Farm Insurance

Although farms are just like any other business, one failed production yield or a farm animal illness could cause significant financial hardship to your business. One of the most important parts of your farm’s risk management strategy is to purchase the right farm insurance policies. The team at McCallum Agencyis here to help you identify your exposures and find the right insurance solutions to properly protect your farm.

What Is Farm Insurance?

Farm insurance isn’t just one policy that you can buy to properly protect your farm. Rather, it’s a term used to refer to the variety of insurance policies that you may be able to purchase to secure appropriate coverage for your farm business.

What Does Farm Insurance Cover?  

There may be a variety of farm insurance options that you can purchase. Some of the most common farm policies include:

• Crop Insurance: Damage to crops might arise from weather, fires and other hazards. This coverage can pay you a settlement to help you replace those items and lost income.  

• Farm Livestock Insurance: If you have farm livestock, this coverage can help protect you financially if your animals were to die due to a covered loss or illness.   
• Equine Insurance: Horses are often valuable both for farm operations and their market value. Therefore, when you breed or raise horses, a single loss might cost you a lot of money. This coverage can help insure your horses against death, injuries and other hazards.  
• Farm Equipment Insurance: On a farm, you use a variety of equipment that is essential to your operations. This insurance helps cover the costs to repair or replace a covered piece of equipment.
• Tractor Insurance: Standard equipment insurance often doesn’t cover tractors or other farm vehicles. You can buy separate coverage to protect these items against damage or other losses.  
• Farm Dwelling Insurance: If you live on your farm, then this policy can cover your home.   

• Farm Structures Insurance: This coverage insures barns, grain silos and other property.  
• Commercial Auto Insurance: Vehicles owned by the farm or used in its operations will need commercial auto insurance rather than personal auto insurance.  
• Farm Liability Insurance: Your operations might cause bodily injuries or property damage to various people, including your clients. This coverage can help you repay them for their losses.  
• Umbrella Insurance: Under standard liability insurance, there will be limits. However, if a claim exceeds these limits, then umbrella liability coverage can help cover remaining costs.  
• Workers’ Compensation Insurance: If you hire full- or part-time employees in your operation, then you will likely have to buy workers’ compensation. It will pay an employee replacement wages if work-related injuries or illnesses occur.

By considering both personal and commercial assets, coverage can be customized in order to meet the needs of farmers. There are numerous industry regulations, as well, so there are countless unique coverage requirements based on each farmer’s situation.

Is Farm Insurance Expensive?

The cost of your farm insurance policy will vary depending on the types and amounts of coverage you choose, as well as the size of your farm operations, type of business operations, past claims history. Other factors may influence your premium cost. Call the team at the McCallum Agency to get a quote today.

How to Get Farm Insurance

If you’re in the market for farm insurance, we can help. Take the first step in picking the right coverage and call us at440-899-2700 or request your quote now.