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What insurance does my farm business need?

Story by Staff Writer at Jordan First Insurance • Feb 11, 2024 Trending Tags: #Farming #Agriculture #HomeBusiness #Insurance

hobby farm

As the backbone of our nation's economy, farms play a vital role in providing food, fuel, and fiber to communities around the world. However, farming is not without its risks. From unpredictable weather patterns to equipment breakdowns, farmers face numerous challenges that can threaten their livelihoods. That's where comprehensive insurance coverage from Jordan First Insurance comes in.


At Jordan First Insurance, we understand the unique needs of farmers and agricultural businesses. That's why we offer a range of tailored insurance solutions to protect your farm against unforeseen events and liabilities. Here are some essential insurances that we provide to safeguard your farm operation:


Property Insurance


Whether you have one acre and a barn, or an entire complex of buildings, maintaining property insurance is critical to the operation of your farm. Buildings aren't the only things that fall under this; farming machinery and livestock are valuable assets that need protection against risks such as fire, theft, and natural disasters. Our farm property insurance ensures that your property is covered against these perils, giving you peace of mind knowing that your investments are secure.


Examples of farm insurable property:


  • Buildings, such as barns, garages, sheds, livestock pens and coops

  • Houses / mobile homes

  • Heavy equipment

  • Ranch equipment, such as ATVs, trailers and small tools

  • Plows and harrows

  • Livestock


Liability Insurance


Liability insurance protects your farm against claims or lawsuits arising from bodily injury or property damage to third parties. It covers legal fees, settlements, and medical expenses in case someone is injured on the farm premises or as a result of the farm's operations.


For hobby farmers and those that also sell their farmed goods, liability insurance provides valuable Products & Completed Operations coverage. This line item can protect you if your product fails in the marketplace causing harm or injury to the consumer.


Example: A goat milk soap business has a contaminated batch; if a customer were to get sick or injured arising from the manufacturer's negligence, liability insurance is the only way for the manufacturer to be indemnified and cover defense costs in court.


Pollution Liability Insurance


While all farms are different, some larger scale farms may need coverage for environmental liabilities arising from pollution, contamination, or other environmental hazards associated with their operations, such as chemical spills or waste disposal.


It's our recommendation to check with local environmental guidelines by contacting your nearest state or county authority, such as the New York State DEC here in New York.


 

What factors affect farm insurance rates?


The cost of farm insurance can vary depending on several factors, including the following:


Location

The location of your farm can affect your insurance rates. For example, if you live in an area that is prone to natural disasters, such as tornadoes or floods, your rates may be higher.


Type of Farming

The type of farming you do can also affect your rates. Hobby farms come in all shapes and sizes, and so does the insurance to match it. Extra exposures can add costs to the insurance, such as horse boarding.

Size of the Farm

The size of your farm can also affect your rates. Generally, the larger your farm, the higher your rates will be. This is not always the case, but with more exposure comes higher risk.


How to get farm insurance


Ready to get started with your hobby farm insurance quote? Taylor Haines and his agents at Jordan First Insurance are here to help you today. Taylor's office are experts in farm & ag insurance and can help you find the right coverage to protect your property, animals, crops and equipment. Don't leave your farm vulnerable to risks and uncertainties. Contact Taylor today for a quote and see how we can help you enjoy the peace of mind you deserve.


All Content © 2021-2024 Jordan First Insurance Agency 21 N. Main St., Jordan NY 13080 • PO Box 1023 Jordan First is a division of Encompass Agency, Inc. Buffalo, NY 14227

315-707-8747 • www.jordanfirstinsurance.com

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