Here’s a post that was sent to us about Farm Insurance. It’s not an ad., nor does beginningfarmers.org promote the particular firm who wrote it over others. Still, I think the basic information is valuable.
“Animal liability, outbuildings and umbrella coverage are the three areas where underinsurance can destroy a farmer or rancher’s business,” says Charles Collier, Senior Account Executive at the insurance brokerage firm Poms & Associates. “Unfortunately, many owners believe they have the right level of protection until it’s too late.”
With the big economic hits that farmers and ranchers have taken in the last few years from draught and hail damage, they may not have the financial wherewithal to weather other losses. “Policies such as umbrella insurance can make the difference,” Mr. Collier advised. “Umbrella insurance fills the gap between your policy limits and the actual damage, which can protect your savings from drastic losses.
Having worked in this market for years, Mr. Collier can discuss the critical aspects farm/ranch owners and management should review when selecting a policy. These include:
- Why the absence of animal liability coverage often comes as a surprise.
- How to evaluate your outbuildings so that your policy coverage matches the value.
- When an umbrella policy comes into play and the questions you need to ask when selecting one.