An Introduction to Farm and Ranch Insurance Coverage
Agriculture is among the riskiest industries in the U.S. To give you an idea, in 2020 alone, over 350 farm workers succumbed to work-related injuries, per the Centers for Disease Control and Prevention (CDC). The figure translated to about 18 cases per every 100,000 farm workers. If you are a farmer dealing with farm machinery and workers, you risk losing your finances if an accident occurs. For instance, a tractor can overturn and pin a worker underneath. Farm and ranch insurance coverage can help secure your finances if a peril occurs on your farm and causes losses. Here is more information about this topic.
What is Farm and Ranch Insurance?
This dual insurance policy protects your home and farm machinery, equipment, and buildings. It is suitable for anyone living in a farmhouse and has high-value farm machinery such as tractors and combine harvesters. It also provides some coverage for liability-related losses.
What Farm and Ranch Insurance Coverage Covers
Tractor overturns are the most common farm accident in the U.S. They cause both bodily injuries and damage to crops and livestock. You should get suitable farm and ranch insurance coverage if you have a farm containing heavy machinery and equipment. This policy is crucial as it protects your finances from expensive peril. Specifically, the farm and ranch insurance policy covers the following:
- Farm machinery and equipment – The farm and ranch insurance policy protect the equipment and machinery you use on the farm. While it is not every day that a tractor will overturn and cause severe injuries, it is better to plan and secure your finances. One farm accident is enough to cause complete damage and financial loss.
- Livestock – You also stand losing your livestock on the farm due to accidents. In such cases, the farm and ranch insurance policy will pay for the resulting loss, provided the cause of death or injury is a covered peril. The policy typically caters to treatment expenses, loss of use coverage, and surgery costs in case your animal needs it.
- Liability costs – The farm and ranch insurance pays for any liability costs from farming-related activities. For example, if your farm tractor rams into a nearby bystander, injuring them severely, farm and ranch insurance coverage will pay for the resulting costs. It also caters to the costs that result in case you damage a third-party’s property.
- Stored products – Farm products such as stored grains can also get damaged due to perils such as vandalism, fire, and natural disasters. The good news is that the farm and ranch insurance policy covers such farm products, meaning you won't incur these expenses out of pocket.
Farm and Ranch Insurance Exclusions
Farm and ranch insurance does not protect crops on the farm. If a peril destroys your crops, you will incur the expenses out of pocket. Another exclusion is fencing. Regardless of how much you spent in fencing your farm, the farm and ranch insurance will not pay for any related damages.
How to Get the Right Ranch Insurance Policy
The right ranch insurance coverage can help safeguard both your farm and financial resources. At Amity Insurance Group, we can help you get a farm and ranch insurance policy that adequately protects your property. To learn more, contact us today!
