The daily of grind of farm work helps provide dairy, food, and other agricultural products to the entire country. Knowing the fine details about farm and ranch insurance keeps land operating smoothly while protecting you from damage and losses. Western States Insurance Group in Lovington, NM, specializes in providing its clients with the knowledge they need to make informed coverage choices.
As an independent insurance agency, the local firm is able to secure customized plans from many of the nation's leading carriers. In turn, clients gain a wealth of knowledge about important policy features designed to shield their financial livelihoods.
What You Should Know About Farm & Ranch Insurance
1. You Could Need Coverage for Workers
If the farm has full-time workers, the owner may be required to provide worker’s comp insurance. Rules vary by state, but coverage is generally required if there are two or more employees. Generally, the owner is considered an employee.
2. Animals Create Risk
The type and amount of animals maintained on a farm can determine the level of liability risk. Large-scale operations with animals such as dairy cows require comprehensive coverage to protect them from potential losses. However, hobby farms with a few or no animals could still require coverage under a farm/ranch policy, depending on location and acreage.
3. Losses Impact Premiums
Given the potential losses farmers face, the premiums for farm and ranch insurance vary. In general, the higher the risk for losses caused by weather conditions, or lack of fire protection, the higher the premiums may be. A professional agent can help farmers secure the most affordable coverage for their operations.
4. Farm Design Is a Factor
The architectural layout of a farm or its structures may provide additional insurance protection. For instance, certain materials and where buildings are located on the property can create barriers against strong, windy conditions. This placement can minimize potential damage during storms.
5. There Are Safety Feature Discounts
Just as with homeowners and auto insurance, farm and ranch insurance providers may offer discounts for operations with additional safety features. From the use of sturdier materials to security surveillance, policyholders could receive discounted rates and lower premiums if these items are used and installed.
6. There Are Bundled-Policy Discounts
Some farm insurance providers will also offer discounts if policyholders have their homes and autos with the same carrier. An experienced agent will gladly review existing policies to determine if a person could benefit from bundling all their insurance plans.
The team of professional agents at Western States Insurance Group is thoroughly familiar with the features of farm and ranch insurance. If you're in the market for new coverage or want your existing policy reviewed, call (575) 396-1318 for a free quote. Visit the website for more insurance options to protect you, your loved ones, and your property.