In the farming industry, it’s hard to brush off news of a disastrous barn fire or a devastating farm accident. Do you know exactly where you stand if something unexpected were to happen on your farm?
Some of the most common mistakes farmers make with their insurance come from a lack of understanding. Often they do not realize what’s covered and what’s not or they use a broker that is not familiar with farm insurance.
Don’t let this be you!
Revisit your policy on a regular basis and be sure to report any changes to your broker. Take the time to understand your policy and consider your coverage of Farm Property. This is what protects you against specific incidents such as wind damage or a building collapse. Since every farm is different, you need to make sure that you have a plan that fits your unique farm.
For example, if you have a poultry farm, you might worry about things like heat prostration which can cause you to lose an entire flock. In this case, you’ll want to make sure your ventilation equipment and generators are in good working order. Test your generator regularly. You will want to make sure loss of livestock is covered, as well as any resulting loss of income.
Or maybe you have a dairy farm and you’re thinking about animal injuries when they get stuck in stalls. If this is you, you’ll want to look for insurance that guards your farm against the costs associated with entrapment.
Perhaps it’s a hog farm you own. Your primary concern might be to protect against accidental death in your herd. You’ll need coverage for your hogs against most major risks. Common causes of loss in swine include fire, fumes and power interruption.
What about a cash crop operation? In this case, you will probably be interested in coverage for your farm machinery to protect it from basic risks like fire, explosion or lightning as well as direct physical loss and external damage. With more and more on-farm storage facilities being constructed, make sure the value of your produce is insured for its current market value.
In any case, farmers should also consider coverage for major things like; dwellings, contents, outbuildings, general liability, pollution liability, replacement cost, sewer backup, power interruption, loss of income, fire department charges, employer’s liability and farm accidents.
No matter what kind of farmer you are, make sure you’re protected by getting in touch with us at Lambton Mutual. We’ll be happy to sit down, discuss your options and help you determine the value of your property and the right coverage for your unique and ever-changing farm operation.