Inclement Weather, Consumer Lawsuits, Peace of Mind: Why Do I Need Farm Insurance?
The recent barrage of storms that have hit states like South Dakota; has many Montana and North Western farming residents wondering what would have happened if it were their farms and ranches affected.
Weather and environmental conditions can vary month to month and even year-to-year. Just this September farms were plagued with droughts and fires that threaten to destroy all that they worked for.
Looking after livestock and crops can consume the minds of farmers and their families. Often time's insurance is overlooked in the general running of the business. The thought of insurance and what needs to be insured can be an overwhelming task. The cost of materials and daily household expenses can also cause farmers and ranchers to put off the decision to get insured.
Nowadays several insurance companies bundle packages to make it easier for insurees to get home, car and farm insurance from one company. But, understanding what to insure, policy costs, the level of coverage your farm may need and what insurance is available to you is the first step to making sure you and your family are properly covered.
Evaluating and identifying risks on your farm can help you uncover what type insurance coverage you will need. Asking yourself questions like the ones before can help you to evaluate your needs/expectations:
What is or are some of the worst case scenarios that can occur on my farm?
Of those scenarios, which are most likely to happen?
Does my budget allow for this type of insurance? If not, what thing can I afford to cut back on?
Creating a SWOT analysis is also very beneficial. This exercise allows you to target and write down the Strengths, Weaknesses, Opportunities and Threats to your business.
Once you have weighed the pros and cons and have decided your farm needs insurance you can choose from a variety of coverage policies that fit your needs.
The typical types of insurance include premise liability insurance and product liability insurance.
Premises liability insurance covers your farm in case of an accident or bodily injury to anyone visiting your farm or ranch.
Product liability insurance covers your business against illnesses or injury following ingestion of any food or products from your farm.
Sometimes we forget or weren't aware of the need of added coverage, endorsements or riders can be attached to an existing policy to amend it to provide any added coverage that is needed.
While these types of policies cover you from lawsuit crop insurance insure your produce.
Crop insurance offers security for a specific crop or to protect any losses due to crop failure or in some cases, market failure.
For smaller farms, new crop insurance was put in place, Adjusted Gross Revenue Lite (AGR-Lite), to cover revenue lost because of natural disasters or failed crop markets for your entire operation based upon your IRS average schedule F reported income.
No two farms or ranches are alike, that's why there is farm and ranch insurance out there that will cover every farm activity available. Shopping around for insurance that best suits your situation and budget will give your added piece of mind during inclement weather, fire, earthquakes and other disasters.
Weather and environmental conditions can vary month to month and even year-to-year. Just this September farms were plagued with droughts and fires that threaten to destroy all that they worked for.
Looking after livestock and crops can consume the minds of farmers and their families. Often time's insurance is overlooked in the general running of the business. The thought of insurance and what needs to be insured can be an overwhelming task. The cost of materials and daily household expenses can also cause farmers and ranchers to put off the decision to get insured.
Nowadays several insurance companies bundle packages to make it easier for insurees to get home, car and farm insurance from one company. But, understanding what to insure, policy costs, the level of coverage your farm may need and what insurance is available to you is the first step to making sure you and your family are properly covered.
Evaluating and identifying risks on your farm can help you uncover what type insurance coverage you will need. Asking yourself questions like the ones before can help you to evaluate your needs/expectations:
What is or are some of the worst case scenarios that can occur on my farm?
Of those scenarios, which are most likely to happen?
Does my budget allow for this type of insurance? If not, what thing can I afford to cut back on?
Creating a SWOT analysis is also very beneficial. This exercise allows you to target and write down the Strengths, Weaknesses, Opportunities and Threats to your business.
Once you have weighed the pros and cons and have decided your farm needs insurance you can choose from a variety of coverage policies that fit your needs.
The typical types of insurance include premise liability insurance and product liability insurance.
Premises liability insurance covers your farm in case of an accident or bodily injury to anyone visiting your farm or ranch.
Product liability insurance covers your business against illnesses or injury following ingestion of any food or products from your farm.
Sometimes we forget or weren't aware of the need of added coverage, endorsements or riders can be attached to an existing policy to amend it to provide any added coverage that is needed.
While these types of policies cover you from lawsuit crop insurance insure your produce.
Crop insurance offers security for a specific crop or to protect any losses due to crop failure or in some cases, market failure.
For smaller farms, new crop insurance was put in place, Adjusted Gross Revenue Lite (AGR-Lite), to cover revenue lost because of natural disasters or failed crop markets for your entire operation based upon your IRS average schedule F reported income.
No two farms or ranches are alike, that's why there is farm and ranch insurance out there that will cover every farm activity available. Shopping around for insurance that best suits your situation and budget will give your added piece of mind during inclement weather, fire, earthquakes and other disasters.