Farm insurance often seems like a burden. It can be more expensive than other forms of property insurance, but it also can be one of the most important tools to maintain, especially if you, like many other people, face the potential for claims. Take a look at some of the most common misconceptions about this type of insurance, what it does and why you need it. Do you have the right coverage in place?
#1: Customized Policies are Important
A common misconception is that a basic farm insurance plan is enough. It can be more valuable to you and your business to have a customized policy designed for the type of farm you operate. For example, a grain farm coverage policy needs to provide something much different than one with livestock because the risks are different.
#2: You May Need Workers Compensation Insurance
Even if it is a family farm, workers compensation insurance may be a part of your business. This depends on the type of business you have, who is working your farm and the number of employees you have. Keep in mind that, while this may be a requirement, it tends to be a good investment for your business.
#3: Blanket Coverage Can Offer Protection
Blanket personal property coverage tends to be important. This type of coverage allows you to protect a wide range of types of personal property up to the limit of the policy. A high-valued policy can reduce most of your risks against these claims.
#4: Scheduled Coverage Can Help Minimize Specific Risks
Some systems on the farm are highly valuable, requiring more attention from insurance plans. Scheduled coverage is a type of property protection that can provide you with the ability to pick and choose coverage such as covering irrigation systems or combines. It is worth investing in this type of protection in most cases.
#5: It is Affordable
Many farmers think insurance is too expensive. If you have not done so, consider all of the ways in which you can reduce your premium costs. You may qualify for discounts. You may be able to reduce costs by improving safety.
Ultimately, farm insurance gives you asset and liability coverage your farm needs to have. The right coverage is possible when you work closely with an insurer dedicated to helping you.
Protect your livelihood. Call The Beckman Company at (405) 842-2337 for more information on Oklahoma City farm insurance.