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farm insurance

Farm land is considered as a private individual homestead regardless of the size. A farm insurance company classifies agricultural land as personal property only when it has an individual living or business structure and any other buildings like a barn, detached garage, pool house, garden, or any other buildings. It may also include a piece of land used for grazing livestock or for growing crops. However, there are different kinds of agricultural land such as residential, industrial, and commercial and each has its own classification.<br>Visit: https://quotezebra.com/farm-insurance/<br>

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farm insurance

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  1. Agriculture and Farm Insurance A Guide to Securing your Farming Business!

  2. Risks that your farming business faces Your farming business is exposed to many risks including:  •  Damage to the farm or ranch •  Damage to equipment  •  Loss of the crop or livestock

  3. We provide coverages for : Crops growing business Hobby farming Livestock-based business Cotton growing business Dairy farming business Breweries

  4. What do you need to insure? • Property: Farm or ranch , any additional structures in the dwelling property. For example, you can cover a garage that you use as a warehouse under agriculture insurance. • Livestock: All livestock that is used for the purpose of the business. For instance, if you take care of horses in a stable for business purpose, you need to insure them as business assets. • Employees: Insurance for employees is a legal obligation in most states.  

  5. What are the insurance policies you need?  Let us go through some common insurance policies that are required for a farming or agriculture business.

  6. Workers Compensation Insurance • A workers compensation policy covers losses related to treatments, lost wages, and all other employee-related damages.  • For example, if an employee gets injured by a livestock while working on the farm, this policy will cover the losses.

  7. Business Owners Policy The business owners policy includes risks from unpredicted losses related to business operations.  BOP is a combination of property insurance , general liability insurance and business interruption insurance. Property: This will cover any kind of property that you own or lease. Property could be farms, ranch, warehouses, equipment, etc. General Liability: This includes losses from third-party lawsuits for damages . For example, if your tractor hits another person on your farm, you could get coverage for legal expenses.

  8. Commercial Property Policy Commercial property policy covers the property where you conduct your business and the property owned by the company. Also, tools and equipment used by your business are covered under this policy.  This policy would include damage by theft, vandalism, and fire, to farms, ranch, farming tools, and other additional property.

  9. Commercial General Liability Policy • Commercial general liability covers damages to third party property, bodily injury, or any losses arising from accidents during your work. • For example, people might get exposed to your fertilizers and fall sick. A commercial general liability policy will keep you covered against the legal expenses.

  10. Commercial Auto Policy • Commercial auto policy protects your business from physical damages or injury resulting from accidents. •  Commercial auto policy will usually cover: • · On-site accidents: This includes accidents that happen in farms or ranches. The vehicle used on-site is mostly tractors. • · Off-site accidents: This includes road accidents that occur during transportation.

  11. Inland Marine Policy • Inland marine policy covers losses from theft, or other damages to tools or produce while they are on transit from one place to another. • In the agriculture and farm business, inland marine policy will cover the goods in transit. For example, if a vehicle carrying dairy products you produced gets hit, you might suffer losses. Inland marine policy covers this loss.

  12. Ocean Marine Policy • Ocean marine policy covers the losses to the assets of the business while on transit using maritime transport.  • For agriculture and farming business, ocean marine policy will cover the losses if your crops are damaged while being shipped on a freight.

  13. Commercial Umbrella Insurance • An umbrella or excess liability policy provides an extra margin of safety. • Excess liability policy covers the additional amount of loss that exceeds the limit of other commercial policies like auto policy or general liability.

  14. Additional coverages Some farms might need coverage for fencing. You can add it to your policy if needed.  Additional protection for machinery and equipment can be added to the standard policy.  A fire insurance can be applicable because farms and ranches can suffer huge losses if a fire breaks out. 

  15. You are exposed to numerous risks in the farming and agriculture business, but you do not need to worry when you have a farm insurance.

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