Farms are the original home businesses. And just like any other enterprise that merges personal and professional property, farms need to be covered by a wide range of insurance products, because when your home and your business are all rolled into one location, you face even more potential financial problems in the event of a single act of nature. Some of the coverages you should consider include:
Farm liability: Visitors can get hurt while on your farm land and a good liability insurance policy will cover that. But if all you have is personal liability coverage through your home insurance policy, you could be facing an uncovered business expense. Farm liability coverage doesn’t stop there, however; it can also cover damages from personal property liabilities and advertising injury liability.
Workers compensation: To cover your employees, make sure you have a worker’s compensation policy in place, as farm liability insurance generally excludes employee injuries.
Farm property: A farm property insurance policy can over your dwelling and personal property along with those structures that are used exclusively in the business portion of your life—like the barn and equipment storage buildings. It will generally also provide coverage for loss of use, which may be vital in the event that a disaster takes away your ability to care for your farmland. You can further protect your farm by opting for additional benefits that cover risks like accidents involving livestock and damage to farm machinery.
Farm machinery: While certain risks facing farm machinery can be added to farm property coverage protections, farm equipment breakdowns are part of the boiler and machinery insurance policy, which can also provide endorsements to cover spoilage, errors and omissions, utility interruption and more.
It would be impossible for us to sum up the full range of protections your farm has access to in one, short article. That’s why it’s so important that you have an agent to work with who can look at all the risks your farm and family face and help you design a comprehensive insurance plan around them. Call us today to discuss all your options for Oklahoma Livestock and Farm Insurance at (580) 772-7101.