Protecting Risk in the Farming Business

According to the United States Department of Agriculture data, there are 2 million farms in the country, and 97% are family-owned. Farming is one of the world's oldest professions that are still going strong today. 

Farming technology and its practices have changed and evolved throughout the years; therefore, we think the insurance associated with this profession should also change and evolve. 
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Ranch or farm insurance should understand the risks related to farming and the types of coverage they need. This article will help you know what farmers need and the most effective ways to protect their farming business's risk exposure. 

What is at risk? 
Property Coverage 
Buildings: 
Several structures like your family home, barns for your farm animals, buildings that hold your tools and other equipment, crops storage, and even your workshop for services or repairs should all be listed on things that your policy must cover. 

Crops: 
Most farm policies do not cover crops while they are still in the growing stages. That is why farmers should consider adding crop insurance to protect their crops even before they are harvested. 

It covers certain weather conditions like hail, flooding, drought, and tornadoes. This type of insurance also protects farmers from losses due to market price fluctuations. Here are three types of crop insurance: 

• Crop-hail insurance
• Specialized peril 
• Multi-peril crop insurance

Equipment and other types of machinery: 
It is worth noting that farm property contents are not always insured or covered under the farm and ranch policies. Most of the time, farmers need to get additional insurance to cover their equipment and other machines. It includes tools for planting, harvesting, and maintaining crops. 

Liability Coverage 
Land use: 
Land use insurance covers the primary operations and employer accountability. This type of insurance protects farm owners if someone gets into an accident on the property, and they file a bodily injury claim. 

Umbrella Liability Insurance:
Most farm policies do not cover everything on your farm. Check the advantages of umbrella liability insurance to give you more liability insurance for legal costs and other incidents not covered by your standard policy.  

Conclusion
Always discuss all insurance policies in detail with an agent to get the best one for your business. These insurance policies will help you focus more on working rather than worrying about what might happen. 

At Insurance Agency Network, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (425) 681-0996. Get your free quote today by CLICKING HERE.