Types Of Farm Insurance You Should Know About
Farming is a risky business that faces unpredictable weather, equipment breakdowns, and liability concerns. Campbell Insurance Agency provides farm insurance in Omaha, NE, Papillion, NE, Bellevue, NE, Council Bluffs, IA, Treynor, IA and surrounding areas.
Farm insurance protects farmers from financial losses due to these risks.
- Property Insurance
This covers buildings, barns, silos, and other farm structures against fire, vandalism, and natural disasters. It may also cover farm equipment such as tractors, irrigation systems, and tools.
- Crop Insurance
Farmers rely on crop insurance to protect their yields from unexpected losses due to droughts, floods, pests, or disease. It comes in two main types:
Yield-based insurance: Covers losses if crop production falls below a certain level.
Revenue-based insurance: Compensates for lost income due to price drops or reduced yields.
- Livestock Insurance
This type of insurance protects against the loss of farm animals due to accidents, disease, theft, or extreme weather. Some policies cover specific risks like injury during transport.
- Liability Insurance
Farmers may be held liable if someone is injured on their property or by farm operations. Liability insurance covers legal costs and medical expenses in cases of:
General liability (injuries on the farm)
Product liability (harm caused by farm products)
- Farm Equipment Insurance
Covers expensive machinery like tractors, harvesters, and irrigation systems in case of damage or theft.
- Workers’ Compensation Insurance
If a farm employs workers, this insurance provides medical benefits and wage replacement for employees injured on the job.
- Business Interruption Insurance
Covers lost income if farm operations are temporarily halted due to natural disasters or equipment failures.
Having the right combination of these insurance policies helps farmers mitigate risks and sustain their livelihoods.
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