Do you need farm insurance? If you have a hobby farm or small farm, the answer is yes, even if your farm is not your main source of income. No matter the specifics of your farm, customized insurance will make sure you have the protection you need. Here are the four reasons you need hobby or small farm insurance.
1. Homeowners insurance policies usually do not cover farming activities.
If property you use for farming is damaged or stolen, your homeowners insurance may not do anything to help, meaning you’ll be the one to pay for repairs and replacements.
2. If someone gets sick from one of your products, or if a visitor is injured on your farm, you could be in serious trouble.
Agriculture insurance will help contain any damage from farm-related liabilities you may face. Depending on the specifics of your operation, you may not need a product liability policy, but be sure to research as well as ask your agent any questions you have.
3.You need protection against damages and even loss of income.
Even if your farm does not receive visitors, you will still want farm insurance to protect against the financial pain that could occur if a barn or silo suffers damage. Farm insurance will often provide coverage for loss of income that will help you through until your operation is up and running again.
4. No two farms are exactly alike, so it stands to reason that there’s no one-size-fits-all policy.
Your insurance needs depend on a variety of factors, such as whether you live on the farm, or if you rent versus owning the farmland (or vice versa). Talk to your agent about any questions and concerns you have, and they will help you find the best policy that fits your farm.
No matter the focus or income level of your hobby or small farm, you need coverage to keep your operation running smoothly, protected from the problems that could cost you much time and money.