Farm Insurance
Annapolis Valley Agribusiness Insurance
If you are into agribusiness in the Annapolis Valley, you have much different needs than the average retail business person. Plus, there are many kinds of agricultural businesses and this creates a wide range of insurance needs. The only way you can ensure that your business will be a success now and in the future, is to manage your risks effectively with the right kind of insurance coverage. If not, all it takes is one unexpected disaster to put you out of business, and here is a perfect example.
John P has been in the turkey business for many years, and it was a tradition passed down through several generations. When John finally assumed control of the business, he knew he had to cut costs to maintain maximum efficiency and stay competitive. At first, he thought about buying one of the cheapest policies with the highest deductible amounts. However, he decided to talk to his insurance professional about his needs. John’s insurance broker had years of experience with farming insurance and they went over all of his risk factors.
John opted for replacement cost coverage on all his barns even though this wasn’t the cheapest option. After talking to his insurance broker, John felt very good about his loss management plan for the coming year, and it turned out he made some smart decisions, when he listened to the advice of his broker.
About 4 months after John updated his insurance, he suffered major losses to several of his poultry barns. An intense storm pelted the area with high winds and hail. John’s insurance paid to replace his barns, and had he chosen the cheaper option (of market value replacement) he would have been out many thousands of dollars.
Defining Farm Insurance
Insurance for farms is designed to cover things that can happen, which would jeopardize your farm business. This includes many different kinds of business hazards.
Who Needs to Insure Their Farms?
Do you raise crops for money or to feed your livestock? Do you raise and care for livestock for food, milk, or other purposes? Is your farm a hobby or a business? If it is a business, you need to protect it with insurance. These agricultural businesses should be fully insured:
- Cattle farmers
- Mink farms
- Turkey and chicken farms
- Pig farms
- Crop farms
- Bio fuel farms
- Equine farms and stables
What is a Typical Agribusiness Insurance Policy?
Because farming is such a varied profession, there are no standard policies, but most farms should take out the following coverage options:
- Home insurance – this is very important if your place of residence is your farm. You will need all the things that a normal homeowner needs, and then some.
- General liability
- Commercial auto insurance
- Commercial liability – this is not the same thing as liability home insurance. It will protect you against injuries and damages resulting from your commercial farm property.
- Outbuildings – most farms have barns, sheds, and garages. You also may have silos or storage tanks.
Insurance Options
You might need to consider some or all of these coverage options for your farm:
- Equipment insurance – this can cover items like combines, tractors, threshers, irrigation equipment, wells, feeding systems, conveyors, and farm vehicles. Some farmers choose to protect all equipment with a blanket coverage option.
- Livestock insurance – if you raise cattle, chickens, or other livestock, you should consider protecting your investment against disease or other hazards.
- Income protection – suppose your farm cannot function because of a covered insurance claim. This farm insurance provides income so you can pay the bills, until you are back in operation.
- Higher liability insurance
- Replacement cost coverage – this takes inflation into account when replacing covered items.
Agribusiness Insurance You Can Afford
Are you sure you have everything on your farm properly insured? You might believe so, but some of your insurance may be insufficient or outdated, and this could cost you thousands of dollars if you need to make a claim.
The Advantages of an Experienced Insurance Broker
When you see a trusted insurance broker from Russell Insurance Group, you enjoy many important benefits. For example:
- Your broker looks out for your interest, not the interest of an insurance company. A broker is an independent agent that acts as your advocate. He or she is partnered with several reliable insurance companies to give you the best farm and crop insurance for your money.
- You save money – if you have an insurance professional doing your comparison shopping, you may save an enormous amount on your premiums.
- Claims assistance – when you experience a disaster and must file a claim, it can be a lonely feeling. However, this does not have to happen, once you have an insurance claim advocate. Your broker does not work for the insurance company and is there to see you are treated fairly.
Russell Insurance Group gives you the broker advantage. We live and work in the same neighborhoods in the Annapolis Valley as our clients and we understand your insurance needs, and we do business with insurance companies that specialize in insuring farms.
Don’t leave your future to chance. Contact an experienced independent insurance professional today about your farm insurance. You can call our main office at (902) 847-3274.
