A farm is much more than a piece of land. It also consists of thousands of dollars in equipment, buildings, fences, and other assets, all of which are susceptible to loss due to theft, natural disasters, and liability lawsuits related to accidents on your property. Farm insurance provides an umbrella of protection over your investments, shielding your agricultural operation from the unexpected. Here’s a closer look at how it works.

Understanding Farm Insurance

What Your Home Insurance Covers

Many farmers and ranchers live on the land they farm, so you might assume your homeowner’s insurance will adequately cover the entire property. However, while the standard home policy will pay for damage to your house, it typically excludes business assets, so you’ll need separate coverage for your barn, tractors, machinery, and livestock. Likewise, if someone is injured in your house, home insurance will generally pay the liability claim, but injuries caused by your farming activities don’t fall under this coverage.

What Farm Insurance Covers

No two agricultural operations are exactly alike, so farm insurance is highly customizable. The basic policy protects your farm equipment from damage caused by specific perils, and you can add additional coverage depending on your needs. For instance, you may need livestock coverage to compensate you if your farm animals get sick or die in an accident.

The Importance of Farm Liability Insurance

Every business is exposed to liability claims, but farming operations are particularly dangerous. Visitors may be injured by industrial equipment, or livestock can escape and cause damage to neighboring properties. Depending on the type of farm you own, you may also be held liable for injuries and property damage caused by pesticide use and chemical leaks, so farm liability coverage is an essential investment. For maximum protection, carry liability insurance equal to the value of all your assets combined.

As one of the most respected insurance carriers in the Florida Panhandle, Farm Bureau Insurance has been protecting farmers from the unexpected for over 60 years. They pride themselves on providing exceptional service to every client and comprehensive farm insurance coverage designed to meet your needs. Visit their website to find an agent near you or call (850) 674-5471 to reach their office in Blountstown.