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Farm Insurance Basics

What is Farm Insurance?

YouTube video
Watch as Ellie Platt, agency owner, explains the basics of farm insurance.

At Platt Insurance, we believe that small, local farmers are the backbone of our food supply and community. We support them by offering access to the best farm insurance coverage and carriers on the market today. But what exactly is farm insurance and how does it protect local farmers?

Farm insurance is designed to protect agricultural businesses from potential losses and liabilities. Whether it’s a small hobby farm or a large dairy or beef operation- insurance should be a big part in the overall risk management strategy for farms.

Basic coverages are similar from farm to farm, but there may be differences in coverage depending on the type of farm. For instance, we’ll insure a dairy farm different than a crop farm and a pick-your own operation differently than say a farm that’s boarding horses or offering horse riding lessons. But let’s discuss the basic coverages….

Property Damage

This type of coverage protects farm property from damage caused by perils such as fire, lightning, wind, hail, theft, and more. Your property may include your primary home that sits on the farm, farm equipment like a large combine or basic tractor, and farm buildings such as barns and grain bins.

Liability Coverage

Liability insurance covers accidents or injuries that occur on the farm. This includes those that involve visitors, customers, and employees. Liability insurance will also protect you in the event of a lawsuit from the sale of your farm products, including those you may be selling at a local farmers market or even a large national distributor.

Livestock insurance

This coverage protects farmers from financial loss due to the death, injury, or theft of their livestock. We know how much farms have invested in Livestock, so this is an important coverage.

Crop insurance

Crop insurance protects farmers from financial losses caused by crop failure, weather-related damage, and other perils.

Equipment breakdown coverage

This type of coverage protects farm machinery and equipment from damage or breakdown. Farm equipment can be quite expensive, so it is extremely important to protect these assets.

These are just the basic coverages, but there are many other options depending on each Farmer’s individual needs. We recommend that Farmers work with an independent insurance agent to develop a customized insurance policy that meets their specific requirements. An agent will also help you choose an insurer that specializes in farm insurance and understands the unique risks and challenges of the agricultural industry.

At Platt Insurance, all of our agents are Farm Certified, meaning we are able to properly advise farmers on the best coverages and provide the best services to our local farmers. Click here for a free farm quote!

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