Buying A New Farm? 4 Types Of Insurance You Should Have
If you are buying a new farm, you never know what will happen on it, such as human injuries, animal injuries, loss of equipment, or damage to barns. These things can make you lose a lot of money if you have to pay out of pocket. To prevent this from happening, below are four different types of insurance you should purchase.
This type of insurance will cover any damages to your machinery, sheds, barn, and more. If you live on your farm in a home, your homeowner's insurance will not cover any damage to your farm, as this needs to be a separate policy. With property insurance, you can replace any building structure, the contents inside the structure, and much more.
If someone is visiting your farm and gets injured, farm liability insurance will cover their injuries, lost time from work, and more. If one of your employees gets injured while working on your farm, the same thing goes for them. Farm equipment is dangerous, so you need to be sure you get this type of insurance policy. If you do not, you could lose your farm and everything on it because you would have to pay astronomical medical fees and other fees.
There is another type of farm insurance that will cover things like seed, grain, and animal feed. The insurance will only cover stored products, however. For example, any seed or feed must be kept in a storage container with a sealed lid.
This means if you are growing grain or feed on your farm, the seed or plants will not be covered if they were damaged in any way.
If you have any livestock on your farm, such as cows, pigs, or horses, you need to purchase livestock insurance. This will provide coverage if any of your livestock is injured or killed on your farm. You can purchase an extension to cover even more. For example, there are insurance extensions that will cover animals if they are shot, accidentally run over by farming equipment, or harmed in certain other ways. The livestock may be injured from a wild animal or a dog, or you may have an earthquake or a flood that would cause you to lose all your livestock.
This type of coverage will also provide coverage if your animals get sick and die. The coverage would cover medical expenses, such as treatment and surgery.
Talk with an insurance agent from a company like Cache Valley Insurance Inc. about these coverage options so you can determine what you need for your farm.