Those operating in the agricultural industry must address many risks and hazards. Without proper preparations and precautions, your business could suffer significant financial consequences. Fortunately, your business can be protected by acquiring the right insurance package.
What Is Agriculture Insurance?
Agriculture insurance includes various coverages to offset common risks for businesses like yours. For most companies, an adequate insurance portfolio will consist of the following:
- General liability insurance—If another party, such as a visitor or customer, suffers bodily injury or property damage for which you are held liable, this coverage can help pay for medical bills, legal fees and other expenses.
- Commercial property insurance—This coverage is critical for protecting your company’s property, including structures, equipment and landscaping.
- Equipment breakdown insurance—This type of coverage can help pay for repairs, replacement costs, lost income or spoiled inventory arising from a piece of equipment or machinery breaking down.
- Crop insurance—If your crops are damaged or destroyed, this coverage can help recoup your losses. Covered perils generally include fire, drought, destructive weather, flooding, disease and insect damage.
- Livestock insurance—For businesses with livestock, deaths or injuries can lead to significant losses. This coverage can render financial aid if livestock is injured during loading or unloading accidents or severe weather.
- Workers’ compensation insurance—Daily operations in the agricultural industry can be dangerous. If an employee is injured or develops an illness on the job, this coverage can help pay for medical bills, lost wages and disability benefits.
Depending on the specific operations of your business, agriculture insurance policies may be able to be adjusted or enhanced with several other coverages. For example, if you live on a farm, your house may require additional protection. Similarly, equine coverage may be necessary for those who own horses.
Get the Right Coverage
Regular operations in the agricultural industry can carry high levels of consistent risk. A comprehensive insurance portfolio is essential for protecting yourself, your employees and your future. Our agents are ready to help find the right coverage for you. Contact LaRoe & McDonald Insurance Services today to learn more.