, insurance can give you peace of mind that it’s protected. You can consult an agent to help you determine the coverage your farm needs.