Having an insurance policy for your properties, businesses, and personal life gives you great peace of mind, as you won't have to worry about how you will handle the occurrence of specific risks. You should enjoy the same ease when conducting activities on your farm, hence the need for farm insurance. This coverage protects you from potential threats that may affect your farm or farm products, enabling you to concentrate on maximizing yields and profits. The following are some of the key insurance coverage you should have as a farmer:
1. Farm Property Coverage
Depending on its size, your agricultural farm may have structures like your house, stores, and animal shelters. These structures are essential for storing your farm products and providing shelter for you and your livestock. Threats to these properties will affect the smooth running of your farm. Therefore, you should get insurance to protect these properties from risks such as fire, vandalism, and destruction from natural occurrences such as floods and heavy winds. Farm property insurance coverage may extend to machinery and vehicles used in your farming operations.
2. Farm Workers' Compensation Coverage
Employees are prone to get injured or fall sick in any working environment while conducting their duties. Your farm employees may fall ill or get involved in accidents while doing farm activities. When these accidents occur, it is your responsibility to pay for their hospital bills or any losses as their employer. To avoid such liabilities, you should have workers' compensation insurance coverage.
3. Farm Produce Coverage
The ultimate goal of an agricultural business is to get as much produce as possible and to maximize profits. This comes with a lot of investment in buying raw materials and employing staff to run your farm. What if your farm produces get stolen or destroyed by fire or harsh weather conditions? Does this mean your investment goes down the drain? You should have farm produce coverage to cushion you from losses resulting from the destruction of your farm produce.
4. Livestock Insurance
Livestock entails domestic animals such as horses, cattle, goats, and sheep raised on the farm or conducted farm activities. The animals are sometimes exposed to dangers such as theft, death due to diseases, attacks by wild animals, and even accidental shooting. Such risks may result in loss of income hence the need for you to get livestock insurance coverage.
Conclusion
Farm insurance coverage for different farm activities protects you from unexpected losses and liabilities. You should consult a farm insurance expert to get advice on the various types of farm insurance policies available and help you select the suitable ones for your farm.
Visit a site like http://www.wrg-ins.com/ to learn more about farm insurance.