Farm Insurance: Covering Your Assets

Farms are subject to more risks than ever before. Whether it is the liability exposure of driving equipment on roadways or the potential of property loss due to a barn roof collapse, every farm has multiple sources of risk. While farmers can reduce their risk exposure through good business practices and rigorous safety protocols, there is no way to entirely eliminate risks. For this reason, insurance policies that adequately protect against risks are a necessity for farm operations. Farmers likely understand the important role insurance plays in protecting farm assets. But how many actually read and understand their insurance policies? The failure to read policies is not a result of apathy but more likely due to the almost complex nature of an insurance policy. Reading and understanding an insurance policy is difficult for anyone other than those in the insurance industry. The objective of this publication is to help by providing farmers a basic understanding of insurance policies—from common coverages to policies in preparation for a thorough policy review with the insurance agent. Our information is based on general knowledge as applicable to most policies. Farmers should periodically review their insurance policy, including coverage limits, with their agent to be sure they are fully covered for potential risks.

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