Farm Insurance in Bronson, MI
Owning and operating a farm means long hours and hard work. Still, even the most dedicated and diligent farmers may eventually need to manage the aftermath of accidents and errors that could otherwise lead to costly out-of-pocket financial losses. As with any other property or endeavor with significant financial stakes, you must protect your farm with robust loss control measures, including adequate insurance.
What Does Farm Insurance Typically Cover?
The first thing you should understand about farm insurance is that this term only sometimes refers to a single policy that you can fully depend on to fulfill your coverage needs. While some insurers may offer prepackaged bundles to account for farmers’ risks and exposures, you may need to assemble your insurance portfolio to ensure sufficient protection.
Your farm may have unique characteristics or circumstances that affect its specific coverage needs, but generally, the following policies are recommended:
- General liability insurance—This coverage can help pay for third-party losses arising from incidents for which you were liable, such as bodily injury or property damage.
- Farm dwelling coverage—If you live on your farm, this coverage can help pay for repairs or other losses involving your residence.
- Farm outbuilding coverage—This coverage can provide financial assistance if a covered incident damages barns, silos, sheds or other structures on your farm.
- Workers’ compensation insurance—If an employee is injured on the job or develops a work-related illness, this coverage can help pay for medical bills, lost or reduced income, disability benefits and legal costs.
- Equipment breakdown insurance—This coverage can insulate your farm from financial losses involving broken, damaged or malfunctioning equipment, including helping to pay for repair or replacement costs and recouping lost income.
- Commercial auto insurance—If your farm owns and operates motor vehicles, this coverage can provide financial protection for damage or third-party losses for which you may be liable following an accident.
Is Crop Insurance Necessary for Farmers?
For many farms, crops may be one of the most critical components of their operations and income. Unfortunately, protecting your crops from circumstances beyond your control can be difficult. With that in mind, you should take time to understand your options for crop insurance, including the following:
- Multiple peril crop insurance (MPCI)—This coverage is supported and regulated by the federal government and sold by private sector insurers. It can help pay for losses caused by natural events, such as the following:
- Severe weather (hail, frost, wind)
- Insect-related damage
- Crop-hail insurance—This coverage may be a valuable enhancement for your crop insurance if you live in an area frequently affected by hail. These policies can be purchased as an addition to MPCI and may have a very low deductible. As such, even if hail affects only a small area of your farm, your out-of-pocket costs can be minimized.
- Crop revenue insurance—This coverage can financially protect farmers from drastic changes in the yield or price of their crops. Your insurance may compensate you for the difference in a down year’s revenue compared with previous seasons, regardless of the cause.
What Types of Coverage Are Available for Livestock and Poultry?
If your farm includes livestock and poultry, you should also strongly prioritize insuring these animals. Livestock insurance can provide financial security for many farm animals, including cattle, pigs, sheep, chicken and goats. This component of your insurance portfolio may include coverage for the following incidents:
- Accidents while loading or unloading livestock
- Accidents while transporting livestock
- Attacks by dogs or wild animals
- Accidental shootings
You may require specialized coverage depending on your farm’s specific operations and livestock population. For example, equine insurance may be essential if you have horses on your farm. A qualified insurance professional can help you assess your unique coverage needs.
Get the Right Coverage
With over 80 years of service to Bronson and the surrounding areas, Hathaway Agency, Inc‘s dedicated staff is well-equipped to help your farm protect its financial interests with an optimal insurance portfolio. Contact us today to get started.