Farmers Crop Insurance and Property Protection: The Two Essentials for Farmers Everywhere

farmers crop insuranceWith around 2.2 million farms across the United States, agriculture represents a large portion of the economy. However, it’s not just the business side of a farm that matters — it’s the people as well. About 97% of U.S. farms are run by families, and those families depend on their crops, livestock, and other goods for their livelihood.

Losing farm facilities, crops, and other assets to disasters or other unexpected incidents can significantly impact the operations of those farms. If you are one of the owners of these family farms and ranches, you probably spend an average of $109,359 — maybe even more — on production costs. As a result, you can’t afford to take any risks when it comes to protecting your business.

Fortunately, this is possible through two different policies: farmers insurance for your property and farmers crop insurance for your products. In order to make sure you have the best insurance coverage for your farm, here are two policies that you won’t want to forget about:

Farm and Ranch Insurance
Without the barns, silos, and other structures on a farm, it simply wouldn’t be possible for most farms to stay in business. These buildings are responsible for housing animals and storing equipment and harvests, so they need protection like any other business. Farm and ranch insurance provides protection on business and personal property in the event of natural disasters, burglaries, fires, floods, and other emergencies.

These types of policies may also include farmers home insurance, as many families live in houses on the same land as their farms. Consider adding this type of coverage to your farm policy to protect your barns, outbuildings, and house from disaster.

Farmers Crop Insurance
Just as farmers need to protect the structures and equipment necessary for their business, they also need insurance to cover product liability. For farmers, this includes fresh produce and other farm goods, and many policies provide up to $1 million per occurrence and a $2 million annual aggregate limit. This means that a farmers crop insurance policy can recover losses for a business if crops are lost due to drought, frost, hail, theft, or other damages.

Crop insurance may not sound like something you need, but you never know what can happen. You’re not alone in purchasing this coverage, though: in 2014, 1.2 million of these policies were sold to help protect more than 120 different crops across 294 million acres. This type of policy also includes acre-by-acre coverage for isolated damages that may occur.

To work out the right level of coverage for your farm, be sure to speak with a farmers insurance expert. All farms may be different, but they all require the same peace of mind so the family business can continue for generations to come.