Why Farm Insurance Coverage Is Beneficial for Farmers

Research shows that farming is a great hobby and a potentially lucrative business venture. So even if you are simply renting the land, it’s important to insure your crops.

If you are a farmer working under a lease agreement, be aware that insurance can help cover personal property that you have in storage. Farm insurance coverage also protects you if an accident happens on the farm. Here is a closer look at farm insurance coverage.

Farm Insurance Explained

As a farmer, searching for the right coverage can be complicated at times. Your insurance needs are tied to the lease that you have with the landowner. Even if you have a well-defined lease, there are still other things to consider. Farm insurance is similar to a renters insurance policy. The policy covers all of the equipment that you use to keep your business running smoothly. It gives you peace of mind that your assets are covered in the event of an emergency.

In addition to personal property protection, you have medical expense coverage. If someone else is working on your farm and suffers an injury, you are covered. Medical expense coverage helps pay for any injuries that occur while working on the farm. This prevents you from having to use your own savings to cover the injured party’s medical bills. However, it’s important to remember that the policy covers any injuries to your guests and not your employees. Also, consider adding extra coverage if you have special equipment. This is the only way to fully cover those items if they are stolen.

Farm Insurance Is Essential

Performing farm work on a regular basis is risky. Whether you are working independently as a lease-holding farmer or you have employees, accidents can happen at any time. You may need to add umbrella liability coverage, which provides additional security above the traditional liability coverage limits. Umbrella insurance can protect you if you are facing an expensive lawsuit related to a liability claim.

You can customize your coverage by defining the specific terms of your policy to ensure that you are fully protected. Farm insurance is flexible, as it is available in million-dollar increments, and you have the freedom to identify the insured parties in your policy. The policy also covers you in several liability scenarios, including defamation of character or invasion of privacy.

Property damage coverage is a foundational piece of this policy. You will be covered if you cause damage to your landlord’s buildings or structures. You are also covered if you accidentally cause smoke and fire damage. Any negligence on your guest’s part is also covered. Farm insurance travels with you. If you are out of state and cause third-party bodily injury or property damage, you will be covered. If you have borrowed a piece of equipment that gets damaged or stolen, you will be covered.

Farm insurance can give you comfort while you perform daily tasks. While searching for coverage can be complicated, our team of professionals at VGW Insurance will guide you through the process and help you find the right policy. Contact us today to get started.