Farm and Ranch Insurance Policy: How to Choose the Right One for Your Business
Farm and ranch insurance isn’t only about covering your property in case of damage or theft; it’s also about protecting your income. Whether you’re raising cattle, growing crops, or running an equine boarding business, the success of your farm and ranch business relies on your ability to make money from it—which means that you need insurance to protect against income loss as well as property damage or theft. Follow this guide to learn how to choose farm and ranch insurance that meets your needs while also keeping costs down.
What kind of insurance do you need?
To make sure you have all your bases covered, there are some differences between homeowners insurance and farm/ranch insurance. First, if you have horses or cattle, make sure your policy has a provision stating that they’re insured—most home insurance policies don’t cover these animals or the business activities. Also, many horse owners with other people's horses on their property want to make sure there’s a care, custody, and control (CCC) endorsement on their policy so if any accidents happen on your property caused by an un-owned horse, you have coverage for it.
Why Choose A Farm/Ranch Policy?
While you may think that nothing bad will ever happen on your farm or ranch, unfortunate accidents do occur. Here are a few reasons why it is vital that you have proper insurance coverage. • While every horse owner is responsible for any damages caused by their equine, most aren’t covered by their homeowners insurance policy. By having a farm policy in place, you can count on getting reimbursed for all of your expenses related to an injury or death. • Different types of facilities will require different types of insurance. Speaking to an insurance company that specializes in farm and ranch coverage is essential in finding the proper coverage.
Who is Covered Under Your Farm or Ranch policy?
If you’re a farm and/or a ranch, your policy is typically going to cover you as well as any employees who work in your operation. There is also coverage for trainers and lesson providers. You will also be covered if you have related business ventures like farm-stay programs or horse boarding facilities. If you have other businesses, such as restaurants or bed & breakfasts, they are considered separate and will require their own insurance policy.
Key Terms In A Farm/Ranch Insurance Policy
A farm/ranch insurance policy can be tricky. The policy will typically include several definitions related to farming and ranching practices, such as care, custody and control, tractors, tack and tools, equipment, liability and more. As a result of so many nuances between policies, it’s important that you pay close attention while reviewing different options and consider adding additional coverage in some cases.
Types Of Claims Your Policy May Help With
Cattle getting out of a fence and causing damage, horse accident. Also, if you’re boarding horses and they cause damage while on your property, you may be responsible for paying damages or buying them back from the owner.
The best farm and ranch insurance companies understand the nature of your business. They know that you have equine on your property, or that your farm is located in a high fire danger area. They realize that you have independent contractors working onsite—and they’ll make sure these contractors are covered by additional insured status too.