Understanding Farm Insurance Coverage 

As a farmer in the Hoosier State, your hard work helps to provide essential products to your community and beyond. But while farming can be a rewarding venture, working in agriculture requires careful planning and diligent risk management. Regardless of your experience or how many generations of your family have worked in this industry, accidents and other unexpected issues are inevitable. Having insurance is critical.

What is Farm Insurance?

Although a common term, “farm insurance” does not typically refer to a single type of policy like one might purchase for their car or home. Instead, the term should be seen as a focused form of business insurance, potentially requiring several policies, each tailored to your farm’s specific operations.

What Types of Coverage Do I Need?

When compiling policies and coverages to form your farm insurance package, you should be mindful of the following common selections within your industry:

• General liability insurance can help pay for third-party bodily harm and property damage for which you’re at fault, such as if an animal injures a visitor or someone becomes ill due to a contaminated product.

• Commercial property insurance may help with repair, rebuild or replacement costs if your buildings, equipment, inventory or other tangible assets are damaged by a covered peril.

• Workers’ compensation insurance can help pay for employees’ medical bills and lost wages, as well as your farm’s legal costs should it be sued, following on-the-job injuries and illnesses.

• Livestock insurance is essential if you raise animals on your farm, as it can help pay for losses arising from loading and unloading accidents, fires, animal attacks and other common incidents.

• Crop insurance can compensate for damages involving your harvest, as well as losses arising from market fluctuations and low yields.

• Commercial auto insurance may offset the financial consequences of accidents and other incidents involving your farm’s vehicles.

We’re Here to Help

Contact SIA, LLC today to discuss your farm’s insurance needs and find the right combination of policies.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.