What kind of farm insurance do I need?

Farm insurance varies for each policyholder depending on the operation that occurs on the farm. An insurance plan for your farm is tailored specifically to the needs on your land. 

Typically, you will need coverage for your farm, machinery, and livestock. You can bundle your farm and ranch insurance, which covers your property and provides liability coverage. For your farm, you will need coverage for property, liability, and workers’ compensation. In addition, coverage will be needed for worker safety, as well as fire and equipment failure. 

The team at Holly McMillin works with policyholders to draft a plan to cover risks associated with professional, product, and general liability. Furthermore, they assess the needs and create a plan to properly cover your farm.

farm insuranceWhat is farm insurance?

Farm and ranch insurance are a bundled dual coverage policy. This insurance policy protects your livelihood – including the operation of the farm and the home on the property. Reliable insurance protects the livestock, machinery, and anyone who works on the property in the event of potential liability situations. It also protects additional structures such as the barn or stable. If there are animals on the farm that provide an income, having the right insurance protects the livestock in the event of a death or accident. 

Farm insurance is a highly customizable plan with additional add-on options for your farming needs. It is not uncommon for an insurance agent to visit the farm to assess the coverage needs so that the farm is protected personally and commercially. Farm and ranch protects the home, farm, machinery, and livestock. The policy may be broad coverage or more specific coverage.

What does farmer’s insurance cover?

  • Machinery such as tractors, combines, plows, and field equipment 
  • Livestock such as cattle, sheep, pigs, goats, and more
  • Farm products such as fertilizers, pesticides, animal feed, seed, grain (only covered while being stored) 
  • Detached garages, and other buildings
  • Plants such as trees
  • Personal property directly related to the farm 

In addition to the items listed above, if you use a truck for farm work, you may be able to bundle your auto insurance policy and add it to your farm insurance package. Some other basic coverage information that is beneficial to know is that if livestock is killed or injured, struck by a vehicle, attacked by other animals, or a victim of an accidental shooting, the livestock is covered. If a flood or earthquake causes loss to livestock, they will be protected under the policy. Horses typically require more insurance, whether they are used for work, breed, or show. Horses that are rode for pleasure may not need as much coverage. Horses need separate plans to also include medical and surgical expenses.

What may need to be included as an addition to the policy?

  • Crop coverage
  • Pollution coverage
  • Additional structures such as rental properties 
  • Fences 

What is included in liability protection coverage for a farm?

If an accident occurs on your farm, you will want to make sure you have quality liability coverage on your plan. Just like a home insurance policy, farm insurance also provides liability coverage. Liability coverage is required as a part of farm insurance. This covers bodily injury, medical expenses, property damage, and attorney’s fees. For example, if an animal escapes and causes an accident, the owner of the animal is liable. However, liability coverage protects the farmer in the event of an accident. 

What information do I need to provide for a quote?

An insurance agent at Holly McMillin will identify what plan may be most suitable for your farm. In order to receive a quote, the following information will need to be provided. 

  • Name and address of the farm
  • Type of farm – equine cattles, crops, etc.
  • Is the entity an LLC, corporation, or sole proprietorship?
  • How long has the company been in business?
  • How many years experience?
  • Do you reside on the farm?
  • Number of homes, barns, and values on the farm
  • List of equipment on the farm 
  • Amount of payroll, excluding the owner 

Holly McMillin is passionate about serving the farming community. Get in touch with our team here to learn your farm insurance options.