FARM INSURANCE

HOW TO CHOOSE How to Choose Farm Insurance

Not all insurances are the same and not all policies will cover what you need. When it comes to farm insurance, you will want to make sure you are getting the coverage you need for the most protection for your farm and equipment.

Picking the right insurance policy for your farm is vital to the success of your business.

Unlike farm equipment or a planting schedule, most farmers don't have a lot of knowledge about the insurance industry. Yet if they experience an accident or mishap on their farm, a solid insurance policy can put their business back on a solid footing.

When you are in the market for farm insurance, here are some things you need to keep in mind.

INCREASED LIABILITY

With the farming industry changing at a rapid pace, you may have more exposure to the prospects of lawsuits and damages.

Every farm is different, with various sizes and types of operations. You might need different coverage from other farms. Have a meeting with your insurance agent to talk about your changing needs when it comes to liability coverage. The agent should develop a customized solution specifically for your needs.

KNOW YOUR POLICY

Farm policies are very different from other insurance products. It is important to understand your coverage.

When you meet with your insurance agent, ask the following questions: — If my house is on the farm, does farm insurance cover it for damage? — What types of damage to my farm equipment does the insurance policy cover? — Does the policy include all the barns and buildings on the farm? — How are my livestock covered?

Policies are different. Some may cover livestock, buildings and equipment, while others will provide coverage from disasters, floods and other harm.

Find an insurance agent who is specially trained to look for risks that exist on farms. You should identify these things and insure against them before they happen. It is better to be prepared rather than feel regret.

FIRM STRENGTH

Make sure you are dealing with an insurance company that has a strong balance sheet and good reputation.

It is equally important to understand the company's reputation for dealing with claims. Good insurance companies handle farm claims quickly, fairly and professionally. It is always a smart idea to ask other farmers in your area about insurance companies. They may even have some recommendations for you.

Knowing how to protect your farm, equipment and livestock, and getting the right coverage will protect you as well as giving you peace of mind.

Article contributed by First Maxfield

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