Whether you own your ranch or rent it out, protecting your investment with the right insurance is essential. It is especially true if you run a business from your property.
Unlike standard homeowners policies, farm and ranch insurance typically includes protection for more than just your house and personal possessions. It can consist of buildings, farm equipment, and even livestock.
When it comes to property coverage, your ranch needs protection from a variety of losses. It can include loss or damage to buildings, farm machinery, personal property, and even income lost if your business cannot operate due to an insured event.
The most important thing to remember when choosing a ranch insurance policy is that it is tailored to your farm or ranch needs. Your agent will conduct a super check (r) on-site to determine the right coverage for your operation.
Scheduled farm personal property covers machinery and equipment, irrigation equipment, livestock, and farm products like seed, hay, animal feed, fertilizers, and pesticides. You can choose blanket or scheduled coverage for specific risks and maximum payouts.
Business Liability Coverage
Regarding protecting your ranch, several insurance coverage options can help safeguard your livelihood. One of the most important is business liability coverage.
A business liability policy will protect against claims arising from the activities of your company, its agents, and contractors. It can include accidents that occur on your property or injuries to others.
Business liability coverage can protect you from the financial burden of paying for legal expenses, medical payments, and other costs related to a claim.
The best way to obtain this type of coverage is by buying a package policy that combines various coverages into a single contract, similar to a business owner’s policy but specifically designed for your farm or ranch. It provides a wide range of coverage at a lower cost than purchasing various separate insurance policies for different risks.
Your livestock is one of the essential parts of your operation. They provide a steady income source and help maintain a stable farm economy.
The right coverage can protect your livestock against disasters like theft, fire, and floods. Your insurance agent can review the named perils in your policy to determine the proper level of protection for your ranch.
Another way to reduce risk is through gross livestock margin (LGM) coverage, which helps safeguard your herd from declining cattle, swine, lamb prices, and feed costs. This type of livestock insurance offers a variety of coverage levels and periods to correspond with your general feeding, production, and marketing practices.
You also have the option to include straying coverage, which reimburses you for the loss of animals that escape from your property due to covered accidents. It is an excellent option for farmers and ranchers who worry about their livestock straying away and getting lost or injured.