4 Insurance Policies Every Farmer Should Carry

The United States is home to 2.06 million farms that cover roughly 911 million acres of land. Since many of these farms are independently owned, business insurance is a must. While most professional farms elect to carry farmers insurance instead of business insurance, they are both valid options. If you are a farmer, you might need the following coverage options.

  1. Business Liability Insurance Coverage

    This type of coverage provides for circumstances in which a guest gets injured on your property. The insurance company that you hold a policy with will pay for any liability claims made against your business if you carry this type of coverage.

  2. Workers Compensation Insurance

    Similar to liability coverage, workers comp coverage provides for the medical expenses of workers who have been injured on the job. Instead of paying out of pocket for employee injuries, you will be covered if the injury is within the policy’s parameters.

  3. Homeowners Insurance

    One reason farm owners choose farmers insurance over standard business insurance is because they also get the benefits of carrying a separate homeowners insurance policy. The latter covers damages from natural disasters and theft that occur to your home, while business insurance only covers the same for your company property. Since farmers often live where they work, farmers insurance can cover both circumstances.

  4. Coverage for your Equipment

    Equipment coverage is standard for most business policies. Farmers, like any business, are highly dependent on the continued functionality of their equipment. If something breaks and there’s no way to replace it, the farm could be in financial jeopardy.

Owning a farm isn’t as picturesque and rural as many people imagine it. In many ways, today’s farms are highly industrialized and operate on narrow economic margins. Disaster is often just one broken machine away from occurring at any time. That’s why farmers carry large insurance policies. Though you will hopefully never need to rely on your insurance company, farmers insurance is the only way to safely and securely run a profitable farm. If you are shopping for a new policy and would like to get a quick and easy quote, visit our website today.

Leave a Reply