Types Of Farm Insurance You Need To Know About
Running a farm involves a wide range of risks—from unpredictable weather to equipment breakdowns. Farm insurance is essential to protect your livelihood and assets. Campbell Insurance Agency provides farm insurance in Omaha, NE, Papillion, NE, Bellevue, NE, Council Bluffs, IA, Treynor, IA and surrounding regions.
These are the key types of farm insurance every farmer should know about:
- Property Insurance
This coverage protects farm buildings, dwellings, and other structures against fire, storms, theft, and vandalism. It also covers personal property like tools, machinery, and equipment essential to farming operations.
- Crop Insurance
Crop insurance helps cover losses due to natural disasters such as drought, flood, hail, and pests. There are two main types: yield-based coverage, which compensates for lower-than-expected harvests, and revenue-based coverage, which protects against price drops in the market.
- Livestock Insurance
This insurance covers the loss of livestock due to accidents, disease, or natural disasters. Specialized policies may include coverage for high-value animals or for livestock in transit.
- Liability Insurance
Farm liability insurance protects against claims arising from injuries to visitors or damage to other people’s property. It also often includes product liability, which covers harm caused by goods produced on your farm, such as eggs or vegetables.
- Equipment Breakdown Insurance
Farming relies heavily on machinery. Equipment breakdown insurance covers repair or replacement costs due to mechanical or electrical failure of tractors, irrigation systems, and other critical tools.
- Workers’ Compensation Insurance
If your farm employs workers, this insurance is often legally required. It provides medical benefits and wage replacement for employees injured on the job.
- Business Interruption Insurance
Also known as loss of income insurance, it helps cover lost revenue if your farm operations are halted due to a covered event, ensuring financial stability during recovery.
Conclusion
Choosing the right combination of farm insurance policies is crucial for managing risk and ensuring long-term sustainability. Consult with a specialized insurance provider to tailor coverage to your farm’s unique needs. Let’s have a conversation! Feel free to call or email us.