A farm is more than the business of growing crops and raising animals. It is a lifestyle, a place where people put their hearts and souls. Protecting that lifestyle with farm insurance must be part of the equation, whether it’s a hobby or a full-time occupation. Below are a number of factors to consider when determining your farm insurance needs in order to keep your investment fully protected.
What Is Farm Insurance?
Farm insurance is a combination of a number of different types of insurance including property coverage of property (buildings, equipment, animals, crops) as well as liability. Each farm has its own set of needs so typically you will not find a one-size-fits-all insurance package. Rather it is best to speak with a knowledgeable insurance agent that can help you determine a coverage package that fits your unique needs.
Many people who own a large garden or a small farm never plan on making a profit. In some cases, a standard homeowners insurance policy may cover some hobby farming activities. Regardless, it is important to understand potential exclusions like protection for outbuildings, or large farming equipment. In other cases, people may have for-profit hobby farms where, for instance, they sell products at a local farmer’s market. In either case, your insurance agent should clarify what is and is not covered under your current policy.
For-Profit Farm Insurance
Every farm is different, whether you’re raising animals or growing crops, hiring part-time seasonal help or maintaining full-time staff. To protect your livelihood and investment, it’s critical to get a farm owner’s policy that covers exactly what you need. Below are the primary types of coverage available in a farm insurance policy:
Dwellings, barns, outbuildings.
You’ll want to protect not only your residence but all buildings on the farm.
Farms can be dangerous places. Protect against a full array of liability claims including bodily injury or damage to property.
Animals may be protected under a blanket policy or individually in addition to what is covered by the US Department of Agriculture
Protect against weather and other hazards that could destroy a full season of your valuable assets.
Equipment and commercial vehicles.
Get protection for all of the farm equipment you use to run your business, including tractors, rigs and transport trucks.
Loss of business income.
Unforeseen business interruptions happen. Assure that your income is uninterrupted.
Employees may get injured or sick on the job. You’ll want protection against any claims.
Whether you offer horse boarding, roadside stands, agritainment/agritourism (like corn mazes), or custom farm work, you’ll want to assure your policy is providing the right coverage for you.
How to Get a Quote
You’ll need to gather some information together in order to get a quote on farm insurance. This will include at least the following information:
- Property details - the size and location of the lot in addition to its use.
- Structures on the property - dwelling, outbuildings, etc.
- Inventory - crops, livestock, equipment, other assets
Contact your local farm insurance agency so that they may advise you what else you may need for a quote. Foy Agency is proud to have developed long-lasting relationships with financially sound national and regional insurance companies throughout the state of New York. Our professional, friendly, knowledgeable staff is committed to providing clients with cost-effective farm insurance and other protection throughout New York State. Give Mike or Jeff a call at 315-493-2391, or check out more of our website for more information.