farm insurance in college station texas

 

Small farms and ranches make up a significant portion of all the agribusiness in the U.S. today. Among all agricultural businesses, it is the smaller ones that face a higher risk of failure when not protected by the right farm insurance. To get the best policies from farm insurance services, owners of small and family agribusinesses must determine what type of farm they are and know what coverage is available.

Consider the important factors below when working with your farm insurance agency to keep your agribusiness well protected against the perils that could easily put you out of business.

Is Your Operation Actually A Farm?

Whether your business is actually a farm is an important question to answer before you begin to look for farm insurance. Your operation must qualify as an actual agricultural business to be insured as one. Yet the distinction between a hobby venture and an actual agribusiness can be a difficult one to understand.

Some family operations that only produce small amounts of product sold locally or to friends and family may be insurable under a homeowner’s policy. Operations that produce greater amounts of product with the sole purpose of generating income must be covered by a specific agribusiness policy.

If you need help determining your farm's type of operation, be sure to discuss this issue with an experienced farm insurance agency that can find the right coverage.

What Agricultural Insurance Policies Are Available?

Standard agribusiness policies sold by farm insurance services are multiple policies rolled into one. They typically include homeowner's coverage for dwellings on the property, coverage for additional living expenses, commercial insurance such as property and equipment coverage, liability insurance, and medical payments coverage.

This basic coverage can then be supplemented as needed with endorsements that protect your operation based on its risks. These additions may include replacement cost coverage; exclusion coverage; flood, water, sewage, or fire damage insurance; endorsements for boarding animals; appurtenances coverage. and operation of building laws coverage.

You can also add other commercial and liability coverage to your farm insurance policy such as worker’s compensation, crop and livestock insurance, and even agritourism insurance for operations that welcome the public, like u-pick farms and those who host public activities.

What Insurance Does Your Farm Need?

Considering how many types of coverage are available for small agribusinesses, it is important to purchase all those that your operation needs to be well-protected. To accurately do this, you must clearly identify all the operations that take place on your farm and what they involve, such as the following.

  • Inform your farm insurance agency about details such as whether you are growing crops or raising livestock, what buildings and equipment will be used, whether you own or lease that equipment, and if you have agribusiness employed workers.
  • Be sure to indicate whether your business will board animals for other people and if the public, especially children, will visit your farm. Tell your agency what public activities are conducted there.
  • Farm insurance services will also want to know if you sell products directly to the public, if you own or rent your land, and many other details about your operation.

Using the information you provided about your agribusiness and future business goals, farm insurance services can help select the policies and endorsements you need. With the right agribusiness farm insurance, your operation will be protected against the various risks it may face. In the event your small agricultural operation experiences some kind of loss, the right policies purchased from your farm insurance agency can help you recover so your operation can continue!

Need Farm Insurance In College Station Texas?

Jones & Associates Write Agribusiness And Small Farm Insurance!

Call (979) 599-7532!