If you make a living from agriculture, you will notice that the going sometimes becomes very tough since there are many variables you need to control. To protect yourself from financial ruin, it is important that you contact Clemens Insurance Group in Parsons, KS to purchase a farm insurance policy, but before doing so, there are several things you need to know.
1. Establish why you need it
A standard homeowner’s policy will not provide adequate coverage unless the property meets certain criteria. Some of the deciding factors include the presence of some additional structures on the property such as stables, barns, domestic pets, and other animals. Also, farm workers are a determining factor.
2. Don’t Rely on Online Quotes
Unlike most auto or homeowners policies, there are no quick online quotes for farm insurance. A potential insurer will require visiting the property to access your needs. As such, online quotes are out of the equation.
3. Consider Product Specificity
Some insurers can only offer general insurance coverage for your farm business while others will have the option of tailing their policies regarding on the farm business. The customized policies are written based on the types of livestock or specific crops grown on the farm.
4. Plan for potential Business Losses
Most farms are solely used for business which puts them at a potential financial risk in case of poor management. To ensure that you are protected from these losses, consider purchasing a farm insurance policy. Notably, this policy will also protect you in the event of worker compensation claims if an employee gets hurt while on your property. Also, you are covered for damages to your business vehicles and other miscellaneous income interruptions.
5. Don’t discount your Hobby Farm.
Currently, hobby farms are becoming increasingly popular, but the property owners only grow crops and keep livestock just for domestic consumption. This notion is very wrong since such farms can be used as part of your primary income. However, even if you are not using the farm for business, do not assume that your farm insurance is not important. You should note that even small farms can lead to financial liabilities due to equipment and animals which may not be easy to control.
It is the high time you visited Clemens Insurance Group in Parsons, KS to ensure that your farm is properly insured. Talk with our agents to learn more.