Farm And Ranch Property Insurance
Farm and ranch property insurance covers the assets of your farm and ranch, such as livestock, equipment, buildings, installations, and others.
Think of this as commercial property insurance that’s solely underwritten for businesses in agriculture. These are the common coverages you can get from farm and ranch property insurance:
Farm And Ranch Personal Property Coverage
The equipment, barn, machinery, equipment, livestock, supplies, and machine sheds are valuable assets. Farm and ranch personal property coverage will reimburse your loss if these become damaged or lost due to:
Fire
Theft
Vandalism
Malicious mischief
Riot
Civil commotion
Aircraft
Vehicle
Sinkhole collapse
Volcanic action
Lightning
Hail
Snow
Winds
Rain
Farm And Ranch Livestock Coverage
Livestock insurance is an additional layer of protection for the cattle, pigs, and other livestock on your farm and ranch. This functions to recover financial losses due to livestock damage or death due to:
Accidental shooting
Attacks from dogs or wild animals such as wolves, snakes, and others
Disease
Fire
Flood
Theft
Loading and unloading accidents
Negligence
The livestock insurance of your farm and ranch doesn’t cover animals owned by others but is currently under your watch. You can solve this gap by introducing care, custody, and control endorsement to livestock insurance.
Ranch And Farm Crop Coverage
Crop coverage is an inclusion in farm and ranch property insurance that covers losses if the vegetables, fruits, and other crops on your farm wither and die due to:
Frost
Hail
Wind
Drought
Fire
Flood
Insect damage
Note that crop coverage only applies to crops in the field. Any harvests in-store that get damaged are excluded in the terms of the policy.
Farm And Ranch Equipment Coverage
The razors, plows, seeders, tractors, harvesters, and other equipment are never cheap. To protect your investment, insurance companies include equipment coverage in their farm and ranch property insurance.
Farm and ranch equipment coverage will cover expenses for repair or replacements if tractors, harvesters, and other equipment become damaged or lost due to:
Operator error
Impact
Mechanical breakdown
Electrical surge
Electrical shorts
Theft
Floods
Understand that the equipment coverage for your farm and ranch excludes damage or loss due to wear and tear, war, theft, earthquakes, and transit.
Farm And Ranch Income Coverage
Income coverage helps you keep losses at bay while your farm and ranch isn’t generating income due to a disaster such as:
Swarms
Drought
Flood
Storm
Fire
So what does this do? While your farm and ranch isn’t generating the usual income, farm and ranch income coverage will provide the money you can use to cover payroll, mortgage, taxes, loans, supplies, utility bills, and other operational costs.
Farm And Ranch Inland Marine Insurance
Sometimes, you need to transport farm equipment through a truck or automobile hauler. The insurance that provides protection during such a situation is inland marine insurance. Inland marine insurance will reimburse your losses if farm equipment becomes lost or damaged during the trip due to:
Farm And Ranch Commercial Auto Insurance
Commercial auto insurance covers perils associated with the use of farm hauling tractors, trucks, ATVs, and other motorized vehicles for farms and ranches. This policy provides the following:
Auto Liability Coverage
Auto liability coverage will take care of costs if the tractor, truck, or ATV of your farm and ranch causes a vehicular accident that results in the death or property damage of victims.
This allows you to pay the medical treatments and reimburse damaged properties. Auto liability coverage grants a minimum $25,000 coverage per bodily injury and $50,000 coverage per property damage.
Note that auto liability coverage will also account for defense costs and court judgments if the victims decide to sue.
Physical Damage Coverage
Physical damage coverage will take care of costs if unfortunate circumstances damage the tractor, truck, or other motorized vehicles of your farm and ranch. You get this as a:
Collision coverage-Collision coverage will take care of parts repair or replacement expenses if the tractor, truck, or other motorized vehicles of your farm and ranch sustains damage due to a collision with an object or another vehicle
Comprehensive coverage-Comprehensive coverage will cover parts repair or replacement if fire, winds, hail, snow, theft, and other covered perils damage the truck, tractor, or other motorized vehicles of your farm and ranch
Understand that physical damage coverage doesn’t take care of costs if the motorized vehicles sustained damage due to rollovers. Also, coverage might not apply if damage occurred while the motorized vehicle is being used by another driver, except you or other insureds.
Medical Payments/Personal Injury Protection
Medical payments and personal injury protection are coverages in commercial auto insurance that protect the driver and passengers of your farm and ranch’s motorized vehicles. Here’s a quick discussion of their difference:
Medical payments coverage-If the tractor or truck of your farm and ranch injures its passenger or driver, medical payments coverage accounts for medical treatment and hospitalization
Personal injury protection coverage-Personal injury protection coverage will cover medical treatment, hospitalization, medication, lost wages, etc. if the tractor or truck of your farm and ranch injures its passenger or driver
Uninsured/Underinsured Motorist Coverage
If the driver who caused the accident can’t indemnify your losses, underinsured/uninsured motorist coverage will take care of all the costs for medical treatment, property damage reimbursement, and vehicle repairs.
Farm And Ranch Trailer Insurance
Your farm and ranch uses flatbed trailers, enclosed trailers, or utility trailers to haul goods and equipment.
Commercial auto insurance will cover the trailer but only if it’s attached to the insured tractor or truck. Therefore, if something happens to the trailer while it’s not attached, then you’re left on your own.
This is why you must consider getting trailer insurance. The purpose of this insurance is to:
Cover medical treatment, property damage reimbursement, settlements, defense costs, and court judgments if your trailer injures or destroys the property of a third party
Cover parts repair or replacement expenses if the trailer of your farm and ranch sustains damage due to collision, theft, fire, weather, and other covered perils
Reimburse rental or lease expenses if you need to hire an additional trailer because the one that you own is being repaired
Trailer Interchange Insurance
Insurance companies allow you to add trailer interchange coverage to your trailer insurance. It takes care of repair or replacement expenses if a trailer you hired or borrowed under a trailer interchange agreement sustains damage or becomes destroyed due to fire, theft, and other covered perils.
Farm And Ranch Workers Compensation Insurance
Farm and ranch work is very perilous. Livestock can injure custodians, hazardous chemicals can cause sickness, and accidents can result in burns, fractures, and other injuries. Experts record the fatality rate at 18.0 per 100,000 workers.
Workplace deaths and also injuries or diseases can be very expensive. Purchase workers' compensation insurance to cover costs. This policy will take care of the following:
Medical Treatment/EMT Service
Workers' compensation insurance will cover medical treatment fees and private EMT service fees if an employee sustains:
Injuries after getting attacked by livestock
Injuries after experiencing an accident while using equipment
Injuries after equipment breaks down
Disease due to contact with fertilizers, herbicides, and other harmful substances
Hospitalization
You can use workers' compensation insurance to cover bills if an employee needs to stay in the hospital to receive intensive medical care for a work-related injury or disease.
Medication
Workers' compensation insurance provides the funds an employee can use to buy medications for a work-related injury or disease, as prescribed by the physician.
Rehabilitation And Retraining
Workers' compensation insurance covers rehab. It will also cover retraining costs so that your employee can resume his job. While your employee is under rehab or being trained, the policy will provide an allowance equal to a percentage of the average weekly wage.
Lost Wages
Workers' compensation insurance covers lost wages if the employee of your farm and ranch can’t work due to a work-related injury or disease. The policy provides a weekly allowance equal to two-thirds or 67% of the average weekly wage.
Death Benefits
If the employee of your farm and ranch dies, workers' compensation insurance provides death benefits. It will take care of the funeral expenses and grant financial assistance to dependents
Does The Law Require You To Get Workers Compensation Insurance for Employees?
Most state laws don't require farm and ranch owners to get workers' compensation insurance for their employees. But still, it’s best to be safe, so check the requirements of the worker's comp department of your state.
Can You Insure Yourself With Workers Compensation Insurance?
You can insure yourself with workers' compensation insurance. While purchasing the policy, carriers will give you the liberty to include or exclude yourself as an insured.
