Farm Insurance for North Texas
It's Much More Than Business Insurance
Running an agribusiness in North Texas is not easy. Farms must be run like a business and are dependent upon issues like the weather. These businesses have a lot to consider when it comes to risk management and the right kind of Farm Insurance is absolutely essential. In fact, choosing the right insurance can literally make the difference between failure and success. Here is an example.
Jesse P had been a cattle rancher all his life and this business had been passed down for generations. However, it's not easy running a business like this and to cut costs Jesse opted out of the state workman compensation plan. He did this to lower his operating costs.
Jesse was always fair to his ranch workers and tried to provide a safe working environment. However, accidents can happen. One day, one of his workers became complacent and walked up to a bull to check him out, because he had been limping. The bull suddenly became aggressive and attacked the worker, resulting in serious and disabling injuries. In fact, the man would not be able to work again and ended up suing Jesse for damages which included a lifetime of earned income. This resulted in a long and expensive legal battle with a major settlement that exceeded Jesse's Ranch Insurance liability coverage by many thousands of dollars.
Thankfully, Jesse had recently changed insurance agents and his new agent told him about the importance of Umbrella Liability Insurance for his business. This covered the excess damages his general liability insurance did not cover. In fact, it made it possible for Jesse to stay in business.
What is Farm Insurance?
When you insure a farm you are taking out business insurance and insuring your home. As a result, you may face a wide range of risks that most homeowners or business owners do not have. Plus, depending on the nature of your agribusiness, you could be dealing with many potential hazards that you are not aware of. Farm coverage is designed to cover both your home and professional risks.
Who Needs Farm Or Ranch Insurance?
If you run an agribusiness or farm you may need this insurance. It can include these businesses.
- Crop farmers
- Cattle, sheep, and horse ranches
- Poultry farms
- Dairy farms
- Bio fuel farms
- Hog farmers
What Is Standard Insurance For An Agribusiness?
A typical policy may include basic coverage such as:
- Homeowners insurance
- General liability
- Structures like outbuildings, barns, and silos.
- Structure contents
- Farm equipment and machinery
- Livestock coverage
- Livestock liability - covers incidents like farm animals escaping and being hit by vehicles.
- Crop Insurance
- Pollution liability - this may include issues like chemical over sprays.
Farm Insurance Options
Depending on your business you could need a number of extras on your policy. Here are some that you might need to consider:
- Loss of income insurance - pays for farm downtime due to a covered incident.
- Replacement cost coverage - this pays to actually replace or rebuild.
- Worker compensation - it is not mandatory in Texas but may be in your best interests.
- Hay stacks
- Cargo insurance - protects livestock while in transit to or from your premises
- Specialized equipment coverage - can include expensive equipment like combines, dairy equipment, and large tractors.
- Fence coverage
- Living expenses - if your home cannot be lived in while repairs are made
- Spoilage and contamination coverage for milk
- Stable liability insurance
- All peril home protection - covers a wide range of hazards
- Office and computer equipment
- Product liability insurance
- Fishing or hunting liability - for land owners leasing property for sports
- Umbrella liability - also called excess liability coverage
These are not all the options you may need. That is why it is so important to talk to an insurance professional with experience and who understands your insurance needs.
Finding The Right Coverage For Your Farm Or Ranch In North Texas
There are so many risk factors to consider for today's agricultural businesses. You should have professional assistance and Advantial Insurance Agency can help you choose coverage customized for your business. We have many different insurance packages and options available because we are not an insurance company. As an independent insurance agency we can get you insurance from one of several top insurers.
Your independent insurance agent does the difficult job of shopping for insurance for you. You have the benefits of choosing the best options from the best companies and this also gives you some of the most affordable premiums in the business.
When you insure your farm you are also insuring your livelihood. Don't take chances with this valuable asset. Contact Advantial Insurance Agency for a free quote on your farm or Ranch Insurance today.