If you are purchasing a farm, you probably know how expensive this can be for you. Because of this, you need to make sure you do the right things once you complete the sale. One thing you need to do is purchase farm insurance. You likely already have insurance for your home, but your farm insurance will cover much more. There are different types of farm insurance policies you can choose from, five of which are listed below.
Business Property Insurance
Business property farm insurance will cover structures, such as your barn, fencing, silos, stables, dairy parlors, and coops. Imagine having to pay money from your pocket to rebuild these structures; you will find the amount of money to be quite high.
Asset Farm Insurance
Asset farm Insurance is also available. This type of insurance covers all machinery you may use to operate your farm, such as tractors, combines, balers, plows, planters, mowers, and so on. All these things can easily become damaged if you have destructive weather, such as high winds, flooding, or tornados.
Crop Farm Insurance
Consider how having a flood, hailstorms, or long droughts can affect your crops. If any of these things happen, crop insurance will reimburse you for your loss. You can purchase different riders to go with crop insurance, such as specialized peril crop insurance. For example, this would reimburse you for your loss if there was a fire on your farm.
Liability Farm Insurance
Liability farm insurance is especially important if you hire employees to help on your farm. This insurance includes workers' compensation, which will cover medical expenses if any employees you hire are injured while working on your farm.
Commercial Vehicle Liability Farm Insurance
If you have a vehicle that you use solely for your farm, you need to have commercial liability farm insurance. This will cover all farmers' vehicles if there is an accident on your farm due to these vehicles. For example, you may have an accident that injures someone or damages another person's property.
Talk with your insurance company about farm insurance policies and they can go over the above information with you in much more detail. The insurance agent can come to your farm to help you decide if there are other types of farm insurance you should also purchase. All of this will help ease your stress so you can concentrate on running your new farm. You can also go to sites like http://www.wrg-ins.com/ for assistance.