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While farms need the standard types of insurance policies that other businesses need, such as property insurance and general liability coverage, they also need insurance that is specifically related to the business they run.
Equipment Insurance
Consider your tractors, balers, ATV's, as necessary tools to maintain your farm, ranch, and rodeo use properties, coverages for theft, fire, collusion, and other perils are available in many package policies.
Equine Liability
Horse trainers, event arenas, boarding stables and other equine enthusiasts will want to consider coverage for "care custody and control", liability, for spectators, mortality coverage for the animal who is at your place for training, breeding, and boarding.
Livestock Insurance
Livestock insurance is a multifaceted type of coverage with several different policy options. For example, farm owners can buy coverage for specific activities such as their livestock's transit or for auction market coverage; they may buy coverage for specific animals such as poultry coverage or pasture and dairy cattle coverage; or they may buy mortality insurance for animals with an especially high value to the farm such as a stud.
Farm Equipment Insurance
It takes a lot of specialized equipment to run a farm. From tractors to irrigation equipment, trailers to combines, these complicated expensive machines are fundamental to a farm’s ability to operate properly, efficiently and successfully. Equipment insurance for the vehicles and machines on the farm will allow for reimbursement for certain losses and damages and can help keep you operational.
Farm Out Buildings
Unlike a standard homeowners policy, barns, sheds, hay storage, and other buildings are normally not covered unless specifically endorsed to a policy.
Crop Insurance
Some farms make all or most of their profits through the crops that they grow. When a disaster, such as a tornado, wildfire or flood strikes and the crops they depend on are devastated, crop insurance can reimburse them for the losses they face. Before buying crop insurance, it's vital that farmers submit an accurate representation of the planted acreage they have per unit. Should they underreport, they may not be reimbursed for all losses they could realistically experience.
Workers Compensation Insurance
Farms that employ people should also look at workers compensation coverage. Without this protection, they will be responsible for paying the medical expenses and lost wages of employees who are injured at work.
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