Farm Insurance Information
Local growers to large cultivators know the importance of protecting their agribusinesses. Having the agricultural coverage you need is key to keeping your assets protected and your farm operational. Farm insurance can prevent potential financial hardship from dangers that could put your operations at risk.
What Is Farm Insurance?
Farm insurance isn’t a single insurance policy but rather a combination of types of insurance that can protect your agribusiness. The right farm insurance policies can help cover your equipment, buildings, and even lost income. Farms may need many standard types of insurance that other businesses need, but they also need insurance directly related to their businesses.
Many farmers choose these types of insurance coverage for protection:
· General liability insurance gives farms needed protection from any claims, including bodily injury, property damage, personal injury and others that result from a farm’s operations.
· Crop insurance can help reimburse farmers for their losses if a disaster strikes, such as a tornado, wildfire or flood destroys crops. It’s vital that farmers accurately represent the planted acreage per unit before purchasing crop insurance. Otherwise, they might not be reimbursed for all their losses.
· Livestock insurance is a multifaceted coverage. Farmers can purchase specific coverage, such as livestock transit or auction market coverage. They can also buy insurance for particular animals, such as poultry coverage or pasture and dairy cattle coverage. In addition, they can purchase mortality insurance for animals with an exceptionally high value to their farm, such as a stud.
· Farm equipment insurance allows farmers to be reimbursed for certain losses and damages to their machinery, such as tractors, irrigation equipment, trailers or combines.
· Workers’ compensation insurance—If farms employ workers, they should have workers’ comp. Farmers must pay out-of-pocket for their injured employees’ medical expenses and lost wages without this insurance.
Is Additional Insurance Available?
Farmers may choose additional insurance for added protection, depending on the scope of their operations. Other coverages that farmers choose include:
· Equine insurance—Horses are often valuable for farm operations, and a single loss might be expensive. This coverage may insure your horses against death, injuries and other hazards.
· Farm auto insurance—If you use vehicles for your farm’s operations, you may need coverage to protect these items against damage or other losses.
· Farm dwelling insurance—If you live on your farm, this policy might provide coverage for your home.
· Farm liability insurance. Your operations might cause bodily injuries or property damage to various people, including your clients. This coverage can help you repay them for their losses.
· Farm structures insurance—This coverage may provide coverage for structures on your farm, including barns, grain silos and other properties.
· Farm umbrella insurance—An umbrella insurance policy might help protect against liability claims exceeding the limits set on your other liability policies.
How Much Does Farm Insurance Cost?
The cost of your farm’s insurance will depend on the policies you choose, the size of your operations, the number of employees, and your business’s nature. ISG Auto Insurance LLC can explore what coverage offers you the best protection.
We Can Help
Your farm is your livelihood. By taking a proactive approach to protecting your agribusiness, you can ensure you have coverage if something disrupts your operations. We provide insurance solutions for farmers near Clinton, Knoxville, Jacksboro, Oneida, Oak Ridge, and Powell, Tennessee. Call ISG Auto Insurance LLC today at 865-457-9907 to get started on coverage for your hard-earned assets.