As a farmer, you will require a variety of insurances to cover the various aspects of your farm, besides business and property insurance. There is not one standard type of policy to cover farms in general, though an insurance company may cover several insurance requirements under one 'package' policy. The following are the common insurance products you may require for your farming business:
Farm Auto Insurance
This farm insurance can cover your commercial vehicles used for business purposes, as well as your personal vehicles, under one fleet policy. Cover may include vehicle theft and attempted theft, loss due to fire, liability to third parties and third party property, collision damage and bodily injury. Although some of your vehicles may only be used on your secure property, and not on public roads, it may still be necessary to obtain liability coverage to protect you financially, should any third party have access to the area where such vehicles are used.
If your farm is involved with livestock, you may wish to purchase livestock insurance. This type of insurance may also include an aspect for the property on which livestock is kept. This type of insurance can protect you from financial loss, where livestock is concerned, and may include accidental shooting, attacks by wild animals, loss by earthquake, electrocution, loss by flood, loading accidents and death caused by accidental collision. There are often exclusions for certain causes of loss, and this will vary depending on the insurer you choose. However, most insurance companies will not cover loss due to diseases or death by natural causes.
Farm Equipment Insurance
This type of insurance may include tractors, harvesters, planters and other farm-related equipment. As a farmer, equipment and machinery are probably your biggest investments, so it is important to protect yourself, financially. Farm Equipment Insurance may also cover less obvious items such as office equipment, tools and portable fences.
If you run a farm dealing in the planting and harvesting of any type of crop, you will likely the many risks facing crop productivity each year. Therefore, crop insurance is an important part of your farm insurance needs. Depending on the insurer, crop insurance can protect you from financial loss due to natural disasters such as drought, flood and hail, as well as protecting you from loss of revenue due to price drops in agricultural products. The type of insurance you need will depend upon the type of crops you produce and the location of your farm.
Other types of farm insurance may be available to you, if needed. In order to obtain the insurance you require, speak with an experienced agent who specializes in insurance for the farming industry.