How Farm Insurance Can Help New and Beginning Farmers

Starting out as a farmer can be an exciting time. Working the land and growing your business from the ground up may be enjoyable and rewarding. However, the agricultural industry consistently ranks as one of the most dangerous and risky in the United States, and with limited experience in farming, you should prioritize robust risk management. Understanding how farm insurance works and retaining appropriate policies is critical.

What Is Farm Insurance?

You should first realize that farm insurance may not be available as a specifically named product from all insurance companies. Instead, this term may refer to several separate policies, each containing relevant coverage necessary to address a farm’s risks and exposures. A qualified insurance professional, such as those at Insurance Solutions Center, can help you analyze your situation and assemble a package of appropriate coverages.

What Types of Insurance Do I Need?

Your farm is unique and its insurance needs may vary significantly even compared with others in the same area or of similar sizes and crops. Still, there are several types of policies that may be valuable for most in this industry. Consider the following:

• Commercial property insurance may help you manage losses involving your farm’s buildings, equipment, tools and other physical belongings.

• General liability insurance may offset third-party losses for which you are liable, such as if one of your animals injures a guest or you accidentally distribute contaminated or spoiled crops.

• Workers’ compensation insurance is typically required by law and may assist with costs arising from employees’ on-the-job injuries or illnesses.

• Crop insurance may help pay for damage to your harvest or compensate you for market fluctuations and low yields.

• Livestock insurance may blunt the financial blow following incidents in which your farm’s animals are harmed or stolen.

• Commercial auto insurance may provide required coverage if you use trucks, cars, tractors and other vehicles as part of your farm’s operations.

We’re Here to Help

As a new farmer, you can help a bright and bountiful future blossom by cultivating appropriate insurance coverage. At Insurance Solutions Center in Batesville, Mississippi, we’re standing by to help. Contact us today to get started.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.