When it comes to America’s multi-million dollar insurance industry, the type of protection and peace of mind citizens are able to reap goes a long way. In addition to the most basic types of coverage such as, home, health, car and life, insurance companies also offer farmers insurance to those individuals whose personal and professional lives revolve around the agricultural business. The main purpose of farmer’s insurance is to safeguard farmers and others vested in the business of agriculture from losses that may be suffered from various types of natural disasters.
Most of the policies offered under farmers insurance are meant to protect the basic needs demanded by a typical homestead. The purchase of agricultural insurance may be particularly necessary for smaller farmers, because their farm often serves a dual purpose as both a home and business. With a farmer’s insurance policy, smaller agri-business owners are able to prevent the unfortunate circumstances of being left with no home and money in the event their farms are damaged or destroyed.
Farm owners can opt for several types of policies, including those offered by their state’s farm bureau insurance program. Farm bureau insurance typically falls under the category of a farmers insurance group coverage plan. Many of the states that offer farm bureau insurance require their citizens to become members for eligibility purposes, and work with their own insurance companies to offer comprehensive products and applicable packages.
Whether farmers choose to obtain coverage through their state’s farm bureau insurance program or opt for other types of full coverage policies being offered by different insurance companies, some of the specific types of insurance products they should consider purchasing in order to protect their investment include the following:
1. Farmers Home insurance
There are some farmers insurance policies that provide coverage for a farmer’s homestead and everything included in it. This type of policy also protects the farmer from losses incurred due to damages brought on by burglary or leakage.
2. Liability insurance
Liability coverage under farmer’s insurance protects a farmer’s property against losses sustained from various types of catastrophes including fire, floods, and hurricanes. Liability insurance also protects a farmer from injuries incurred during the course of farm work such as falls, pesticide poisoning, burns, and the list goes on.
3. Commercial vehicle & equipment insurance
Because farm vehicles and equipment are heavily used on a daily basis by farmers to maintain their crops and livestock, they are also more likely to break down. In order for farmers to prevent costly expenses that result from replacing broken machines and equipment, it’s important for them to have this type of insurance coverage.
4. Farm Property
Property coverage provides farmers with protection against damages to certain properties, including their livestock. This type of insurance may be especially beneficial for farmers who reside in heavily prone hurricane or tornado zones, as statistics continue to show that most of the casualties during such natural disasters are livestock such as horses and cows, which are not able to evacuate the premises immediately.
In addition to jumping on the internet for more information and to obtain free quotes, farmers can also consult with farmers insurance agents if they are uncertain about where they should obtain farmer’s insurance from and which types of policies to purchase. Not only can agents help to locate reputable insurance companies, they can also recommend programs and products that would be most beneficial for them. Additionally, farmers insurance agents can also negotiate certain discounts that may apply in order to get better rates and terms for coverage.