If you operate a farm in Iowa, getting insurance that meets all your needs should be your top priority. Comprehensive insurance can protect you from such common dangers as fire, flooding, natural disasters, and theft. While you should consult with an expert for specific terms and conditions, there are some great benefits you can get from farm insurance policies. Keep reading to learn what those are.
Flexibility of Farm Insurance Policies
It is up to you to choose what you want your farm insurance to cover. Whether it is everything on your farm or just your dwelling and possessions or the equipment and buildings that you use, our experts at Central Financial Group are ready to help you decide.
What Farm Insurance Can Cover
Now let’s take a closer look at the variety of farm insurance policies available beyond base farm insurance.
Coverage for Peak Season
Maintaining coverage year-round for grain bins can be financially burdensome. The solution? You can opt for peak-season coverage, tailoring your insurance to provide increased protection during the months when you have grain on your farm. This customizable approach applies not only to grains but to any harvested crop.
Care, Custody, and Control
Caring for livestock owned by others on your farm brings its own set of risks. If an unfortunate event leads to the death of these animals, you could be held responsible. To mitigate this risk, you can add care, custody, and control coverage to your insurance policy as an endorsement, offering protection for such unfortunate incidents.
Pollution Risks
Pollution is an increasing concern in agriculture, stemming from factors like improper pesticide or fertilizer storage, runoff, and storage tank issues. While controlling pollution risks is challenging, it's not impossible. You can obtain environmental insurance to protect against bodily injury and property damage caused by farm pollution incidents.
Products Liability Exposure
If consumption of your produce leads to illness in consumers, you could face legal challenges. To safeguard against such risks, you can modify your insurance policy with an endorsement specifically addressing product liability exposure.
ATV and Utility Vehicle Liability
Farm utility vehicles and ATVs are associated with high-risk behaviors, such as operating without protective equipment. You should always exercise caution, wear proper gear, and avoid risky behaviors. Responsible use coupled with comprehensive insurance coverage can help mitigate potential liabilities associated with these vehicles.
Custom Farming and Business Activities
If your farm provides services for others, you may be held responsible for related business activities. You can protect yourself by adding an endorsement for custom farming to your insurance policy.
Glass Coverage and Foreign Object Ingestion
Farm equipment, including tractors and harvesters, is susceptible to damage, such as broken glass or foreign object ingestion. You can choose to include coverage for these specific risks. This measure will provide you with financial assistance for repairs and service work.
Umbrella Insurance for Large Liabilities
In the event of a large liability loss exceeding the basic limits of your standard farm insurance policy, a commercial umbrella insurance policy becomes invaluable. This additional layer of protection offers financial security beyond your existing farm policies, providing peace of mind in the face of unforeseen challenges.
Deciding what farm insurance policies to include in your coverage may be a daunting task. At Central Financial Group, we have years of experience consulting farmers and ranchers on what policies best align with their needs. Contact us today to protect your business and your home.